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The electric actuators market is estimated to grow at a CAGR of 5.19% between 2022 and 2027. The market size is forecasted to increase by USD 4,312.22 million. The growth of the market depends on several factors, including the growing demand for commercial and defense aircraft, the increasing use of electric actuators in industrial robots and automation, and the Growing demand for smart actuators.
This electric actuators market report extensively covers market segmentation by end-user (automotive industry, water and wastewater industry, marine industry, aerospace and defense industry, and others), type (rotary and linear), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The 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 growth strategies.
Global Electric Actuators Market Customer Landscape
Our researchers analyzed the data with 2022 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.
The growing demand for commercial and defense aircraft is notably driving market growth. North America and Europe have a large number of commercial airline operators and account for more than half of the total aircraft fleets in the world. The increasing air passenger traffic is leading to a rise in the number of aircraft fleets. Many commercial airline operators in countries such as the US, China, Germany, Canada, the UK, India, and South Korea are focusing on increasing their aircraft fleets to cater to the rising demand.
Electric actuators are cost-effective and viable alternatives for replacing existing hydraulic and pneumatic actuator systems in commercial and defense aircraft. They improve the performance of commercial and defense aircraft and provide accurate control and fast reaction time. The use of electric actuators in commercial and defense aircraft reduces the burden on maintenance personnel. Hence, with the growth in demand for commercial and defense aircraft, the demand for electric actuators is expected to increase, which will boost the growth of the global electric actuators market during the forecast period.
The growing use of electric actuators in smart homes is a key trend. In a smart home, different appliances are connected to a network and can be monitored, controlled, and accessed remotely. Most applications in smart homes are related to home security, lighting, and thermostat regulation. The number of smart homes is expected to grow rapidly during the forecast period. For instance, by the end of 2022, approximately 35%-40% of all households in North America had at least one smart home product or system.
Electric actuators can be used in smart homes in applications such as providing linear motion for certain objects, including recliners, blinds, pergolas, sit-stand desks, television sets, and kitchen appliances. Moreover, electric linear actuators can be used in pergolas to tilt their blades and also help in opening and closing the roof of the pergola. Therefore, the growth in the number of smart homes is expected to drive the demand for electric actuators, which will boost the growth of the market during the forecast period.
Faulty and loosely insulated electric actuators and malfunctioning risks may impede market growth. Electric actuators can operate under a wide range of temperatures. They are used in end-user industries such as oil and gas, where they can manage the flow of highly sensitive products such as industrial gases. These products should be stored properly, and appropriate insulation measures must be taken to prevent leakage.
The leakage of gases due to faulty or loosely insulated electric actuators can adversely affect the health of employees and people near the vicinity. Primary health hazards after inhaling argon gas are asphyxiation or suffocation. Inhaling argon can also cause a stinging sensation in the eyes, vomiting, dizziness, rapid breathing, excitation, headaches, excess salivation, and stinging in the nose and throat, which may result in unconsciousness. Hence, faulty and loosely insulated electric actuators can hamper the growth of the global electric actuators market during the forecast period.
Vendors 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.
HanKun Beijing Fluid Control Technology Co. Ltd. - The company offers electric actuators such as HKM03.2, HKM05.2, HKM10.2. It also offers valves, pumps, and other fluid control equipment and services.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the vendors. The analysis classifies vendors into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak to understand the dos and don’ts of business which in turn can help a client make the best decision.
The market share growth by the automotive industry segment will be significant during the forecast period. Technological advances and changes in consumer preferences have increased the demand for automobiles. The demand for electric and autonomous vehicles is increasing continuously, which is driving the growth of the automotive industry. EVs are considered affordable alternatives to traditional vehicles, and their use does not cause pollution. Hence, several enterprises are launching EVs.
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The automotive industry segment was valued at USD 6,194.31 million in 2017 and continued to grow until 2021. Electric actuators are used in different automotive applications, such as engine cooling, climate control, and transmission. They can be integrated with engine control systems and help in controlling air flaps for power and torque optimization. They also help in controlling the engine speed to reduce emissions and noise as well as improve fuel economy. Hence, the rise in demand for electric and autonomous vehicles in the automotive industry will drive the growth of the segment during the forecast period.
The rotary segment will account for a significant share of market growth during the forecast period. Rotary actuators convert an electric signal into rotational motion. Electric rotary actuators control motors to achieve the desired degree of partial rotation. The advantages of using electric rotatory actuators are continuous positioning, three-point position control, and bus control. Therefore, they are used in various applications in industries such as aerospace and defense, automotive, marine, and oil and gas. The benefits of electric rotary actuators have led several vendors in the market to cater to the growing demand. Hence, the growing advantages of electric rotary actuators will increase their demand. This, in turn, will lead to the growth of the global electric actuators market through the forecast period.
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APAC is estimated to contribute 33% 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.
The demand for electric actuators is increasing in APAC owing to the presence of a prominent metals and mining industry, especially in countries such as China, India, and Japan, which are among the top steel producers in the world. In addition, the availability of low-cost labor and resources in developing economies such as India, Indonesia, Bangladesh, and Vietnam has encouraged governments to set up metal and mining processing plants. This will increase the demand for electric actuators, as they are used to manage drilling choke valves in the mining industry. This gives mining operators accurate control of fluid velocities, which helps in efficient mining operations. Hence, the growth in the metals and mining industry in the region will drive the demand for electric actuators during the forecast period.
The outbreak of COVID-19 in 2020 negatively impacted the growth of the global electric actuators market. However, the implementation of large-scale COVID-19 vaccination drives and the resumption of operations in end-user industries revived the growth of the market in 2021. Moreover, the recovery of the global economy, the rapid growth of the construction, automotive, and aerospace industries, the digitization of business processes, and the increasing adoption of Industry 4.0 will drive the growth of the global electric actuators market further during the forecast period.
The electric actuators market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Electric Actuators Market Scope |
|
Report Coverage |
Details |
Page number |
178 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.19% |
Market growth 2023-2027 |
USD 4,312.22 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.53 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our 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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