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The electric actuators market is estimated to grow by USD 4.31 billion at a CAGR of 5.19% between 2022 and 2027. The market's growth relies on several factors, notably the increasing demand for both commercial and defense aircraft. Additionally, the industrial sector's rising adoption of electric actuators in robots and automation contributes to this growth, along with the increasing demand for smart actuators. These factors collectively drive the market expansion, reflecting a broader trend toward more efficient and technologically advanced actuator solutions across various industries. The aerospace sector's demand for reliable and efficient actuation systems, coupled with the industrial sector's emphasis on automation, underscores the market's growth trajectory. As industries seek more advanced and adaptable actuator technologies, the market for electric actuators is set for significant growth in the coming years.
The market report 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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This 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).
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 6.19 billion in 2017. 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 companies 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 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 Market Customer Landscape
The market is driven by rapid urbanization and the need for improved infrastructure. These play a crucial role in the restoration of various structures and are used in industrial production. Manufacturing companies rely on these to automate processes, reducing manual labor and improving efficiency. As technology advances, they are also being considered for use in space travel, showcasing their versatility. They operate using mechanical force and kinetic energy, with components like electric motors, damper, device, machine, and valve, available in various sizes and shapes to suit different applications. 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.
They are indeed cost-effective and viable alternatives for replacing existing hydraulic and pneumatic actuator systems in commercial and defense aircraft. These utilize a motor unit to convert electrical energy into mechanical force, providing the necessary kinetic energy for various aircraft operations. This shift toward electric actuators represents a significant advancement in aircraft technology, offering improved efficiency and performance compared to traditional hydraulic and pneumatic systems. They improve the performance of commercial and defense aircraft and provide accurate control and fast reaction time. The use of these in commercial and defense aircraft reduces the burden on maintenance personnel. Hence, with the growth in demand for commercial and defense aircraft, the demand is expected to increase, which will boost the growth of the 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.
They 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, 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. They 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 market during the forecast period.
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.
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 companies, including:
The report offers clients a deeper understanding of the market and its players through a combined qualitative and quantitative analysis of the companies. The analysis classifies companies into categories based on their business approach, including pure-play, category-focused, industry-focused, and diversified. companies 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 is witnessing growth due to its heightened precision and improved safety features compared to hydraulic and pneumatic equivalents. These find applications in a wide range of industries, including the aviation industry, food and beverage, medical devices, and robotics industry. They offer accurate positioning and smoother operations, reducing downtime and enhancing production efficiency. They are also preferred for their energy consumption benefits and reduced environmental impact compared to hydraulic fluids or petroleum products. With ongoing technical developments, these are becoming increasingly vital for various industrial applications. The market is influenced by the growing population and the need for efficient utilization of natural resources, with advancements in drive unit and gear unit technologies enhancing their performance and reliability.
Furthermore, the market is crucial for industries requiring effective operation and precision control, such as the automobile and manufacturing sectors. These offer automatic system functionality, enhancing productivity and safety. They are used in various applications, including valve control, mechanical device in oil & gas facilities, dental chairs, and medical beds. They also play a vital role in industrial robots and pipeline automation, ensuring smooth and reliable operation. With increasing industry safety regulations and a focus on environmental sustainability, the demand is expected to rise in the coming years.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
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 4.31 billion |
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 companies, Market Positioning of companies, 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 Forecasting, 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 market forecast period |
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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