The robotics and automation actuators market is estimated to be USD 15.8 billion in 2019 and is projected to reach USD 30.9 billion by 2024, at a CAGR of 14.37% from 2019 to 2024. The need to increase productivity and reduce downtime in industrial facilities and manufacturing activities worldwide are the major factors expected to drive the market for actuators globally. The development of advanced and cost-effective robotics and automation actuators, and increasing demand for industrial robots and process automation in different industrial verticals are some of the opportunities impacting the growth of the robotics and automation actuators market.
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On the basis of type, the given market has been segmented into linear and rotary. The rotary segment is projected to grow at the highest CAGR during the forecast period. Rotary actuators are used primarily in automation applications, such as gates, valves, etc. They are used in a wide range of industries where positioning is needed. Rotary actuators are driven by various motor types, voice coils, etc. Applications of rotary actuators include quarter-turn valves, automation, and robotics.
Based on application, the robotics and automation actuators market has been segmented into process automation and robotics. Industries such as automotive and electrical & electronics have shown higher adoption of robots. Other industries such as pharmaceutical, pulp & paper, and food & beverages are expected to incline more towards the use of robots by increasing adoption of robots by small and medium size enterprises.
Based on actuation, the robotics and automation actuators market has been segmented into pneumatic, hydraulic, and electric. The growth of the electric actuation segment can be attributed to the replacement of hydraulic and pneumatic actuators by electric actuators due to their higher efficiency and greater levels of control. The amount of energy consumed in hydraulic and pneumatic actuators is higher than that by electric actuators.
The robotic and automation actuators market has been growing at a significant rate, and this trend is expected to continue during the forecast period. However, development of advanced and cost-effective robotics and automation actuators, and increasing demand for industrial robots and process automation in different industrial verticals are some of the opportunities impacting the growth of the robotics and automation actuators market. China and Japan are primarily investing in robotics and automation to enhance and gain a tactical edge. This is an excellent opportunity for robotics and automation actuator manufacturers to strengthen their businesses in the Asia Pacific region.
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The major players in the robotics and automation actuators market include ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtiss Wright (US), and MISUMI (Japan), among others. ABB is one of the leading players in the robotics and automation actuators market. The company has a large value contract with countries, such as China. It holds a greater share in automating the industrial process across different industrial verticals. The company has also been focusing on the acquisition of small players to increase its product offerings as well as market share. It has adopted several other strategies, such as partnerships, agreements, and the establishment of new manufacturing facilities to strengthen its market position as well ensure future growth.