Wilmington, Delaware, United States, July 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric actuator market stood at US$ 12.3 billion in 2022 and the global market is projected to reach US$ 20.9 billion in 2031. Global electric actuator market is anticipated to expand at a CAGR of 6.1% between 2023 and 2031.
Electric actuators can extend machine life, save time, reduce energy consumption, and enhance production capabilities. Vendors in the global electric actuator industry are allocating a major portion of their revenue to R&D activities to stay competitive in the market. They are also adopting various growth strategies, such as collaborations, partnerships, and M&As, to increase their electric actuator market share.
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Global Electric Actuator Market: Key Players
Global industry is highly competitive and stagnant due to the presence of several global and regional electric actuator manufacturers. Investment in Research and Development activities is likely to offer emerging opportunities in the electric actuator market.
ABB, Actuonix Motion Devices Inc., Regal Rexnord, AUMA Riester Gmbh & Co. KG, Curtiss-Wright Corporation, Kollmorgen, Emerson Electric Co., General Electric, MecVel Srl, and Moog Inc. are key players in the electric actuator market.
Some of the developments are:
- AUMA launched the SRAV-UW actuator for underwater use. The actuator provides high positioning accuracy with continuous feedback to the higher-level PLC.
- AUMA presents its CORALINK digital ecosystem, marking a further investment in enhanced digital solutions by the electric actuator manufacturer.
- Curtiss-Wright launched the Exlar GTW series actuator for automotive weld-gun applications.
Expansion in the global natural gas sector is also fueling demand for electric actuators. In the U.S., the sector makes up 8% of the country’s GDP. Presence of a favorable regulatory framework is propelling natural gas production in Europe. Moreover, the energy market in the region is becoming increasingly competitive, allowing more companies to enter the market. Additionally, technological advancements in electric actuators are enabling greater access to new sources of oils and gases. This, in turn, is boosting the electric actuator market revenue.
Key Takeaways of Market Report
- Global electric actuator market to generate absolute dollar opportunity worth US$ 20.9 billion until 2031.
- Global electric actuator market is currently valued at US$ 12.3 billion in 2022.
- Global electric actuator market stood at US$ 12.6 billion in 2023.
- Market value of the global electric actuator market management from 2018 to 2022 is 5.34%.
- United Kingdom is forecasted to hold a market share of 27.8%.
- China is expected to have a value share of 26.9%.
Global Electric Actuator Market: Growth Drivers
- The oil and gas sector relies on precision and accuracy in electronic actuation to control the production process. Companies in the sector employ pipeline systems for most of their operations, from refining to distribution. Thus, it is critical to have reliable pipeline infrastructure and control systems.
- Electric actuators play a major role in pipeline safety. They are used to control the flow of oils and gases in pipelines. Electric actuators are also utilized to shut off the flow of oils and gases in the event of an emergency. This helps to ensure the safety of both the pipeline and the people living in the area. Growth in the oil & gas sector is driving the growth of the electric actuator industry.
- Electric actuators are increasingly used in power generation. They are employed in nuclear power plants to control the flow of steam, which, in turn, helps to maintain optimal levels of power output. Electric actuators provide precise control over the flow of water and steam in power plants. This helps to ensure that the power plant is running safely and efficiently. Actuators can be adjusted to maintain optimal levels of power output. Additionally, electric actuators are less expensive and more reliable than their hydraulic counterparts. Hence, surge in power generation is fueling the electric actuator market statistics.
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Global Electric Actuator Market: Regional Landscape
- Asia Pacific is anticipated to hold largest share from 2023 to 2031 with a market share of 55.3%. Rise in investment in the power generation sector and increase in adoption of industrial automation are fueling market dynamics in the region.
- Companies in oil and gas, power generation, food and beverage, automotive, and agriculture sectors are expanding their presence in Asia Pacific. China, Japan, and South Korea are witnessing rapid growth in the adoption of electric vehicles. These factors are augmenting market progress in the region.
- Europe, is forecasted to hold a value share of 41.2% where the electric actuators market is expected to grow leading to the increasing demand for commercial and defense aircraft and owing to the increasing use of electric actuators in automation. ABB Ltd., Rotork Plc, and Siemens AG are among the leading manufacturers of actuators.
Global Electric Actuator Market: Segmentation
Product Type
- Rotary Actuator
- Linear Actuator
- Hybrid Actuator
End Use Industry
- Oil & Gas
- Agriculture
- Food & Beverage
- Aerospace & Defense
- Automotive
- Energy
- Others
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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