Actuator Market Growth and Trends: Key Insights into Market Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
How Are Key Drivers Contributing to the Growth and Expansion of the Actuator Market?
The escalating demand for electric vehicles is playing a significant role in the expansion of the actuator market. Electric vehicles, which are either partially or entirely powered by electricity, extensively utilize actuators to control component motion and deliver various functions. For example, as reflected in May 2022 by the Global EV Outlook 2022 report from the autonomous intergovernmental organization based in France, the International Energy Agency, electric vehicle sales had boomed in 2021 and carried on escalating in 2022. In 2021, the sales of electric vehicles, inclusive of both completely electric and plug-in hybrid vehicles, reached a new record of 6.6 million. Even amidst supply chain difficulties, sales shot up in 2022, with 2 million electric cars being sold worldwide in the first quarter, marking a 75% increase from the comparable period the previous year. Approximately 16.5 million electric vehicles were present on the global roads by the end of 2021, quadrupling the count from 2018. The burgeoning demand for electric vehicles, hence, is fuelling the advancement of the actuator market.
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#What is the Growth Potential of the Actuator Market, and How Will It Perform by 2034?
In recent times, the actuator market has seen a robust expansion. The market size is projected to grow from $58.91 billion in 2024 to $63.93 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.5%. The historical growth period’s expansion can be traced back to factors such as the automation in manufacturing processes, industrial growth, the expansion of the energy sector, increasing demand for healthcare equipment, and the development of smart buildings and infrastructure.
The market size for actuators is anticipated to experience notable growth in the coming years, reaching $90.8 billion by 2029, progressing at a compound annual growth rate (CAGR) of 9.2%. This projected growth can be linked to several factors such as the proliferation of renewable energy, vehicle electrification, advancements in precision medicine and biotechnology, urban development and infrastructure enhancement, concentration on energy efficiency, and the rise in robotics and automation. The forecast period is also expected to see key trends such as the surging popularity of electric actuators, developments in smart actuators, the broadening of industrial Internet of Things (IIoT) integrations, expansion in the robotics and automation sector, the miniaturization and adoption of high-precision actuators, and the use of pneumatic and hydraulic actuators in industrial settings.
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What New Market Trends Are Reshaping theActuator Market and Its Opportunities?
Key industry players in the actuator market are prioritizing the creation and development of innovative technologies such as smart actuators, specifically designed for transmission and temperature regulation in electric vehicles. For instance, the Japan-based automotive parts producer, Marelli, launched a series of multi-functional smart actuators in September 2023. Their novel smart actuators streamline the actuation of intricate vehicle functions, meeting the emerging demand for over 100 actuators in upcoming vehicles. These actuators come with an in-built electronic module that independently controls the equipment and links it to the vehicle’s electronic network. They have a flexible, modular, and scalable mechanical structure, making them adjustable to different vehicle electronics and transmission configurations. The software management ensures a smooth assimilation into the vehicle systems.
Who Are the Leading Market Players Fueling Growth in the Actuator Market Trend?
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
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How is the Global Actuator Market Segemented?
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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https://www.thebusinessresearchcompany.com/customise?id=9494&type=smpGlobal Actuator Market, Global Actuator Market Report, Global Actuator Market Trends, Global Actuator Market Size
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