Actuators Market Trends, and Global Forecast

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Actuators Market Size and Growth

[340 Pages Report] The Actuators Market Size is projected to grow from USD 67.7 Billion in 2024 to USD 94.8 Billion by 2029, at a CAGR of 7.0% from 2024 to 2029. 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

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Actuators Market Trends

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

Actuators Market Segmentation

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 Actuators 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.

Actuators Market Regions Analysis

The Asia Pacific Market is Projected to Dominate Actuators Market Share

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

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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)
• SMC Corporation (Japan)

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.

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Scope of the Report

Actuators Market Highlights

The study categorizes Actuators market based on Vertical, Type, Actuation, Application

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.

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