Actuators Market is likely to showcase notable growth in the coming years and reach USD 79.35 billion by the end of 2027 on account of the advent of technological advancement and the increasing need for the latest automated equipment by various end-user industries.
As per a recent report by Fortune Business Insights, titled, “Actuators Market Size, Share & COVID-19 Impact Analysis, By Motion (Linear and Rotary), By Type (Hydraulic, Pneumatic, Electric, and Others), By End-Use Industry (Aerospace & Defense, Automotive, Construction, Chemicals, and Others), and Regional Forecast, 2020-2027,” the value of this market was USD 47.09 billion in 2019. The forecast period is set between 2020 to 2027 and the market is likely to exhibit a CAGR of 10.65%.
Most industries worldwide were impacted negatively by the current COVID-19 pandemic. Apart from the healthcare sector, most of the industrial sectors witnessed the downfall of the world economy. However, the governments of various nations are engaging in multiple strategies to deal with this situation and we hope that life turns back to normal. Fortune Business Insights is offering special analytical reports on various markets impacted by the coronavirus pandemic. These reports will help investors take the necessary financial decisions for multiple markets in the years to come.
Objectives of the Report:
The report is based on a comprehensive analysis of the market keeping in mind the prime boosting, repelling, and challenging factors. It also throws light on the notable industry developments, major trends, and other interesting insights into the market. The report also highlights the table of segmentation in details and lists the names of the segment in the leading position with market figures. For more information on the report, log on to the company website.
Drivers & Restraints-
Development of Machine Learning and Artificial Intelligence Sectors to Aid in Expansion
An actuator comprises the key component of all the machines used by various industries such as food, manufacturing, automotive and transportation, agriculture, healthcare industry, and others. This stands as a key factor driving the global actuators market growth. This, coupled with the rising population, growing urbanization, and the increasing use of industrial robots for minimizing the chances of human errors are also expected to aid in the expansion of the market. Additionally, the increasing demand from aerospace and automotive industries is further expected to add impetus to the market in the coming years.
On the contrary, installing and maintaining pneumatic and hydraulic actuators is expensive, which may pose a major challenge to the market in the coming years. This, coupled with the current coronavirus pandemic that forced most of the international businesses to stay at a temporary halt may also hamper the market. Additionally, the possibility of oil or water leakage and other damages of the actuator is likely to cause hindrance to the market in the coming years.
Nevertheless, the rising demand for commercial aircraft is expected to promote the growth of the market in the forecast period.