Latest News- Electric Actuators Market: Automotive is expected to lead the End-user segment during 2024-2028

The Electric Actuators Market is being driven by Growing demand for commercial and defense aircraft

The Electric Actuators Market is expected to grow at a CAGR of 4.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4259.2 million. In the industrial landscape, electric actuators have emerged as a preferred choice over hydraulic and pneumatic alternatives. The primary reason for this trend lies in the numerous advantages electric actuators offer. With a simpler design and fewer components, they ensure effortless maintenance and enhanced reliability. Moreover, their ease of integration is a significant advantage, as electric actuators are compatible with programmable and microprocessor controllers, making them an ideal solution for managing modern industrial machinery. Additionally, electric actuators boast of energy efficiency, precise control, and flexibility, further solidifying their position in the market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Automotive
  • Water and wastewater
  • Marine
  • Aerospace and defense
  • Others
• Type
  • Rotary
  • Linear
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for commercial and defense aircraft
• Increasing use of electric actuators in industrial robots and automation
• Growing demand for smart actuators

However, the market also witnesses some limitations, which are as follows:

• Faulty and loosely insulated electric actuators and malfunctioning risks
• Fluctuating raw material prices of electric actuators
• High initial setup cost for end-users of electric actuators

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Market Scope in Electric Actuators Market Research Report

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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

According to Technavio, the global electric actuators market is a segment of the larger electrical components and equipment market, which encompasses businesses involved in the production of electrical cables and wires, electrical components, and electrical equipment. The electrical components and equipment market's size is determined by the consolidated revenue generated by manufacturers of various products, including water heaters and accessories, motors, motor control, encoder and amplifier, automation solutions, electrical distribution and protection equipment, small generators, wire and cable accessories, power supplies and conditioners, sensors, meters and indicators, recorders and loggers, process safety systems, instrumentation, test and measurement equipment, switches, transmitters and receivers, heating, ventilation, and air conditioning (HVAC), and safety components. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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