Electric Actuators Market Size to grow by USD 4312.22 million between 2023-2027
According to a research report “ Electric Actuators Market” by End-user (Automotive industry, Water and wastewater industry, Marine industry, Aerospace and defense industry, Others) Type (Rotary, Linear) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 4312.22 million, at a CAGR of 5.19% during the forecast period. The global air travel industry is experiencing a significant rebound, with commercial and defense aircraft demand surging due to increased passenger traffic. North America and Europe, home to a majority of commercial airline operators, account for over half of the world's aircraft fleets. According to the International Air Transport Association (IATA), air passenger traffic recovered substantially in 2022, registering a 41.7% increase in revenue passenger-kilometers (RPKs) compared to 2019 levels, and a 68% recovery in terms of passenger numbers. This robust growth trajectory is set to drive the electric actuators market, as these components are essential for aircraft hydraulic and pneumatic systems..
Browse market data tables, figures, and in-depth TOC on “Electric Actuators Market” by End-user (Automotive industry, Water and wastewater industry, Marine industry, Aerospace and defense industry, Others) Type (Rotary, Linear) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample
By End-user, the Automotive industry segment is projected to dominate the market size in 2024
The automotive sector is undergoing significant technological transformations and shifting consumer preferences, leading to a stable demand for automobiles throughout the forecast period. Notably, the surge in demand for electric and autonomous vehicles is a key growth driver in the industry. Electric vehicles (EVs), such as cars, trucks, and buses, are cost-effective alternatives to traditional vehicles and do not emit pollutants. Consequently, numerous enterprises are introducing EV models. Electric actuators play a crucial role in various automotive applications, including engine cooling, climate control, and transmission. Specifically, electric actuators integrated with engine control systems enable optimal airflow management for power and torque enhancement.
By Type, Rotary segment is expected to hold the largest market size for the year 2024
Electric linear actuators are a type of actuator that converts the rotational force of an electric motor into linear motion. These actuators offer several advantages over rotary actuators, including easier installation and less space requirements. Electric linear actuators do not necessitate the use of pumps, valves, or compressors, making them more flexible and portable. They are primarily utilized in automation applications where precise linear movement is essential for machine tools or components to reach specific positions. The ease of cabling for electric linear actuators results in simpler and less costly installation compared to electric rotary actuators. This, in turn, enhances their appeal in various industries and applications.
APAC is forecasted to hold the largest market size by region in 2024
The electric actuators market in APAC is experiencing significant growth, driven by the robust metals and mining industry in countries like China, India, and Japan. These nations, being among the world's leading steel producers, are witnessing increased demand for electric actuators due to their extensive usage in steel production processes. The availability of abundant low-cost labor and resources in developing economies such as India, Indonesia, Bangladesh, and Vietnam is further fueling this growth. For instance, China Panhua Group's integrated steel plant in the Philippines, with a production capacity of 10 million tons, is a prime example of this trend. This project, which will manufacture steel slabs, galvanized coils, and color-coated coils, is being constructed in three phases.
The Electric Actuators Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Electric Actuators Market encompasses a range of mechanical devices used to convert electrical energy into mechanical force for various processes. These actuators include gear units, drive units, and motor units, which are essential components in industries such as space travel, natural resource extraction, and infrastructure development. Electric actuators come in various shapes and sizes, including rotational and linear motion types, and are used to operate valves and dampers in industrial production. They are an integral part of automation systems in manufacturing companies, enabling efficient and precise control of processes. Electric motors, the power source for these actuators, convert electrical energy into kinetic energy, providing the necessary mechanical force. The market for electric actuators is driven by the growing demand for automation, rapid urbanization, and industrial production. The increasing population and infrastructure restoration projects also contribute to the market's growth. In contrast to pneumatic and hydraulic actuators, electric actuators offer several advantages, including energy efficiency, ease of installation, and low maintenance costs. With advancements in technology, electric actuators are finding applications in diverse industries, from manufacturing to space travel, making them an indispensable component of modern machinery.
Market Research Overview
The Electric Actuators Market encompasses a wide range of applications, from X-ray equipment and wheelchairs to power generation in power plants and space travel. These actuators are essential for valve control in turbine bypass systems, treatment chairs, and PT scanning equipment, providing smoother operations with heightened precision and improved safety. Technical developments in rotary travel and rotary movement have led to the increased use of rotary actuators in robotics industry, restoration processes, and regulation of pressurized liquids. The market for electric actuators is driven by the growing demand for automation in industries such as oil & gas, metals and mining, and manufacturing. The ripple effect of rapid urbanization and population growth has led to increased production efficiency, with electric actuators being used in machinery for industries like food and beverage, medical devices, and patient lifts. Electric actuators offer advantages such as effective output shaft mechanisms, reduced manual labor, and improved precision. However, challenges such as leakage issues, energy consumption, and excessive noise remain areas of focus for manufacturers. The market is expected to grow due to the increasing use of sensors, networking technologies, and advanced control systems in various industries. Applications of electric actuators include valve automation in power generation, pipeline automation, fluid motor control in chemical processing, and actuation in drilling and exploration. The market is expected to grow in the aviation industry for actuator applications in aerospace and automation of automatic systems. The use of electric actuators in medical devices, such as incubators and dental chairs, and in industrial production processes, such as engine reduction and damper control, is also on the rise. In summary, the electric actuators market is a dynamic and diverse industry, with applications ranging from medical devices to power generation and space travel. The market is driven by the need for automation, precision, and improved safety in various industries, and is expected to grow due to the increasing use of sensors, networking technologies, and advanced control systems. Challenges such as leakage issues, energy consumption, and excessive noise remain areas of focus for manufacturers, but the benefits of electric actuators, such as effective output shaft mechanisms and reduced manual labor, make them an essential component in numerous industries.
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