Electric actuators are commonly referred as electric motors that generate mechanical motion or force to move mechanisms or systems. They are basically used to provide controlled motion and positioning in industrial automation applications. Electric actuators largely benefit electromechanical systems as they offer enhanced reliability, accuracy and repeatability as compared to pneumatic and hydraulic actuators. Rising adoption of robotics in manufacturing operations and increasing requirement for precise industrial motion control mechanism is propelling the demand for electric actuators across various industry verticals including oil & gas, metals & mining, food & beverages, automotive and aerospace among others.
The electric actuator market is estimated to be valued at USD 13.96 Bn in 2024 and is expected to reach USD 21.15 Bn by 2031, growing at a compound annual growth rate (CAGR) of 6.11% from 2024 to 2031.
Key players operating in the Electric Actuator market are Emerson, Rotork, Valtorc, Auma, Bernard and Siemens.
Growing adoption of industrial automation in production facilities and process plants across various end-use industries is a major factor driving the demand for Electric Actuator Market. Manufacturers are increasingly focusing on improving production efficiency through automation.
Advancements in electric actuator designs integrated with sensors and communication protocols like Ethernet, IO-Link, PCCC and EtherCAT are allowing easy configuration, control and integration of electric actuators within industrial control systems. This is bolstering their adoption in critical applications.
Market Trends
Increasing demand for intelligent and digitally connected electric actuators: Manufacturers are focusing on developing intelligent electric actuators integrated with IoT and cloud-based connectivity for remote condition monitoring and predictive maintenance capabilities.
Growing need for customized and application-specific electric actuator designs: Vendors are offering customized product variants in terms of mechanical dimensions, torque ranges and enclosure protection levels as per the specific application requirements.
Market Opportunities
Surging investments in robotics, Industry 4.0 and IIoT projects: Growing adoption of collaborative robots, autonomous robots and industrial automation systems present significant growth opportunities for electric actuator manufacturers.
Emerging applications across new industries including food & beverages, water & wastewater treatment and marine: Electric actuators vendors can explore the untapped markets in new application areas within these industries.
Impact of COVID-19 on Electric Actuator Market Growth
The COVID-19 pandemic has significantly impacted the growth of the electric actuator market. During the pre-COVID times, the market was growing at a steady pace owing to increasing industrial automation and rising demand from the oil & gas industry. However, the imposition of lockdowns and restrictions on manufacturing activities led to disrupted supply chains and declined demand from end-use industries globally in 2020. This affected the production volumes and sales of electric actuators across major regions.
With restrictions being gradually lifted now, the market is witnessing signs of recovery. The demand is picking up from sectors like healthcare, pharmaceuticals, food & beverages where operations continued even during the peak pandemic times. Furthermore, the rising focus on developing remote-capable infrastructure and plants is supporting growth. Manufacturers are leveraging digital technologies like IoT and cloud computing to enable remote monitoring and control of electric actuators. This is helping end-users maintain business continuity. Though challenges around labor shortages and high costs still persist, the market is expected to get back on the pre-pandemic growth trajectory by 2023 as vaccination drives progress worldwide.
Geographical Regions with Highest Electric Actuator Market Value
Currently, North America accounts for the largest share of the global electric actuator market in terms of value. This is attributed to high automation adoption across various industries like oil & gas, energy & power, manufacturing etc. in the US and copyright. Asia Pacific follows next and is projected to become the fastest growing regional market during the forecast period. This is owing to rapid industrialization, increasing FDI inflows for smart infrastructure development and presence of emerging economies like China and India driving heavy industrial activities in the region. Europe also captures a notable market value share led by Germany, UK, Italy where automation is widespread across automotive, chemicals and other major manufacturing sectors.
Fastest Growing Regional Market for Electric Actuators
Asia Pacific holds immense growth opportunities for electric actuators over the next few years. Emerging economies like China, India, Indonesia, Vietnam and others are anticipated to significantly contribute to the region's market expansion. Rising investments in process automation, ongoing modernization of industries, growing inclination towards predictive maintenance solutions and policy initiatives to develop smart factories are some of the key drivers propelling electric actuator demand. In addition, factors like rapidly expanding power generation, oil & gas, pharmaceutical sectors coupled with supportive government initiatives are projected to make Asia Pacific the fastest growing regional market during the forecast period.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)