Actuators Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

Description

Actuators Market size was valued at USD 54,200.2 million in 2021 and is expected to reach a value of USD 95,91.7 million by 2028, growing at a CAGR of 8.5% during the forecast period 2022 to 2028. The global market provides a detailed overview of the actuators market and that can be segmented by valve type, actuation, type, application, and vertical. By valve type, the actuators market has been segmented into axial valve, ball valve, bottom drain ball valve, butterfly valve, check valve, diaphragm valve, gate valve, globe valve, plug valve, and rotary plug valve. The ball valve segment is likely to be the largest and fastest-growing segment in terms of valve type. Based on actuation, the actuators market is segmented into electrical, pneumatic, piezoelectric, others (shape memory alloys, thermal, hybrid and magnetic. Among these, the electrical segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on type, the actuators market is segmented into linear and rotatory. The linear segment accounts for the largest share in 2021. The rotatory segment has the second-largest share during the forecast period 2021-2028. Based on application, the market is segregated into industrial automation, robotics, vehicles and equipment. Industrial automation accounted largest market share during the estimated period. On the basis of vertical, the market is segmented into food & beverages, oil & gas, metals, mining, & machinery, power generation, chemicals, paper, and plastics, pharmaceutical & healthcare, automotive, aerospace & defense and others. Food & beverages segment is likely to be the fastest-growing segment in the market.

Key Developments:

In Feb 2020, the ASCO Series 158 Gas Valve and Series 159 Motorized Actuator were introduced by Emerson. The new devices, which are designed exclusively for burner-boiler applications, provide OEMs, distributors, contractors, and end-users with a new combustion safety shut-off valve option that improves both flow and control while increasing safety and dependability.