Overview and Scope
An actuator refers to a device that converts a control signal into mechanical action, such as driving an electric motor, to move or operate some machine. While actuators normally produce circular motion, they can also do so by using screws and wheel-and-axle systems to provide linear motion.
Sizing and Forecast
The actuator market size has grown strongly in recent years. It will grow from $54.79 billion in 2023 to $59.9 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to automation in manufacturing, industrialization, energy sector expansion, healthcare equipment demand, smart buildings and infrastructure.
The actuator market size is expected to see strong growth in the next few years. It will grow to $85.15 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to renewable energy expansion, electrification of vehicles, precision medicine and biotechnology, urbanization and infrastructure developmen, focus on energy efficiency, rise of robotics and automation. Major trends in the forecast period include rise of electric actuators, advancements in smart actuators, expansion of industrial internet of things (iiot) integration, growth in robotics and automation, miniaturization and high-precision actuatorsadoption of pneumatic and hydraulic actuators in industrial applications.
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Segmentation & Regional Insights
The actuator market covered in this report is segmented –
1) By Type: Pneumatic Actuators, Hydraulic Actuators, Electric Actuators, Mechanical Actuators
2) By Motion: Linear Actuator, Rotary Actuator
3) By End User: Automotive, Aerospace, Oil And Gas, Pharmaceutical, Power Generation, Food And Beverages, Chemicals, Mining, Other End Users
Asia-Pacific was the largest region in the actuator market in 2023. North America was the second-largest region in the actuator market. The regions covered in the actuator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing popularity of electric vehicles is significantly contributing to the growth of the actuator market. Electric vehicles refer to those vehicles that have been partially or completely powered by electricity. Actuators are widely used in electric mobility to regulate component movement and serve a variety of functions in electric vehicles. For instance, in May 2022, according to the Global EV Outlook 2022 report shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles had soared in 2021 and had continued to grow in 2022. In 2021, sales of electric vehicles (including completely electric and plug-in hybrid vehicles) increased to reach 6.6 million, a new high. Sales continued to grow rapidly into 2022 despite supply chain challenges, with 2 million electric cars sold globally in the first quarter, up by 75% from the same period a year earlier. By the end of 2021, there were around 16.5 million electric vehicles on the road worldwide, which was quadruple the number in 2018. Therefore, the growing popularity of electric vehicles is driving the growth of the actuator market going forward.
Key Industry Players
Major companies operating in the actuator market are focused on developing and launching advanced microcontroller sensors to offer enhanced security, rich connectivity, and functional safety capabilities and strengthen their position in the market. Advanced microcontroller sensors are highly sophisticated electronic devices integrated with microcontrollers to gather, process, and transmit data with precision, enabling enhanced functionalities in diverse applications such as IoT devices, robotics, and smart systems. For instance, in December 2021, Renesas Electronics Corporation a Japanese semiconductor manufacturer has launched two new microcontrollers (MCUs), the RL78/F24 and RL78/F23, designed for automotive actuator and sensor control applications supporting edge evolution in next-generation electronic and electrical (E/E) architecture. With these new MCUs, Renesas expands its RL78 Family of low-power 16-bit MCUs and strengthens its broader automotive portfolio, offering customers highly reliable, high-performance solutions for systems ranging from actuators to zone control and reducing costs while continuing to accelerate the advancement of E/E architecture.
The actuator market report table of contents includes:
1. Executive Summary
2. Actuator Market Characteristics
3. Actuator Market Trends And Strategies
4. Actuator Market – Macro Economic Scenario
5. Global Actuator Market Size and Growth
…..
32. Global Actuator Market Competitive Benchmarking
33. Global Actuator Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Actuator Market
35. Actuator Market Future Outlook and Potential Analysis
36. Appendix
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