June 08, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Actuators Market.
It was estimated prior to this unanticipated outbreak that the Actuators Market is likely to witness an impressive CAGR of 5.2% during the forecast period. Increased investment towards process automation across end-use industries is the major factor driving the demand for actuators.
Market Scope & Segmentation
Actuators are an eminent part of any machine that on which the movement of the machine depends. It is also responsible for the controlling of a mechanism or a system, such as opening a valve. The actuator is also known as a mover and it needs an energy source and a control signal for its working.
The actuator does the work of converting energy into motion and is used in industrial and manufacturing applications and also in various devices such as valves, pumps, switches, and motors.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
For a more detailed breakdown of the COVID-19 impact on the Actuators Market, request a free sample of the report here:
Market Segments Analysis
Based on the type, the market is segmented as linear actuators, and rotary actuators. The linear actuators segment is expected to dominate the market during the forecast period. The escalating demand for fuel-efficient vehicles, implementation of stringent environmental regulation, increasing automation in emerging economies, and the rising need to improve combustion control, increase reliability, and reduce production cost in manufacturing sectors are some of the major factors that drive the growth of linear actuators in the global market.
Based on the system type, the market is segmented as hydraulic, electrical, pneumatic, mechanical, and other actuators. The electrical actuators dominated the market and is expected to retain the dominance during the forecast period as well. This growth is attributed to the extensive application of electrical actuators in the aviation industry. Electrical actuators play a vital role in controlling systems as they convert electrical signals to mechanical movement.
Based on the application type, the actuators market is segmented as end-use and industrial application. The end-use application segment is projected to register a higher growth in the coming five years. End-use application includes wide array of verticals such as automotive, marine, aerospace, and defense. Growth in this industry verticals is expected to drive the growth of the end-use application.
In terms of regions, Asia-Pacific dominated the actuators market. The region is estimated to drive the Internet of Things in the coming years. India and China are the growth engines of the region owing to increased focus towards IOT.
Key players operating in the global Actuators market are-
- The Emerson Electric Company
- Honeywell International Inc.
- Moog Inc.
- Rotork Plc
- Parker Hannifin Corporation
- ABB Group
- Cameron International Corporation
- Eaton Corporation Plc.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Actuators analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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