Availability of technologically advanced processing methods, surge in demand from the oil & gas sector, and rise of the water & wastewater treatment industry drive the global electric actuator market
PORTLAND, Oregon, March 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Actuator Market by Type (Linear Actuator and Rotatory Actuators) and End User (Oil & Gas, Energy & Power, Automotive, Aerospace & Defense, Water & Wastewater, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global electric actuator industry garnered $18.36 billion in 2019, and is estimated to generate $28.73 billion by 2026, registering a CAGR of 6.6% from 2019 to 2026.
Prime determinants of growth
Availability of technologically advanced processing methods, surge in demand from the oil & gas sector, and rise of the water & wastewater treatment industry drive the global electric actuator market. However, the intense competition from local manufacturers in Asia-Pacific hinder the market growth. On the other hand, increase in adoption in commercial and defense aircraft and automation in process industries create new opportunities in the market.
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The linear actuators segment to continue its lead position during the forecast period
Based on technology, the linear actuators segment held the highest market share in 2019, contributing to nearly three-fourths of the global electric actuator market, and is estimated to continue its lead position during the forecast period. This is attributed to surge in automation in the manufacturing industry and integration of industrial internet of things (IoT). However, the rotary actuators segment is expected to witness the highest CAGR of 8.7% from 2019 to 2026, owing to increase in demand for rotary actuators in servo motors.
The automotive segment to maintain its dominant position in terms of revenue by 2026
Based on connector type, the automotive segment contributed for the highest market share in 2019, accounting for more than one-fifth of the global electric actuator market, and is expected to maintain its dominant position in terms of revenue by 2026. This is due to rise in demand for commercial vehicles, prominence of hybrid & alternative-fuel vehicles, and technological advancements in the sector. However, the oil & gas segment is expected to register the highest CAGR of 9.1% during the forecast period, owing to the discovery of oil & gas reservoirs across the world and heavy investments in refineries and pipelines across the world.
Asia-Pacific to be lucrative, North America to grow gradually
Based on region, Asia-Pacific region contributed for the major market share, accounting for more than one-third of the total share of the global electric actuator market in 2019, and is estimated to maintain its dominance during the forecast period. Moreover, this region is estimated to register a CAGR of 7.8% from 2019 to 2026. This is due to rise in adoption of power projects and pipeline transportation along with rise in discoveries of oil & gas reserves in India. However, North America contributed to nearly one-fourth of the total share in 2019, and will maintain its contribution by 2026.
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