The Actuators Market Size was valued at USD 62.89 billion in 2023 and is projected to reach USD 108.7 billion by 2031, exhibiting a CAGR of 7.08% from 2024 to 2031.
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Some of Major Key Players in this Report:
- Crane Co.
- Emerson (Pentair Valves)
- Flowserve Corporation
- General Electric Company
- Imi PLC
- Kitz Corporation
- Metso Oyj (Neles Oyj)
- Parker-Hannifin Corporation
- Rotork PLC
- Schlumberger Limited
One key driver is the rise of automation in manufacturing, particularly in emerging economies.
A 2023 report by SNS Insider anticipates this automation trend to promote the market forward, with a significant portion of growth stemming from Asia Pacific. This region’s rapid industrialization and focus on infrastructure development create a strong demand for actuators in factory automation, construction equipment, and power plants. Additionally, the growing focus on fuel efficiency in vehicles translates to increased demand for specific actuator types. According to SNS Insider stricter environmental regulations are driving the need for actuators that optimize combustion control, leading to a rise in linear actuators used in car engines.
While pneumatic actuators hold 20% market share due to their readily available compressed air source, leakage issues and complex installations can lead to wasted energy and increased maintenance costs.
Addressing this, electric actuators are gaining traction, but overheating during continuous use can limit their application in industrial settings. Hydraulic actuators, holding a projected second-highest market share at around 30%, offer superior force but require a network of components that can be prone to inefficiencies. These challenges translate to a constant push for innovation in material science to create lighter and more durable actuators, particularly in the automotive sector where weight reduction is a key performance metric.
While industrial automation remains a dominant driver accounting for over 40% of demand according to SNS Insider, the integration of Industrial IoT (IIoT) presents a significant untapped opportunity.
By embedding sensors and connectivity features within actuators, manufacturers can unlock real-time performance monitoring, predictive maintenance, and remote-control capabilities. This translates to substantial cost savings for businesses, with estimates suggesting a 30% reduction in maintenance expenses through early detection of potential failures. Furthermore, the expanding field of medical robotics offers a promising future growth.
Political Trends:
- Growing government investments in infrastructure projects, particularly in developing economies like China and India, are driving demand for actuators in construction and industrial automation.
- This aligns with political agendas focused on modernization and economic growth. On the other hand, stricter environmental regulations are pushing for the development of energy-efficient actuators.
- Governments are offering subsidies and tax breaks for manufacturers who produce actuators with lower carbon footprints. This trend is particularly evident in Europe, where the Green Deal initiative prioritizes environmental sustainability.
- Also, rising geopolitical tensions are prompting governments to invest in domestic production of actuators, especially for critical industries like defense and aerospace.
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While Asia Pacific currently dominates, holding a near 50% share in 2023, several emerging regions are composed for explosive growth.
India, with its booming industrial sector and focus on automation, is anticipated to witness the highest growth rate within the Asia Pacific region. This rise is driven by factors like government initiatives promoting “Make in India” and rising investments in infrastructure development. Latin America is another region to watch, driven by a growing middle class and increasing demand for automation in industries like automotive and food & beverage. Eastern Europe is also emerging as a potential powerhouse, with countries like Poland capitalizing on their skilled workforce and strategic location to attract foreign investments in manufacturing sectors that heavily rely on actuators.
Recent Developments:
In September 2023, Nidec Corporation, a prominent market leader, invested $55 million to promote its manufacturing capabilities in India for the Motion and Energy business, indicating a strategic push towards the growing Asian market. This focus on Asia aligns with the region’s dominance, holding a whopping 47.9% share in 2023.
Kongsberg Automotive secured a significant contract in March 2023 to supply electric rotary actuators (ARC) to a major Chinese automaker. This deal highlights the rising demand for electric vehicle components, a trend expected to promote actuator development in the automotive sector.
Key Takeaways:
- Manufacturing companies, for example, are increasingly adopting actuators to automate production lines, boosting efficiency and productivity. This trend is expected to be further driven by growth in the robotics sector, where actuators play a crucial role in enabling precise movement.
- Additionally, the expanding smart infrastructure sector presents a lucrative opportunity. Actuators are vital components in regulating valves and dampers within buildings and industrial facilities, optimizing energy usage and creating a sustainable built environment.
- The healthcare industry is witnessing a rise in demand for actuators, particularly in medical devices and robotic surgery equipment. As minimally invasive procedures gain traction, the need for actuators with high precision and controllability will continue to rise.
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