According to a report released by RnRMarketResearch.com, global actuators market is projected to grow from $36.63 billion in 2016 to $47.72 billion by 2021, at a CAGR of 5.43 percent driven by factors like rise in demand for advanced automation systems worldwide and investments in technologically-advanced actuators by manufacturers for advanced automation systems.
Electric actuators in the end user segment market are projected to hold the highest share in terms of value, by 2021. This is due to increase in demand for high power efficiency with low weight actuators worldwide, which will drive the demand for electric actuators globally.
The report further suggests that the automotive actuators market in the Asia-Pacific region is growing at a faster rate. The increasing demand from the upper middle class for automotive vehicles is driving the actuators market in the region. The growing automotive vehicles market has increased the demand for actuators as the latter is an essential component used in vehicles.
Key players operating in the actuators market include Rotork Plc (U.K.), Pentair Plc (U.K.), Honeywell International Inc. (U.S.), Emerson Electric (U.S.), and Cameron International Corporation (U.S.).
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