NEW YORK , Sept. 25, 2023 /PRNewswire/ -- The linear actuators market is expected to grow by USD 12.32 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 6.08% during the forecast period. The market is segmented by product (electric, hydraulic, and pneumatic), end-user (automotive industry, water and wastewater industry, marine industry, aerospace, and defense industry, and others), and geography (APAC, North America , Europe , Middle East and Africa , and South America ). The low manufacturing cost and procurement of linear actuators are key factors driving market growth. Low manufacturing and purchasing costs of linear actuators are expected to drive their adoption across end-user industries. For example, electric linear actuators have low operating costs, while hydraulic linear actuators have low manufacturing costs. Suppliers are increasingly shifting production to countries such as China and India to benefit from low production costs, including low labor costs. In addition, the facility is designed to enhance the company's manufacturing capabilities in actuators, air preparation equipment, valves, and related accessories for various end-user industries. Such a move allows for low-cost production of actuators while maintaining product quality, thereby increasing supplier profits. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
The report recognizes the following as some of the key players in the linear actuators market: ABB Ltd., Actuonix Motion Devices Inc., Bishop Wisecarver Corp., Curtiss Wright Corp., Emerson Electric Co., Ewellix AB, Festo SE and Co. KG, Flowserve Corp., General Electric Co., Kollmorgen Corp., LINAK AS, Moog Inc., Oriental Motor Co. Ltd., PARKER HANNIFIN CORP., Sensata Technologies Inc., Siemens AG, SMC Corp., The Timken Co., TiMOTION Technology Co. Ltd., and Tolomatic Inc. Inline Micro Linear Actuator
Linear Actuators Market is fragmented in nature.
Market to observe 5.78% YOY growth in 2023.
Increasing demand for smart actuators is a major trend in the market.
There is a continuous need for IoT-enabled smart linear actuators due to various technological advancements in linear actuators, such as the advent of Industry 4.0 and IoT.
These actuators integrate features such as potentiometers, rotary encoders, network switches, and controllers.
In addition, various functions such as switching, position feedback, and system diagnostics are increasingly integrated into smart actuators.
The introduction of intelligent linear actuators leads to the miniaturization of components and thus a significant reduction in hardware and software costs.
Hence, these factors are expected to drive market growth during the forecast period.
The high cost associated with the implementation of actuators is a significant challenge restricting market growth.
For example, initial costs associated with electric actuators can range from USD 100 to USD 2,000 , depending on design and application capabilities.
On the other hand, pneumatic and hydraulic actuators have low purchase costs but high operating and maintenance costs due to periodic replacement of parts.
Additionally, pneumatic linear actuators are susceptible to pressure losses leading to low operating speeds and loss of system position control.
Hence, these factors are expected to restrict market growth during the forecast period.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
The electric segment will account for a major share of the market's growth during the forecast period. With low maintenance costs and added benefits, electric linear actuators are replacing conventional linear actuators, such as hydraulic and pneumatic linear actuators, in many industries that use end uses, such as automobiles, oil, and gas. Furthermore, the main consumers of electric linear actuators are the automotive defense, and aerospace sectors. However, these actuators can operate effectively under extreme temperatures and offer high reliability, making them ideal for outdoor installations. For example, Thomson Industries offers a wide range of electric linear actuators commonly used in the construction and agricultural end-user segments. Hence, these factors are expected to drive segment growth during the forecast period.
Get a glance at the market contribution of the segments, Request a Free Sample
The electric actuators market is estimated to grow at a CAGR of 5.19% between 2022 and 2027. The market size is forecasted to increase by USD 4,312.22 million.
The Damper Actuators Market size is estimated to grow at a CAGR of 8.8% between 2022 and 2027 and the size of the market is forecast to increase by USD 817.48 million.
Accelerate at a CAGR of 6.08%
APAC, Europe, North America, South America, and Middle East and Africa
US, China, Japan, Germany, and the UK
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
ABB Ltd., Actuonix Motion Devices Inc., Bishop Wisecarver Corp., Curtiss Wright Corp., Emerson Electric Co., Ewellix AB, Festo SE and Co. KG, Flowserve Corp., General Electric Co., Kollmorgen Corp., LINAK AS, Moog Inc., Oriental Motor Co. Ltd., PARKER HANNIFIN CORP., Sensata Technologies Inc., Siemens AG, SMC Corp., The Timken Co., TiMOTION Technology Co. Ltd., and Tolomatic Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.
Drivers, Challenges, & Trends
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com
Single Axis Actuator View original content to download multimedia:https://www.prnewswire.com/news-releases/linear-actuators-market-to-grow-by-usd-12-32-billion-from-2022-to-2027--increased-demand-for-electric-linear-actuators-from-the-automotive-industry-to-drive-the-growth--technavio-301936331.html