Actuators Market: Global Industry Analysis and Forecast 2024-2030, Size, Share, Growth, Trend

The Actuators Market size was valued at US$ 46.86 Bn. in 2023. The global Actuators Market is estimated to grow at a CAGR of 9.81 % over the forecast period.

Format : PDF | Report ID : SMR_420

Actuators Market Overview:

An actuator is a component of a device or machine that converts energy (usually electrical, air, or hydraulic) into mechanical force to allow it to perform physical movements. Simply put, it is the part of a machine that allows it to move. The equipment is often powered by hydraulic and pneumatic forces and can be controlled manually, electronically, or via software. Actuators move in two directions, such as linear and rotational. The linear motion transforms energy to position other equipment and perform push and pull functions. Rotary motion, on the other hand, allows various ball and butterfly valves to move. Electric motors, solenoids, hard drive stepper motors, and comb drivers are the most popular types of actuators, and they have a wide range of applications in industries such as oil and gas, power generation, chemicals, food and beverage, metals and mining, automotive, and aerospace. Actuators Market report by Stellar Market research is detailed analysed using the segment analysis on the basis of motion, type, end-use industry and region.

Actuators Market

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Actuators Market Dynamics:

Growing Adoption of Actuators in the Healthcare Industry:

The healthcare industry is developing and manufacturing new machines, which require actuators. Actuators are utilized in medical devices like wheelchairs, medical beds, patient lifts, treatment chairs, dental chairs, and CT, MRI, and PT scanning equipment. The growth of healthcare facilities and the rise in the senior population are driving the healthcare actuators market across the globe. In countries such as the United States, India, and China, the number of hospitals is continuously growing. Cancer has recently become one of the world's worst diseases. Breast cancer (2.26 million cases) and lung cancer (1.4 million cases) were the most common cancers among new cases in 2020. In addition, the COVID-19 pandemic's outbreak in early 2020 resulted in a massive influx of patients into hospitals all across the globe. As actuators are widely utilized for numerous reasons in healthcare, these aspects have a favorable impact on the actuators market.

One typical application is the use of voice coil actuators and control valves in ventilators to help patients who are unable to breathe on their own due to lung disease, surgery, or other major illness or accidents. Also, for its linear motion systems and to carry out a large volume of RT-PCR tests necessary during emergencies like COVID-19, RT-PCR testing, which is particularly successful in detecting the SARS-CoV-2 virus, uses linear actuators (simply serve as a conveyer belt). The linear actuators assist in the loading, unloading, and moving of samples, along with the liquid handling process, which is required at important stages of the test. The linear actuators assist in the labeling and barcoding of samples, and they can work faster and for longer periods of time than humans. Actuators Market has demand from variety of applications by a major business named MecVel, including linear automation systems included in incubators for newborns and electric linear actuators used in X-ray equipment, among others.

Unique Advantages of Actuators:

The electric-controlled automobile system's actuator is a crucial component. The primary function of an actuator is to convert various impulses into mechanical action. Mechanical actuators, electrical, pneumatic, or hydraulic signals can all be used as input signals. Electronic manufacturing's importance in major sectors has boosted sales in the global actuators industry. The market's growth has been aided by the increasing use of actuators in the vehicle sector. The growing use of electric and hydraulic technology in actuators has resulted in a surge in demand for these components. The market's sales have increased as a result of this factor. The study of mechanical technologies in the context of smart gadgets is driving up the actuators market across the globe.

Growing Adoption of Automatic Systems in Vehicles across the Globe:

The sensor's input is used to control the actuators in the automatic system. The demand for actuators is expected to rise as more vehicles use automatic systems. The automotive actuators market is being boosted by the growing adoption of automation systems and engine reduction in automobiles. Modern automobiles have a high rate of adoption of automated features. In addition, automated door and window lock systems are now widely used in vehicles and manufacturers are being forced to reduce engines due to strict pollution regulations. Actuators are necessary for automobiles following engine reduction to increase performance and proper operation. The need for actuators vehicles is also being driven by the rise of driverless vehicles. Every system in the vehicle is intended to run automatically, and actuator.es makes this possible.

The Actuators market is expected to restrict by time-consuming leakage repairs, high maintenance costs, competitive price standards, and consumers who fail to satisfy requirements. In addition, smart water management technologies, an increase in exploration efforts, and the revival of existing facilities are expected to boost the global actuators market.

Actuators Market Segment Analysis:

By Motion, the Actuators Market is segmented into Linear and Rotary. The Linear segment dominated the market with a 63.88% share in 2023. The segment growth is attributed to the growing use of linear motion actuators in packing machines, medical equipment, production machinery, transportation, and aerospace and defense industries across the globe. The growing demand for fuel-efficient vehicles, stringent environmental regulations, rising automation in emerging economies, and the growing need to improve combustion control, increase reliability, and reduce production costs in manufacturing sectors are some of the major factors driving the actuator market growth for linear actuators.

Actuators Market

By Type, the Actuators Market is segmented into Electric Actuators, Mechanical Actuators, Pneumatic Actuators, and Hydraulic actuators. The Hydraulic Actuators segment has dominated the market with a 36.79% share in 2023. The growing adoption of hydraulic actuators in heavy equipment used for construction, mining, agriculture, and other application, thanks to its robust construction and integrated backup in case of failure. As a result, these factors are driving the segment growth for the actuator market.

The Electric Actuators segment is expected to witness a significant growth rate at a CAGR of 8.93% during the forecast period. Electric actuators are used extensively in automobile applications due to their high speed. At high speeds, electrical actuators provide increased control and acceleration. The force used to provide thrust can be programmed without the use of compressed air or the associated infrastructure, and these actuators consume very little energy overall.

Actuators Market Regional Insights:

The Asia Pacific region has dominated the market with a 47.9 % share in 2023. The actuators market is continuously showing northward direction growth, thanks to the growing adoption of the product in China, India, South Korea, Japan, Taiwan, and the rest of the Asia Pacific region Industry in the Asia Pacific is continually upgrading its capabilities, necessitating machinery with new and novel actuators. In order to gain a tactical advantage in the field of robotics and process automation, China and Japan are investing extensively in robotics and automation. In addition, in growing economies like India and China, the Internet of Things (IoT) has gotten a lot of attention. This includes the creation of smart cities and IoT-specific centers of excellence, all of which are expected to drive demand for actuators at the same time.

The objective of the report is to present a comprehensive analysis of the Global Actuators Market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Actuators Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the Global Actuators Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Global Actuators Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

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The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Global Actuators Market. The report also analyses if the Global Actuators Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Actuators Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Actuators Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

Actuators Market Scope:

Actuators Market
Market Size in 2023	USD 46.86 Mn.
Market Size in 2030	USD 90.23 Mn.
CAGR (2024-2030)	9.81 Percent
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Motion Linear Rotary
	by Type Electric Actuators Mechanical Actuators Pneumatic Actuators Hydraulic Actuator
	By End-Use Industry Oil and Gas Power Generation Chemicals Food and Beverages Metals and Mining Automotive Aerospace and Defense Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America