Various control systems like electronic or mechanical system, or printer drivers and robotics use actuators to act upon various environments. They are operated though various sources of energy including pneumatic, hydraulic or mechanical pressure. Global actuator market is driven by increasing applications of these products across different industries. Advancing technologies and rising rate of adoption across industrial areas of emerging countries are also creating great investment and growth prospects for the potential as well as existing companies in this market.
Segmentation in Actuator Market
The global market for actuators is segmented on the types of products, sub-sectors, stakeholders, and geographic regions. Products available within the market include pneumatic, electric, hydraulic, and mechanical actuators. Sub-sectors of the global actuator market include automobile, aerospace and defense, industries, healthcare, mining, marine, and such other verticals. Stakeholders within the industry include actuator system manufacturers, sub-component manufacturers, and actuator parts providers or suppliers. Geographic segments of the market include North America, Middle East, Latin America, Africa, Asia Pacific, and Europe.
As mentioned before, rising demand for the actuators is a strong driver for the global market. Various industrial verticals are recording strong demand for these products. This demand is also driven by the technological advancements within the market, which has broadened the applications segment for actuators. Detailed analysis of the global market claims that the market is primarily driven by emerging regions. Rapid rate of industrialization within regions like Asia Pacific, Middle East, and Latin America, have vital influence on the overall growth of the global actuator market. Emerging markets are making rapid growth within various business sectors, which has made them a hotspot for investments and business expansions.
According to the latest market research reports, the global actuator market is expected to grow at a CAGR of over 8% from 2014 to 2019. Rapid industrialization in emerging economies, pressure on providing efficient transport systems, and massive increase in the demand for energy, minerals, metals, and processed foods are expected to drive the industry ahead. At the estimated CAGR the market is expected to grow from $37.38 billion in 2014 to $59.32 billion by the end of 2019. Industrial sector is estimated to be the strongest growing segment for the industry. Geographically, North America is anticipated to dominate the global market for actuator systems. Key players from European and American markets will be responsible for the innovations and advancements within the industry.