Actuators Market

Actuators Market Insights, Trends | Global Industry Report, 2024| MarketsandMarkets™

The actuators market size is expected to grow from USD 49.2 billion in 2019 to USD 74.5 billion by 2024, at a CAGR of 8.6% during the forecast period. The major factors driving the actuators market include the increasing investments in industrial automation across industry verticals, rising demand for robots, and technological advancements in actuators.

The major players in the actuators market include Rockwell Automation (US), Moog (US), Curtiss Wright (US), ABB (Switzerland), and Altra Industrial Motion (US), among others. These players have adopted various growth strategies, such as partnerships, agreements, expansions, acquisitions & mergers, and new product developments, to expand their presence in the actuators market. New product developments have been the leading strategy adopted by major players from 2016 to 2018 and to innovate their offerings to broaden their customer base.

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ABB (Switzerland) is one of the leading players in the actuators market. The company has a large value contract with countries such as China. The company holds a more significant share in automating industrial process across different industrial verticals. The company has also been focusing on the acquisition of small players to increase its product offerings as well as market share. The company has adopted several other strategies, such as partnerships, agreements, and the establishment of new manufacturing facilities to strengthen its market position as well as ensure future growth. ABB announced the establishment of the world’s most advanced robotics factory in Shanghai, China in October 2018 at an investment of USD 150 million.

Rockwell Automation (US) is a leading supplier of control system products for factory automation. The company has a broad product offering catering to industries, such as automotive, marine, oil & gas, metals & mining, food & beverages, power generation, and textiles. The company has an extensive distribution network in regions, such as North America, Europe, Asia Pacific, Africa, and Latin America. It has a well-organized and developed framework which allows collaboration with different industries, thus, strengthening the company’s technological product offerings. The company has steady sales and good order backlog and invested 5.6% of its revenue on research & development activities in 2018.

Moog (US) is a leading designer and manufacturer of precision motion and fluid control systems. The company offers a wide range of products for military and industrial systems. The company caters to industries, such as defense, space, energy, oil & gas, automotive, medical, and manufacturing. It has a vast distribution network and owns manufacturing facilities in the US, Germany, India, Japan, Netherlands, Canada, and China, among others.

Related Reports:

Actuators Market by Actuation (Electrical, Pneumatic, Hydraulic), Type (Linear, Rotary), Application (Industrial Automation, Robotics, Vehicles & Equipment), Vertical (Automotive, Electronics, Healthcare), and Region - Global Forecast to 2024

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Report Code
AS 2252
RI Published ON
6/3/2019
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