The global actuator market size was estimated at USD 58.19 billion in 2023 and is projected to reach USD 99.47 billion in 2030 at a CAGR of 7.96% during the forecast period 2023-2030.
Actuators are devices or components that convert an input signal into a physical action or movement. They are commonly used to control or manipulate systems, machinery, or mechanisms. Actuators play a crucial role in various applications, such as robotics, automotive systems, aerospace, industrial machinery, and more. Examples or actuators include motors, solenoids, pneumatic cylinders, hydraulic pistons, and piezoelectric devices. These devices are essential for translating control signals into motion, force, or displacement in mechanical systems.
The growth of the actuator market is being driven by factors such as rising demand for automation in various end-use industries, growing focus on energy efficiency and advancements in actuator technology. Moreover, the growth of the market can also be attributed to the increasing investments in automation by various countries. In addition to this, contracts, agreements, and product launches will be offering lucrative opportunities for the growth of the market during the forecast period.
However, high cost of actuators, lack of skilled labour and competition from substitutes might hamper the growth of the market during forecast period.
The COVID-19 Pandemic had a considerable impact on the actuator market. Most industries utilizing actuators such as agriculture, healthcare, automotive, aerospace & defense and food & beverages were negatively affected by the pandemic. Moreover, the COVID-19 outbreak caused disruptions in the global supply chains and business processes. In addition to that, imposition of lockdowns and quarantine regulations in various countries affected the normal flow of business, demand for sale or new projects in the aviation, automotive and oil & gas industries. All these factors collectively impacted the actuator market.
The actuator market is expected to grow significantly during the forecast period. This growth can be attributed to rising demand for automation in industries such as automotive, industrial and aerospace & defense. Moreover, actuators can help to improve energy efficiency in various applications controlling the movement of machines and equipment more precisely. This is driving the demand for actuators in various industries, such as building automation and HVAC. In addition to this, there have been significant advancements in actuator technology in recent years, leading to the development of more efficient, reliable, and cost-effective actuators. However, the short product life cycles of these actuators might hamper the growth of the market during the forecast period.
North America to Dominate the Market