Actuators Market by Actuation (Electrical, Pneumatic, Hydraulic), Type (Linear, Rotary), Application (Industrial Automation, Robotics, Vehicles and Equipment), Vertical (Automotive, Electronics, Healthcare), and Region - Global Forecast to 2027
The Actuators Market is projected to grow from USD 53.9 billion in 2021 to USD 86.6 billion by 2027, at a CAGR of 8.2% between 2021 and 2027. Increased demand for new and advanced actuators in different verticals and the development of smart cities across the globe are some of the growth opportunities for the actuators market.
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The linear actuator segment accounts for the largest market size during the forecast period
Based on type, linear actuators segment is projected to lead the actuators market during the forecast period. The growth of this segment can be attributed to their increased use in packaging machines, medical equipment, production machinery, transportation, and aerospace and defense industries.
The electrical segment is projected to grow at the highest CAGR during the forecast period
Based on actuation, the electrical segment is estimated to account for the highest share in the actuators market in 2021. Electrical actuators provide increased control and acceleration at high speeds. The force for applying thrust can be programmed without the requirement for compressed air and the related infrastructure, and the total energy consumption in these actuators is low.
"Asia Pacific is projected to grow at the highest CAGR during the forecast period.”
Asia Pacific is one of the leading markets for actuators in terms of research and development activities, deployment, and the presence of key market players. The actuators market in this region has been studied for Japan, China, India, South Korea, Taiwan, and the Rest of Asia Pacific. Industries in the Asia Pacific region are continuously upgrading their capabilities and as such, require machinery equipped with new and advanced actuators. Countries such as China and Japan are primarily investing in robotics and automation to gain a tactical edge in the field of robotics and process automation. This provides an excellent growth opportunity for the manufacturers of actuators in the Asia Pacific region.
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ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtis Wright (Exlar) (US), and MISUMI (Japan) are some of the leading players operating in the actuators market. These key players offer actuator systems for different platforms and have well-equipped and strong distribution networks across the North America, Europe, Asia Pacific, and the Rest of the World (the Middle East, Latin America, and Africa).
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