According to a recent report by MarketsandMarkets™, the actuators market is projected to reach USD 94.8 billion by 2029, growing at a CAGR of 7.0% from 2024 to 2029. The market is estimated to be valued at USD 67.7 billion in 2024. The growth of the market can be attributed to the increasing demand for industrial automation and the use of robots in various sectors, including manufacturing and transportation.
Several factors are driving the demand for actuators, including advancements in sensor technology, connectivity, and control systems. Additionally, sectors like healthcare (medical devices), oil & gas, and aerospace & defense are expanding, which is fueling the need for actuators. The industry is also driven by the growing emphasis on improved process control, energy efficiency, and safety regulations across various industries.
The electric segment is expected to witness the highest growth rate in the actuators market. Electrical actuators, which use electricity to produce motion, offer control and acceleration at higher speeds. They are used in various applications where linear and rotary actuation is required. The vehicle equipment segment is expected to account for the largest share of the market by application in 2024, with actuators being widely used in automotive, aircraft, ships, and defense vehicles.
The Asia Pacific region is projected to dominate the actuators market, with India expected to show the highest growth rate in the region. The major players in the market include SMC Corporation, Rockwell Automation, Curtiss-wright Corporation, ABB Ltd, and Parker Hennifin Corporation.
Overall, the actuators market is poised for significant growth in the coming years, driven by the increasing demand for automation and the need for improved process control and energy efficiency in various industries.
In addition to the information provided in the article, the actuators market operates in the broader industry of automation and control systems. Actuators are mechanical or electronic devices that convert energy into motion to control or move a system or mechanism. They play a crucial role in various industries such as manufacturing, transportation, healthcare, oil & gas, aerospace & defense, and more.
The market forecast for actuators is promising, with a projected reach of USD 94.8 billion by 2029, growing at a CAGR of 7.0% from 2024 to 2029. This growth can be attributed to the increasing demand for industrial automation and the use of robots in different sectors. The adoption of actuators is driven by advancements in sensor technology, connectivity, and control systems, which enable enhanced automation and create opportunities for improved efficiency and productivity.
The healthcare sector, particularly medical devices, is one of the major drivers for actuators. Actuators are extensively used in medical equipment such as surgical robots, prosthetics, and rehabilitation devices. The oil & gas industry is also a significant contributor to the actuators market, employing actuators in applications like valves and control systems for improved operational efficiency and safety.
Energy efficiency and safety regulations are crucial factors contributing to the growth of the actuators market. Industries across sectors are increasingly focusing on improving process control and reducing energy consumption. Actuators play a vital role in achieving these objectives by providing precise and efficient motion control.
The electric segment is expected to witness the highest growth rate in the actuators market. Electrical actuators offer advantages such as control, acceleration at higher speeds, and are used in various applications requiring linear and rotary actuation. The market for actuators in vehicle equipment, including automotive, aircraft, ships, and defense vehicles, is expected to hold the largest share in 2024, as these applications rely heavily on actuators for control and movement.
The Asia Pacific region, particularly India, is projected to dominate the actuators market. The region offers significant growth opportunities due to the presence of key manufacturing industries and increasing investments in automation. India, with its focus on manufacturing and infrastructure development, is expected to show substantial growth in the actuators market.
Some of the major players in the actuators market include SMC Corporation, Rockwell Automation, Curtiss-Wright Corporation, ABB Ltd, and Parker Hannifin Corporation. These companies provide a wide range of actuators and related solutions to cater to the diverse needs of industries.
In conclusion, the actuators market is set for significant growth in the coming years, driven by the increasing demand for automation, improved process control, and energy efficiency across various industries. The rise of smart manufacturing, coupled with advancements in sensor technology and connectivity, is creating opportunities for actuators to play a crucial role in driving operational efficiency and productivity.
For more information on the actuators market, you can visit the website of MarketsandMarkets™, the source of the report mentioned in the article. MarketsandMarkets provides in-depth analysis and market research reports on various industries and sectors, offering valuable insights into market trends, forecasts, and key players.