What Does the Historical and Current Actuator Market Size Trend Indicate?
The actuator market has seen considerable growth due to a variety of factors.
• In recent years, the actuator market has experienced robust growth, with projections estimated at a leap from $58.91 billion in 2024 to $63.93 billion in 2025, which is a compound annual growth rate (CAGR) of 8.5%. The notable expansion during the historical period is due to factors including manufacturing automation, industrial growth, expansion of the energy sector, increased demand for healthcare equipment, and the rise of smart buildings and infrastructure.
How Will the Actuator Market Size?
The Actuator market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for actuators is projected to experience considerable growth in the upcoming years, expanding to $90.8 billion by 2029 with a compound annual growth rate (CAGR) of 9.2%.
The growth during the forecast period can be credited to factors such as the rise in renewable energy, vehicle electrification, advancements in precision medicine and biotechnology, urban and infrastructure development, emphasis on energy efficiency, and the increase in robotics and automation. Key trends during this period are forecasted to include the growing popularity of electric actuators, improvements in smart actuator technology, the spread of industrial internet of things (IIoT) integration, expansion in the field of robotics and automation, miniaturization, and high-precision actuators; as well as adoption of pneumatic and hydraulic actuators in industrial settings.
Which Factors Are Boosting Growth In The Actuator Market?
The actuator market is experiencing significant expansion due to the rising trend of electric vehicles. Electric vehicles, which are either partially or fully powered by electricity, make extensive use of actuators to manage component movement and for various other functions. As an example, the Global EV Outlook 2022 report released by the France-based International Energy Agency in May 2022, showcased a dramatic increase in electric vehicle sales in 2021 that continued into 2022. In 2021, the sales of electric vehicles, comprising both fully electric and plug-in hybrid cars, reached a new record of 6.6 million. Despite supply chain issues, the impressive sales growth continued into 2022 with sales of 2 million electric cars worldwide in the first quarter, a 75% increase from the same quarter the previous year. As of the end of 2021, there were approximately 16.5 million electric vehicles on global roads, a fourfold increase since 2018. Hence, the actuator market is projected to continue to grow alongside the increasing prominence of electric vehicles.
What Key Areas Define The Segmentation Of The Global Actuator Market?
The actuator market covered in this report is segmented –
1) By Type: Pneumatic Actuators, Hydraulic Actuators, Electric Actuators, Mechanical Actuators
2) By Motion: Linear Actuator, Rotary Actuator
3) By End User: Automotive, Aerospace, Oil And Gas, Pharmaceutical, Power Generation, Food And Beverages, Chemicals, Mining, Other End Users
Subsegments:
1) By Pneumatic Actuators: Single-Acting Pneumatic Actuators, Double-Acting Pneumatic Actuators
2) By Hydraulic Actuators: Linear Hydraulic Actuators, Rotary Hydraulic Actuators
3) By Electric Actuators: Servo Electric Actuators, Stepper Electric Actuators
4) By Mechanical Actuators: Gear-Based Actuators, Cam-Based Actuators
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How Are Emerging Trends Reshaping The Dynamics Of The Actuator Market?
The primary corporations in the actuator marketplace are channelling their efforts toward innovations and technological enhancements, like smart actuators, which are particularly useful in the transmission and thermal management of Electric Vehicles (EVs). For instance, in September 2023, Japan's automotive parts producer, Marelli, introduced a line of versatile smart actuators. These innovative units from Marelli ease the activation of intricate vehicle operations, catering to the escalating demand for over 100 actuators in future vehicles. The actuators come with an in-built electronic unit that autonomously regulates the device and synchronizes it with the vehicle's electronic system. Their flexible, modular, and scalable mechanical design allows them compatibility with a range of vehicle electronics and transmission configurations, and the software management ensures flawless incorporation into the vehicle's systems.
Who Are the Key Players In The Actuator Market?
Major companies operating in the actuator market include:
• Emerson Electric Co.
• ABB Ltd.
• Rockwell Automation Inc.
• Moog Inc.
• SMC Corporation
• Curtis Wright Corporation
• Eaton Corporation Plc
• Honeywell International Inc.
• Rotork Plc
• Misumi Group Inc.
• Cameron International Corporation
• Samson AG
• Parker Hannifin Corporation
• Venture MFG Co.
• Altra Industrial Motion
• Actuonix Motion Devices Inc.
• Aptiv PLC
• AUMA Riester Gmbh & Co. KG
• BorgWarner Inc.
• Continental AG
• Denso Corporation
• Festo AG & Co. K.G.
• Flowserve Corporation
• GEA Group AG
• General Electric Company
• Hitachi Ltd.
• IAV Automotive Engineering
• Johnson Controls International PLC
• KITZ Corporation
• Mecvel Technologies Private Limited
• Nidec Corporation
• Regal Rexnord Corporation
• Robert Bosch GmbH
What Is The Most Dominant Region In The Actuator Market?
Asia-Pacific was the largest region in the actuator market in 2024. North America was the second-largest region in the actuator market. The regions covered in the actuator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
