The Actuators Market is projected to grow from USD 53.9 billion in 2021 to USD 86.6 billion by 2027, at a CAGR of 8.2% between 2021 and 2027. Increased demand for new and advanced actuators in different verticals and the development of smart cities across the globe are some of the growth opportunities for the actuators market.
Actuators are devices that convert energy into motion and are majorly used in moving or controlling mechanisms and systems. Actuators are operated by an external source of energy, typically electric current, hydraulic fluid pressure, or pneumatic pressure, which is then converted to motion. Actuators perform two basic motions—linear and rotary motion. They are available in varying types, sizes, and power configurations, depending on the applications they are to be used in.
Agreements, collaborations, new product developments, contracts, expansion, acquisitions, and partnerships are among some of the key strategies adopted by the leading market players to strengthen and sustain their position in the actuators market. For instance, In February 2020, Emerson introduced the ASCO Series 158 Gas Valve and Series 159 Motorized Actuator. Designed specifically for burner-boiler applications, the new products offer OEMs, distributors, contractors, and end-users a new combustion safety shut-off valve option that increases safety and reliability and enhances both, flow and control.
ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtis Wright (Exlar) (US), and MISUMI (Japan) are some of the leading players operating in the actuators market. These key players offer actuator systems for different platforms and have well-equipped and strong distribution networks across the North American, European, Asia Pacific, and the Rest of the World (the Middle East, Latin America, and Africa).
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Emerson Electric is one of the leading player in the actuators market. The company focuses on the expansion of its existing activities through new product developments and the establishment of technology and innovation centers. For instance, Emerson inaugurated a new technology and innovation center at Dhahran Techno Valley, in Dhahran, Saudi Arabia in January 2018. In February 2020, Emerson introduced the ASCO Series 158 Gas Valve and Series 159 Motorized Actuator. Designed specifically for burner-boiler applications, the new products offer OEMs, distributors, contractors, and end-users a new combustion safety shut-off valve option that increases safety and reliability and enhances both, flow and control.
Parker Hannifin Corporation is ranked second in the actuators market. The company focuses on strategies such as acquisitions and expansions for its overall growth in motion control systems. In October 2019, Parker Hannifin Corporation completed its acquisition of LORD Corporation – a leading manufacturer of advanced adhesives and coatings as well as vibration and motion control technologies – for approximately USD 3.675 billion in cash. The strategic transaction creates a combined organization with strong material science capabilities, electrification, and aerospace product offerings which are highly complementary
ABB is another major player in the actuators market. The company is a global manufacturer and supplier of automation and power products. It has a strong product range and offers linear as well as rotary actuators. The company has a presence in the Americas, Europe, Asia, the Middle East, and Africa. It generates a major part of its sales revenue from the European region, followed by the Americas. The company is increasingly focusing on R&D activities and spent USD 1.1 billion on R&D activities in 2020.
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 2027
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