PUNE, India, February 5, 2018 /PRNewswire/ --
According to the new market research report "Actuators Market by Type (Linear Actuators, Rotary Actuators), System (Electrical, Hydraulic, Pneumatic, Mechanical), Application (End Use, Industrial), and Region (North America, Europe, Asia Pacific, Middle East, RoW) - Global Forecast to 2022", published by MarketsandMarkets[TM], the market is projected to grow from an estimated USD 38.80 Billion in 2017 to USD 49.28 Billion by 2022, at a CAGR of 4.90% from 2017 to 2022.
Browse 148 tables and 43 figures spread through 173 pages and in-depth TOC on "Actuators Market - Global Forecast to 2022"
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Due to increased urbanization, the establishment and growth of new smart cities and the growth of infrastructure, such as smart buildings, smart healthcare, smart mobility, smart infrastructure, smart transportation, and smart security, among others in existing smart cities is expected to provide several growth opportunities for the market over the next five years.
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The electrical actuators segment is witnessing strong growth in the actuators market. Electrical actuation systems used in aircraft are relatively safe, require low maintenance, and are simple to reconfigure as compared to hydraulic and pneumatic actuation systems. Therefore, the demand for electrical actuation solutions is expected to increase and is a major driver for the actuators market between 2017 and 2022.
Based on application, the automotive end use application segment is projected to lead the actuators market during the forecast period
Based on application, the automotive end use application segment is expected to lead the actuators market during the forecast period. This growth is attributed to countries, such as Japan, South Korea, and China which have the presence of some of the key players in the automotive industry. Companies such as Toyota, Honda, Nissan, and Hyundai hold major market shares in the automotive market. Thus, the demand for automotive components is high in the region, and this is expected to drive the automotive actuators market during the forecast period.
Based on system, the electrical segment of the actuators market is projected to witness the highest growth during the forecast period
Based on system, the electrical segment of the actuators market is projected to witness the highest growth during the forecast period. Electrical actuation systems are also environment-friendly and safer to use than hydraulic actuators, which consist of hydraulic fluids that can damage the skin and cause poisoning or infection due to the high temperature.Therefore, the demand for electrical actuation has been increasing and is a major driver for the actuators market.
The Asia Pacific region is expected to lead the actuators market during the forecast period from 2017 to 2022
The Asia Pacific region is expected to lead the actuators market during the forecast period. The growth of the Asia Pacific actuators market can be attributed to rapid industrialization in India and China, which has contributed significantly to the growth of these economies. Due to the easily available skilled labor and low cost of establishing new manufacturing plants, companies across various industries are expected to set up their manufacturing facilities in this region.
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Major companies profiled in the actuators market report are Emerson (US), Rotork (UK), Pentair (US), and Honeywell (US), among others.
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