The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Actuators Market.
It was estimated prior to this unanticipated outbreak that the Actuators Market will grow at 5.2% CAGR. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Actuators Market Segment Analysis:
Based on the type, the market is segmented as linear actuators, and rotary actuators. The linear actuators segment is expected to dominate the market during the forecast period. The escalating demand for fuel-efficient vehicles, implementation of stringent environmental regulation, increasing automation in emerging economies, and the rising need to improve combustion control, increase reliability, and reduce production cost in manufacturing sectors are some of the major factors that drive the growth of linear actuators in the global market.
Based on the system type, the market is segmented as hydraulic, electrical, pneumatic, mechanical, and other actuators. The electrical actuators dominated the market and is expected to retain the dominance during the forecast period as well. This growth is attributed to the extensive application of electrical actuators in the aviation industry. Electrical actuators play a vital role in controlling systems as they convert electrical signals to mechanical movement.
Based on the application type, the actuators market is segmented as end-use and industrial application. The end-use application segment is projected to register a higher growth in the coming five years. End-use application includes wide array of verticals such as automotive, marine, aerospace, and defense. Growth in this industry verticals is expected to drive the growth of the end-use application.
In terms of regions, Asia-Pacific dominated the actuators market. The region is estimated to drive the Internet of Things in the coming years. India and China are the growth engines of the region owing to increased focus towards IOT.
Some of the actuator manufacturers are The Emerson Electric Company, Honeywell International Inc., Moog Inc., Rotork Plc, Parker Hannifin Corporation, ABB Group, Cameron International Corporation, and Eaton Corporation Plc.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors