Actuators Market expected to reach $74.5 billion by 2024 | CAGR of 8.6%
The report “Actuators Market by Actuation (Electrical, Pneumatic, Hydraulic), Type (Linear, Rotary), Application (Industrial Automation, Robotics, Vehicles & Equipment), Vertical (Automotive, Electronics, Healthcare), and Region – Global Forecast to 2024″, The actuators market is estimated to be USD 49.2 billion in 2019 and is projected to reach USD 74.5 billion, at a Compound Annual Growth Rate (CAGR) of 8.6% from 2019 to 2024. This market is driven by factors, such as the increasing investments in process automation of numerous industry verticals, rising demand for robots, and technological advancements in actuators.
• Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=59465451
The Major Players in the actuators market include Rockwell Automation (US), Moog (US), Curtiss Wright (US), ABB (Switzerland), Altra Industrial Motion (US), and SMC (Japan), among others.
Browse 216 market data Tables and 67 Figures spread through 312 Pages and in-depth TOC on “Actuators Market – Global Forecast to 2024”
The Pneumatic actuator segment to grow at a higher CAGR in the actuators market, among all actuation segments during the forecast period
Based on actuation, the Pneumatic actuators segment is projected to grow at the highest CAGR in the actuators market during the forecast period. The increasing demand for highly efficient actuators which consume less energy has fueled the growth of the actuators market. Technological advancements in pneumatic actuators are enabling availability at lower prices as compared to other actuator types, which are also more efficient, thus leading to the increasing demand for pneumatic actuators.
Linear actuators expected to lead the actuators market
Based on type, the linear actuator segment is expected to lead the actuators market during the forecast period. The use of linear actuators in a wide range of industries, such as manufacturing, packaging machines, medical equipment, production machinery, transportation, aerospace, and defense, among others is expected to drive the market for actuators. Increasing demand for industrial automation is contributing to higher demand for actuators.
Asia Pacific has the highest potential for implementation of actuators
Asia Pacific is estimated to account for the actuators market in 2019. Asia Pacific has witnessed rapid economic development over the past few years, increasing maritime trade. Electronics and electrical industries, especially in countries, such as China and Japan, have led to an increase in the demand for robotics and automation, which, in turn, is leading to rising demand for actuators. Majority of the industrial robot manufacturing facilities of leading players are based in the Asia Pacific region and increasing demand for these industrial robots is leading to a higher demand for actuators in this region.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/global-actuators-market-59465451.html
