Market Scope
The actuators market plays a vital role in automating various processes across numerous industries. An actuator is equipment that turns energy into motion. It is mostly utilized to exert force on an entity in order to execute various mechanical activities. It is a mechanical device that transfers energy created by compressed air, electricity, or liquid into various types of motion, such as linear and rotary motion. Actuators are typically found in industrial or manufacturing applications, where they are found in devices like switches, motors, valves, and pumps.
Recent advancements in material technology have resulted in lightweight and strong substances, making it possible to design mechanically strong articulated mechanisms that are both robust and light. Current advancements in information technology, nanotechnology, and biotechnology will necessitate the development of smaller, new devices and gadgets that require the application of large forces.
The global automotive actuators market size is projected expand at 6.20% CAGR over the forecast period. MRFR’s report on the automotive actuators market comprises growth drivers, challenges, and trends on the industry for the forecast period (2022-2030). The COVID-19 pandemic and its implications are explored in depth in the market. The comprehensive report delves into various mechanisms of components in vehicles, impact on supply chain, and regional demand for a broad perspective.
The global automotive actuators market is driven by advances in electric and connected vehicles. Automotive actuators take in energy from electrical and kinetic energy to convert it into motion. It converts electrical energy to mechanical energy and help in regulating engine speed, flywheel rotations, and engine torque. Increasing demand for fuel-efficient vehicles and procurement of actuators can augur favorably for the market.
But high costs of automotive actuators solutions may hamper market growth.
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Market Segmentation
The global actuators market has been segmented into type and end-user.
- By type, the global actuators market has been segmented into Pneumatic Actuators, Hydraulic Actuators, Electric Actuators, and Mechanical Actuators.
- By end-user, the global actuators market has been segmented into Automotive, Oil & Gas, Aerospace & Defence, Pharmaceutical, Power, Food & Beverages, Chemicals, Water & Wastewater, and Mining & Metals.
Key Players
The global actuators market key players are
- Cameron, a Schlumberger company (U.S.)
- Eaton Corporation plc (Ireland)
- The Emerson Electric Company (U.S.)
- Festo AG & Co. KG (Germany)
- Flowserve Corporation (U.S.)
- Honeywell International Inc. (U.S.
- KITZ Corporation (Japan)
- Rotork plc. (Japan)
- SAMSON AG (Germany)
- SMC Corporation (Japan)
Drivers and Restraints
Autonomous vehicles are poised to install various actuators with advances in technology to improve safety and comfort. The demand for automotive actuators is steadily growing due to the relentless increase in manufacturing and sales of automobiles (LCVs, passenger cars, HCVs, and off-road vehicles) worldwide. Sensors, hardware controllers, software programs, and actuators are considered the foundation of current and future automotive systems. Automotive actuators improve vehicle efficiency and performance by supporting engine flywheel rotations, controlling engine idle speed, engine torque, among others, which is likely to boost growth opportunities on the market for automotive actuators. The technological developments, increased research & development activities, huge investments by key players, among others, would further propel the development of the market over the evaluation period. The increased use of electronics in the automotive industry is likely to fuel the growth of the demand for automotive actuators over the next few years. The market for actuators is expected to grow, as manufacturers are now focused on making automated systems that will require actuators. This can also be used in air crafts, and demand is rising as a result of increased air traffic and full automation. Accordingly, actuator demand is growing globally. Increasing a wide variety of applications in industries where high machinery entails increased global demand for actuators. However high costs incurred in producing actuator devices that impede potential actuator market development.
Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
The global market for automotive actuators was segmented by region into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to be the global market leader for automotive actuators. Asia Pacific's emerging markets such as India and China are growing as automakers' manufacturing hubs which are slated to have a positive impact on revenue generation from the market for automotive actuators. The cost-effective opportunities for automotive sector growth and expansion are reducing production costs which will further complement market expansion. The growing population coupled with a per capita income increase, is promoting the region's proliferation of vehicle sales and boosting the vehicle actuators industry.
Increased R&D activities and a booming automotive sector will boost the growth of the European market for car actuators. Also, the growing technological developments in the German automotive industry and the demand for autonomous and semi-autonomous vehicles will further propel the expansion of the market. North America's technologically advanced automotive sector, coupled with the involvement of key market players, favors the region's growth and expansion of the demand for automotive actuators. The rest of the world will see modest demand growth over the projected period.
Industry News
The European region is one of the major regions for electric two-wheelers and has achieved an ample scope owing to the prominent presence of profitable countries such as Germany, the U.K, and others like Norway. Additionally, the European region is the hub of major automobile manufacturers like Audi, BMW, and Volvo among others. This also has a positive influence on the projected growth of the market. According to ITA Pharmaceuticals Top Markets Report that was circulated in 2016, many countries like Belgium, Switzerland, the United Kingdom, Germany, and others like Austria are expected to rank as one the leading pharmaceutical exporter in 2016-2017.
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