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The electric actuators market size is forecast to increase by USD 4.26 billion at a CAGR of 4.9% between 2023 and 2028. Electric actuators have gained significant traction in various industries due to their numerous advantages over traditional hydraulic and pneumatic actuators. The growing demand for commercial and defense aircraft, as well as space travel, is driving the market's expansion. Electric actuators offer smoother operations, faster response times, and increased precision, making them ideal for robotics industry applications such as rotary actuators in rotary movement and rotary travel. In addition, technical developments in sensor technology have led to the improvement of electric actuators, ensuring more reliable and efficient performance. The market is witnessing a ripple effect in sectors like treatment chairs, turbine bypass, valve control, and wheelchairs.
The market is witnessing significant growth due to the increasing demand for automation in various industries. These mechanical devices convert electrical energy into mechanical force, making them essential components in numerous applications. Infrastructure development and restoration projects are major contributors to the market's expansion. A machine is a mechanical device that converts kinetic energy into useful work through various components, including a motor unit, drive unit, and gear unit, each working together to transfer and modify the energy for specific tasks. With the growing population and urbanization, the need for efficient infrastructure is becoming increasingly crucial. Electric actuators play a vital role in the automation of water and wastewater treatment plants, power generation, and transportation systems. Industrial production and manufacturing companies are also adopting electric actuators to enhance productivity and reduce operational costs.
Furthermore, automation of processes using electric actuators leads to increased efficiency, improved accuracy, and reduced labor requirements. Natural resources extraction and processing industries are another significant market for electric actuators. Actuators are used in valve control systems to regulate the flow of fluids and gases in oil and gas production, mining, and chemical processing. Space travel is an emerging application area for electric actuators. These devices are used in the actuation of various mechanisms in spacecraft, such as solar panel deployment and satellite positioning. Electric actuators come in various sizes, shapes, and types, including linear motion and rotational motion actuators.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The automotive segment is estimated to witness significant growth during the forecast period. The automotive sector in the United States is witnessing significant technological advancements and shifting consumer trends, leading to a steady demand for vehicles throughout the forecast period. Furthermore, the increasing popularity of electric and autonomous vehicles is fueling the industry's expansion. Electric vehicles (EVs), including cars, trucks, and buses, offer cost savings and reduced environmental impact compared to conventional vehicles. As a result, numerous companies are introducing EV models. For example, in September 2022, Tata Motors, a subsidiary of the Tata Group, unveiled the electric version of its popular hatchback, Tata Tiago, named Tiago EV. Electric actuators play a crucial role in the effective operation of various devices within the automotive industry, such as dental chairs and drilling equipment in automotive manufacturing.
Furthermore, these actuators are driven by electric motors and function based on electrical signals. By reducing engine size and noise, electric actuators contribute to energy savings and improved overall performance. Additionally, they are essential in the exploration and production of oil and gas, where they help in engine reduction and energy consumption minimization. Electric actuators are gaining traction in various sectors, including electrical manufacturing, due to their energy efficiency and quiet operation. However, it is essential to ensure their proper installation and maintenance to minimize downtime and excessive noise. In conclusion, electric actuators are a vital component in numerous applications, from automotive to exploration, and their demand is expected to continue growing due to their energy-saving capabilities and quiet operation.
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The automotive segment was valued at USD 6.41 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Electric actuators are experiencing growing demand in the Asia Pacific (APAC) region, driven by the thriving metals and mining industry. Countries like China, India, and Japan, which are major steel producers globally, are leading this trend. The region's advantageous labor and resource costs in developing economies, such as India, Indonesia, Bangladesh, and Vietnam, have enticed numerous governments to establish metal and mining processing facilities.
In the oil and gas sector, electric actuators are increasingly used for pipeline automation and monitoring. They provide oscillatory movement through output shaft mechanisms, ensuring precise control and efficient operation. These advantages make electric actuators a preferred choice over pneumatic actuators for applications requiring high torque and accuracy. Additionally, electric actuators are gaining popularity in patient lifts and other healthcare equipment due to their quiet operation and smooth motion. In the US market, electric actuators are also gaining traction in various industries, including oil & gas, metals and mining, and healthcare. Networking technologies are increasingly being integrated into electric actuators, enabling remote monitoring and control, enhancing overall system efficiency.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for commercial and defense aircraft is the key driver of the market. The market is experiencing significant growth due to the increasing demand for precision control in various industries, particularly power generation and power plants. With the global population continuing to grow and urbanization progressing at a rapid pace, the need for efficient production processes is becoming increasingly important. Electric actuators offer numerous advantages over traditional pneumatic signals, including the use of pressurized liquids and improved product launch capabilities. Power generation and power stations are major consumers of electric actuators due to their ability to provide precise control in power regulation. PT scanning equipment and other advanced technologies require the use of electric actuators to function optimally.
Furthermore, the restoration of power after outages is also facilitated by these devices. This trend is expected to continue, driving the demand for electric actuators in the power generation sector and other industries that rely on precise control processes. In conclusion, the market is poised for growth due to the increasing demand for precision control in various industries, particularly power generation and power plants. The recovery of the aviation industry is also expected to contribute to the market's growth. Companies in this sector should focus on product innovation and efficiency to remain competitive in the market.
Increased benefits of electric actuators over hydraulic or pneumatic actuators is the upcoming trend in the market. Electric actuators hold a significant market share in various industries, particularly in the automotive sector, surpassing the usage of hydraulic and pneumatic actuators. The primary reason for this preference is the electric actuator's advantages, which include a streamlined design and fewer components, making it easier to maintain and more dependable. Moreover, electric actuators offer effortless integration with modern industrial machinery due to their programmable and microprocessor controllers.
Additionally, these actuators provide enhanced precision by allowing for adjustments to torque, speed, and force during the machine's motion, ensuring optimal performance. Electric actuators' ease of use and reliability contribute to their widespread adoption across numerous industries.
Faulty and loosely insulated electric actuators and malfunctioning risks is a key challenge affecting the market growth. Electric actuators play a crucial role in various industries, including oil and gas, by ensuring the proper management and flow of sensitive products, such as industrial gases. These actuators are designed to function effectively in different temperature conditions. However, their malfunction or inadequate insulation can lead to significant consequences, particularly in terms of safety. For instance, argon gas leakage due to faulty electric actuators can pose serious health hazards. Exposure to argon gas can result in asphyxiation or suffocation, as well as stinging sensations in the eyes, vomiting, dizziness, rapid breathing, excitation, headaches, excess salivation, and stinging in the nose and throat. These symptoms can ultimately lead to unconsciousness.
Moreover, electric actuators are extensively used in applications such as robotics, rotary movement, and rotary travel. In the robotics industry, they contribute to smoother operations, while in space travel, they are essential for valve control and turbine bypass. Additionally, they are used in treatment chairs and wheelchairs to facilitate movement. Technical developments continue to shape the market, with advancements in sensor technology and stepping applications driving growth. These innovations enable faster speed and improved precision, making electric actuators an indispensable component in numerous industries.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Actuonix Motion Devices Inc. - The company offers electric actuators such as L12-I, L12-P, L12-R. It also offers micro actuators and linear actuators.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Electric actuators have gained significant traction in various industries due to their ability to provide accurate positioning and effective operation in automatic systems. These actuators, which convert electrical signals into mechanical force, are extensively used in automation and industrial production. The aerospace industry relies on electric actuators for actuating valves and damper control in aircraft, ensuring improved safety and heightened precision. In the aviation industry, electric actuators are used to control flaps and slats, contributing to engine reduction and improved fuel efficiency. The actuators are also crucial in the oil & gas sector for pipeline automation, drilling operations, and fluid flow control.
Furthermore, in the chemical industry, they are used in the production of petroleum products and the manufacturing of pharmaceuticals, ensuring the precise mixing and filling of liquids. Electric actuators are also widely used in the medical industry for patient lifts, medical beds, and PT scanning equipment, contributing to smoother operations and improved patient care. In the food and beverage industry, they are used in the production of packaging machinery and liquid filling machines, ensuring product consistency and reducing downtime. Technical developments in communication protocols and networking technologies have enabled electric actuators to be integrated into various control systems, allowing for real-time monitoring and improved precision.
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Market Scope |
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Report Coverage |
Details |
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Page number |
186 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.9% |
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Market Growth 2024-2028 |
USD 4.26 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.6 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 32% |
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Key countries |
US, China, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Actuonix Motion Devices Inc., AUMA Riester GmbH and Co. KG, Curtiss Wright Corp., Emerson Electric Co., Flowserve Corp., General Electric Co., HanKun Beijing Fluid Control Technology Co. Ltd., IMI Plc, LINAK AS, Moog Inc., Parker Hannifin Corp., Pon Holdings BV, Rotork Plc, Schaeffler AG, Siemens AG, SMC Corp., SNNA BEFK Union Tech Inc., Statewide Bearings, and TiMOTION Technology Co. Ltd. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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