Electric actuators are electromechanical devices that convert electrical energy into mechanical motion and force. They are widely used in various industrial applications for controlling motions such as opening, closing, stopping, starting where precision and high-degrees of controllability are required. Some common advantages of electric actuators include high positioning accuracy, flexibility, and programmability. The need for electric actuators is increasing in industries such as Oil & Gas, Energy & Power, Automotive, Aerospace, where automation and remote operations are highly important.
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 Takeaways
Key players operating in the electric actuator market are Rotork plc, Auma Riester GmbH & Co. KG, Emerson Electric Co., Flowserve Corporation, Curtiss-Wright Corporation, and ABB Ltd.
The growing demand for automated industrial processes across various industries owing to benefits such as reduced labor costs, minimized errors and improved quality is driving the Electric Actuator Market. Automation allow remote monitoring and operations that have become more important amid the pandemic.
Advancements in electric actuator technology such as development of smart electric actuators integrated with IoT, analytics and feedback systems is further fueling the market growth. Smart actuators provide predictive maintenance capabilities, remote monitoring and enhance efficiency.
Market Trends
– Integration of artificial intelligence and machine learning capabilities: Major players are focusing on developing intelligent electric actuators integrated with AI/ML to enable self-monitoring, self-diagnosing and predictive maintenance capabilities.
– Expanding application scope: With technological advancements, the application scope of electric actuators is expanding to new industries such as food & beverages, mining, construction equipment which is opening new revenue opportunities.
Market Opportunities
– Growth in development of smart factories/Industry 4.0: Significant investments in smart factory automation across industries will drive the demand for electric actuators that can seamlessly integrate with IoT enabled automation systems.
– Increasing focus on renewable energy sources: Rapid capacity additions in solar and wind energy sectors rely on electric actuators for turbine operations offering significant opportunity for actuator manufacturers.
Impact of COVID-19 on Electric Actuator Market Growth
The outbreak of COVID-19 pandemic has negatively impacted the growth of the electric actuator market. During the initial lockdown phase, the demand for electric actuators saw a steep decline owing to halt in industrial and commercial activities across major regions. Restrictions on travel and transportation made it difficult for companies to deliver products on time. Supply chain disruptions led to shortages of raw materials and components, disrupting manufacturing schedules. Project delays and cancellations in end-use industries such as oil & gas, power generation also affected the demand.
However, as lockdowns eased, the demand started recovering steadily supported by restoration of industrial activities and focus on automation. Investments in critical infrastructure, industries helped reviving the demand. The pandemic also boosted the adoption of wireless technologies, remote operations and IIOT which benefited the electric actuator sales. Rising needs of motion control, automated processes in industries accelerated integration of electric actuators. Ongoing vaccination drives and gradual opening of economies have strengthened the market recovery. Though supply chain challenges still prevail, upcoming projects, investments in industries are likely to drive opportunities. Original equipment manufacturers are focusing on developing innovative and customized solutions.
In terms of regions, North America holds the largest share in the electric actuator market in terms of value. Presence of leading players, huge Investments in power generation, oil & gas industries drive the market in the region. Asia Pacific is identified as the fastest growing regional market, supported by rapid industrialization, infrastructural developments in China, India. Increasing power demand, investments in renewable energy sectors will continue spiking the electric actuator adoption. Adoption of automation is gaining momentum in process industries, power plants across Southeast Asian countries propelling the regional growth.
Though electric actuator market witnessed short term decline, post pandemic scenarios are expected to see strong demand recovery globally. Investments in upgrading critical Infrastructure, automation integration will present significant opportunities. Ongoing shift towards renewable energy sources with expanding offshore wind farms also augurs well. Original equipment manufacturers can tap growth leveraging customization, wireless technologies, remote monitoring capabilities. Regions like Asia exhibiting fastest growth rate offer immense prospects. New product launches, strategic partnerships can help boost market presence.
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