Actuators Market by Actuation (Electric, Hydraulic, Pneumatic), Application (Industrial Automation, Robotics, Vehicle Equipment), Type (Linear Actuator, Rotary Actuator), Vertical (FnB, Oil & Gas, Mining) and Region - Global Forecast to 2029
[350 Pages Report] The Actuators Market is projected to grow from USD 67.7 Billion in 2024 to USD 94.8 Billion by 2029, at a CAGR of 7.0%. The international actuators market is propelled by rapid urbanization and industrialization. Expanding investments in additional infrastructure and restoration of existing plants is anticipated to positively impact market growth. Rising population, industrial production, manufacturing companies favoring automation, and necessity to extract natural resources from difficult locations may also drive Actuators Industry growth in the coming years. In recent times, space travel has been revived, and, thus, it has potential to drive the demand for actuators. Numerous industries like automotive, food and beverages, oil & gas, robotics, defense and security, aerospace, and logistics focus on automating their businesses to deliver improved safety, better efficiency, and heightened precision in production and time-efficient services.
Actuators Market Forecast to 2029
To know about the assumptions considered for the study, Request for Free Sample Report
Actuators Market Dynamics
Driver: Rapid Industrialization and Utilization of Robotics
The global actuator market is experiencing significant growth fueled by two major trends in the industrial sector. Firstly, manufacturers are constantly seeking methods to enhance production efficiency and minimize downtime. Actuators play a vital role in achieving these goals. By enabling automation and precise control of machinery, actuators directly contribute to smoother operations and increased productivity.
Secondly, the widespread adoption of industrial robots across various industries, particularly automotive and manufacturing, is a major driver for the actuator market. These robots rely on different types of actuators, such as electric, hydraulic, and pneumatic, to perform movements and execute specific tasks. Essentially, actuators function as the "muscles" of robots, influencing their capabilities in terms of range of motion, speed, and precision. This growing reliance on robots for industrial tasks is consequently driving the demand for actuators.
The use of robots offers significant advantages over manual labor. Robots can automate complex tasks with high precision and speed, leading to a significant reduction in the need for manual labor and production times. Additionally, industrial robots come in various configurations based on factors like reach, weight capacity, and their level of interaction with humans. This allows for customization to specific needs across different industries, making robots a versatile solution for various applications.
Several trends are currently fueling the expansion of the robotics sector. One key factor is the cost reduction associated with robots. The development of lower-cost robots and production processes in emerging economies has made automation a more accessible option for companies of all sizes. Additionally, advancements in technology have led to a wider range of robot models with greater technical capabilities, making automation more versatile and adaptable. Finally, improvements in computing power, software development tools, and networking technologies have simplified robot installation, programming, and maintenance. This ease of integration has further contributed to the growth of the robotics sector.
Restraint: Low Oil Prices & Economic Slowdown
The oil and gas industry is a major user of actuators, particularly for valves and other equipment used in drilling, exploration, and production. When oil prices are low, oil and gas companies tend to reduce their capital expenditure (CapEx). This means they cut back on investments in new projects and equipment, including actuators. Low oil prices lead to reduced CapEx in the oil & gas industry, a major user of actuators. The slowdown in oil & gas can also have a ripple effect, impacting related industries that also rely on actuators. Economic uncertainty can even delay or cancel projects requiring actuators.
Opportunities: Increased Spending on Renewable Sources of Energy for Power Generation
Automation actuators are employed in power plants in crucial sections such as high-pressure steam bypass and turbine bypass. Power stations have numerous valves that are controlled by these actuators. Automation actuators also do stop and start flow tasks, lessen or increase the fluid flow, and monitor the direction of flow. These actuators are an interface between valves and control systems and are, therefore, important for the smooth and effective operation of power stations. Technological advancements in actuators permit monitoring and directing of these actuators from control rooms. They can gather and transmit operational data to update operators on both production and maintenance needs. Thus, these actuators play a major part in the effective operation of power stations. As power plants are constantly evolving in terms of enhancing operational flexibility and efficiency, the demand for automation actuators is expected to rise in the future. These actuators also play a significant role in the solar industry, where monitoring of the direction of sun rays is required to tap solar energy. Venture Mfg. Co. has built solar linear actuators for usage in the solar energy generation industry.
Challenges: Issues of Leakage in Pneumatic and Hydraulic Actuators
Pneumatic actuators offer a distinct advantage: they convert readily available compressed air into mechanical movement. However, their installation can be complex, and they require ongoing maintenance for optimal performance. These actuators rely on a network of components like compressors, filters, and regulators. Neglecting these components can lead to issues like excessive noise and air leaks, impacting efficiency.
Hydraulic actuators utilize a pumped hydraulic fluid to generate force and control movement. Compared to pneumatic systems, they offer superior force generation and process control. However, hydraulic systems come with their own set of drawbacks. Fluid leaks pose a significant risk, not only for environmental reasons but also for potential fire hazards and damage to the actuation system itself through erosion.
Actuators Market Ecosystem
Companies that provides services Actuators, includes government firms, industries as key stakeholders in Actuators Market. Investors, funders, academic researchers, integrators, service providers, and licensing authorities are the major influencers in this market. Prominent companies in this market include Rockwell Automation (US), Emerson Electric Co (US), parker Hennifin Corporation (US), ABB Ltd (Switzerland), and SMC
Based on the Type, The Rotary Segment is Estimated to Grow at Second-Highest Rate During the Forecast Period
Rotary actuators are electrically powered mechanical devices consisting of motors and output shaft mechanisms with limited rotary travel. They are used to convert electrical energy into rotational motion. These actuators are used primarily in automation applications such as gates, valves, etc. They are used in industries, wherein accurate positioning of end effectors, such as the movement of valves in a pipeline, is required. Rotary actuators are driven by different types of motors and voice coils. Manufacturers of rotary actuators include Rotomation, which develops a wide range of rotary actuators for indexing, picking & placing, and stepping applications.
Based on Actuation, The Hydraulic Segment is Anticipated to Account for the Second-Highest Market Share in 2024
In the world of actuators, those utilizing pressurized liquids like hydraulic fluids hold the title of hydraulic actuators. Renowned for their ruggedness and ability to tackle high-force applications, hydraulic actuators pack a bigger punch than their pneumatic counterparts, despite similar sizes. The core of a hydraulic actuator is a cylinder or fluid motor that converts hydraulic power into mechanical movement. This movement can be linear, rotary, or oscillatory, offering versatility for various needs. The near-incompressible nature of liquids grants hydraulic actuators their impressive force generation capability. These actuators come in two main types: single-acting and double-acting. Hydraulic actuators can deliver up to 25 times the force of pneumatic actuators, making them ideal for heavy-duty industrial applications. From industrial automation to the manufacturing and assembly of aircraft parts, hydraulic actuators are a powerful workhorse across various industries. These actuators are rarely used in the healthcare industry due to possible leakage issues. In some applications, users face additional maintenance costs of hydraulic actuators due to a significant increase in their energy consumption resulting from leakages of hydraulic fluids. Emerson Electric and SMC are some of the major manufacturers of hydraulic actuators.
The Asia Pacific Market is Projected to Dominate Actuators Market
Asia Pacific is projected to dominate the Actuators market during the forecast period. India is projected to show highest growth rate for the Actuators market in Asia Pacific. The domination of the Actuators market in Asia pacific can be attributed by the presence of top actuators providers. The Actuators market in India was predicted to develop and evolve in future years, owing to advancements in technologies and rising demand for Actuators.
Actuators Market by Region
To know about the assumptions considered for the study, download the pdf brochure
Actuators Industry Companies: Top Key Market Players
The Actuators Companies is dominated by a few globally established players such as Rockwell Automation (US), Parker Hennifin Corporation (US), Emerson Electric Co (US), ABB Ltd (Switzerland), and SMC Corporation (Japan) are some of the leading players operating in the Actuators market; they are the key actuator manufacturers that contracts in the last few years. Major focus was given to the contracts and new product development due to the changing requirements of commercial, government and navy.
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Request Sample Scope of the Report
Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Estimated Market Size |
USD 67.7 Billion in 2024 |
|
Projected Market Size |
USD 94.8 Billion by 2029 |
|
Growth Rate |
7.0% |
|
Forecast Period |
2024 to 2029 |
|
Market Size Available for Years |
2020–2023 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024-2029 |
|
Forecast Units |
Value (USD Million) |
|
Segments Covered |
By Vertical, By Type, By Actuation, By Application |
|
Geographies Covered |
North America, Europe, Asia Pacific, Middle East, Rest of the World |
|
Companies Covered |
Rockwell Automation (US), Parket Hennifin Corporation (US), Emerson Electric Co (US), ABB Ltd (Switzerland), and SMC Corporation (Japan) and others. |
Actuators Market Highlights
The study categorizes Actuators market based on Vertical, Type, Actuation, Application
|
Segment |
Subsegment |
|
By Actuation |
|
|
By Type |
|
|
By Vertical |
|
|
By Application |
|
|
By Region |
|
Recent Developments
- In June 2022, Emerson's AVENTICS division has unveiled a new series of electric actuators: the SPRA (Servo Profile Advanced) line. These rod-style cylinders are designed for precise and highly repeatable motion control. Unlike many standard electric actuators that offer a single screw type, the SPRA series provides users with greater flexibility.
- In October 2023, SMC Corporation launched its LET-X11 Series of linear actuator that offers a maximum workload of 240 kg (Size 100) or 75 kg (Size 80) with a stroke of up to 3000 mm. It achieves impressive speeds of 4000 mm/s (Size 100) or 2160 mm/s (Size 80) and can accelerate/decelerate at 20000 mm/s². Simplified belt replacement and mountable solid-state auto switches enhance usability.
Frequently Asked Questions (FAQs) Addressed by the Report:
Which are the major companies in the Actuators market? What are their major strategies to strengthen their market presence?
Some of the key players in the Actuators market Rockwell Automation (US), Parker Hennifin Corporation (US), Emerson Electric Co (US), ABB Ltd (Switzerland), SMC Corporation (Japan) among others, are the key actuator manufacturers that secured several Actuators contracts in the last few years.
What are the drivers and opportunities for the Actuators market?
The market for Actuators has grown substantially across the globe, especially in Asia Pacific. With new capabilities, including wirelessly operated actuators, actuators for fully autonomous systems, etc. Due to this increased demand, there is an increased need for Actuators market with the necessary capabilities. Several advancements in Actuators have been made recently, and the adoption of cutting-edge technologies such as Machine Learning (ML).
Which region is expected to grow at the highest rate in the next five years?
The market in the Asia Pacific region is projected to grow at the highest CAGR from 2024 to 2029, showcasing strong demand for Actuators in the region. Several Asia Pacific countries and organizations are also actively investing in the development of Actuators around the region.
What is the CAGR of the Actuators Market?
The CAGR of the Actuators Market is 7.0%
What are the challenges that needs to be addressed in order to ensure the future growth of Actuators Market during the forecast period?
Leakage in hydraulic and pneumatic actuators presents a significant challenge for the growth of the actuators market in the next five years. Leaks in both hydraulic and pneumatic systems necessitate frequent maintenance to ensure optimal performance and prevent malfunctions. This translates to higher operational costs for businesses that rely on these actuators. Leaks can also lead to performance issues and potential equipment failures for actuators. This can result in unplanned downtime for repairs and production losses for businesses. Therefore, the significant challenge of leakage issue needs to be addressed in order to ensure the future growth of Actuators Market during the forecast period.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
This research study conducted on the actuators market involved substantial use of secondary sources, directories, and databases such as D&B Hoovers, Bloomberg Businessweek, and Factiva to identify and collect information relevant to the actuators market. Primary sources considered included experts from core and related industries and preferred distributors manufacturers, solution providers, technology developers, alliances, and organizations related to all segments of the value chain of this industry. In-depth interviews of various primary respondents were conducted to obtain and verify critical qualitative and quantitative information relevant to the actuators market as well as assess the growth prospects of the market during the forecast period.
Secondary Research
The ranking analysis of companies in the Actuators market was carried out using secondary data from paid and unpaid sources, as well as by analyzing the product portfolios and service offerings of key companies operating in the market. These companies were rated based on the performance and quality of their products. These data points were further validated by primary sources.
Secondary sources referred for this research study included the conference of American Meteorological Society on Weather analysis and forecasting, corporate filings such as annual reports, investor presentations, and financial statements of trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the Actuators market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from Actuators companies; service providers; distributors; and key opinion leaders.
Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using Actuators, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of Actuators and future outlook of their business which will affect the overall market.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The research methodology used to estimate the size of the Actuators market includes the following details.
- The top-down and bottom-up approaches were used to estimate and validate the size of the Actuators market. The research methodology used to estimate the market size includes the following details.
- The key players were identified through secondary research, and their market ranking was determined through primary and secondary research. This included a study of the annual and financial reports of the top market players and extensive interviews of leaders, including chief executive officers (CEO), directors, and marketing executives.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed inputs, analyzed by MarketsandMarkets, and presented in this report.
Actuators Market Size: Bottom-Up Approach
The bottom-up approach was employed to arrive at the overall size of the Actuators market from the revenues of the key players in the market.
All types of actuators used in industrial automation, robotics, and vehicles and equipment applications from 2020 to 2029 were considered and analyzed to estimate the overall size of the actuators market. The demand for actuators in robotics was identified from the estimated robot deliveries expected to take place during the forecast period. The share of actuators used in industrial automation was derived by calculating the expenditure for carrying out industrial automation across different geographies.
The total share of actuators in industrial automation was multiplied by the total expenditure for carrying out industrial automation across different geographies to estimate the size of the actuators market in industrial automation. Similarly, sales data of industrial robots and service robots was estimated and multiplied by the average selling price of each category of robots to arrive at the final numbers. These numbers were then multiplied to the final numbers to obtain the size of the actuators market in robotics. The numbers obtained from the individual analysis of industrial automation, robotics, and vehicles and equipment were added to obtain the size of the actuators market.
Size of the actuators market = {(expenditure on industrial automation)*(share of actuators used to carry out industrial automation)} + {(total sales of robotics)*(share of actuators in industrial automation)} + {(expenditure on actuators used in vehicles and equipment)*(share of actuators used to carry out automation of vehicles and equipment)}
Global Actuators Market Size: Top-Down Approach
- In the top-down approach, the overall market size was used to estimate the size of individual markets (mentioned in the market segmentation) acquired through percentage splits from secondary and primary research.
- For the calculation of specific market segments, the size of the most appropriate, immediate parent market was used to implement the top-down approach.
- The bottom-up approach was also implemented to validate the revenues obtained for various market segments.
Data Triangulation
The total market was split into several segments and subsegments after arriving at the overall actuators market size through the market size estimation process explained above. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both top-down and bottom-up approaches.
Market Definition
Actuators are devices that convert energy into motion and are 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 are available in various types and sizes, depending on the application areas. Actuators are used in manufacturing or industrial applications and also in devices such as valves, motors, switches, industrial fans, blowers and pumps, machine tools, household appliances, power tools, and disk drives.
Report Objectives
- To analyze the actuators market and provide projections for it from 2024 to 2029
- To define, describe, and forecast the size of the market by vertical, application, type, actuation, and region
- To understand the market structure by identifying its various subsegments
- To provide in-depth intelligence regarding the dynamics and the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To analyze opportunities in the market for stakeholders by identifying key trends
- To forecast the market size of segments with respect to major countries
- To analyze competitive developments such as new product launches, contracts, mergers & acquisitions, partnerships, agreements, and collaborations in the market
- To provide a detailed competitive landscape of the actuatorssystems market, along with an analysis of the strategies adopted by key market players
- To analyze micromarkets1 with respect to individual technological trends, prospects, and their contribution to the overall market
- To strategically profile key market players and comprehensively analyze their market rank analysis and core competencies2
Key Stakeholders
- Manufacturers of Actuators
- Wholesalers, Retailers, and Distributors of Actuators
- System Integrators
- Research Bodies
- Technology Support Providers
- Manufacturers of Subcomponents
- Raw Material Suppliers
Available Customizations
MarketsAndMarkets offers the following customizations for this market report:
- Additional country-level analysis of the Actuators market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Actuators market
Generating Response ...
Growth opportunities and latent adjacency in Actuators Market
I am interested in this report as a demonstration to the Department of Defense that fluid power actuators continue to be a very viable solution within industry despite the proliferation of electric actuators.
I am researching the market potential of shape memory alloy actuators in the global actuator market and the aerospace market.
We are interested in the worldwide growth and absolute revenue of electric alternatives instead of pneumatic actuators.
We developed an actuator product and we are doing a market research to sell this product. We need information for faster sales response and further development. I hope you will help me with market information related to actuators or market information related to sales. Thank you.