On the Basis of Revenue, the Global Electric Actuator Market Reached Valuation of US$ 19.7 Bn in 2022, Estimated to Gain CAGR of 7.3% from 2023- 2031.
HOUSTON, TEXAS, UNITED STATES, August 1, 2023/EINPresswire.com/ — Global Electric Actuator Market Synopsis
An electric actuator is a type of motor that converts electrical energy into mechanical motion. They are used in a wide variety of applications, including automotive, industrial, and medical. Some recent developments in the market include the development of smaller and lighter actuators that are more energy efficient; the use of new materials, such as carbon fiber, which make actuators stronger and more durable; and the development of new control systems that allow actuators to be operated more precisely.
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Global Electric Actuator Market Growth Drivers:
• Automation and Indutrialization: The increasing adoption of automation across various industries is a major driver of the electric actuator market. Industries are leveraging electric actuators to enhance productivity, efficiency, and precision in their operations. These actuators provide precise and reliable motion control solutions for automated systems, reducing human intervention and improving process control, making them essential components in the era of Industry 4.0 and smart manufacturing.
• Growing Demand for Energy-Efficient Solutions: The global focus on energy efficiency and sustainability is driving the demand for electric actuators, particularly those powered by advanced technologies like electric motors and energy-efficient components. Electric actuators offer reduced energy consumption compared to traditional pneumatic or hydraulic alternatives, making them an attractive choice for industries aiming to optimize energy usage and reduce operational costs.
• Shift towards Electric Vehicles (Es): The automotive industry’s transition towards electric vehicles (EVs) is a significant driver for the electric actuator market. EVs require advanced electric actuators for various functions, including powertrain and drivetrain control, throttle systems, and braking. As the demand for EVs grows, the need for efficient and reliable electric actuators in the automotive sector increases, stimulating market growth. Additionally, the integration of automated features and advanced driver-assistance systems (ADAS) in vehicles further propels the demand for electric actuators.
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Global Electric Actuator Market Recent Developments:
• Advancements in the electric actuator industry include the creation of smaller and lighter actuators, optimizing energy efficiency. These developments arise from the demand for compact and lightweight actuators in automotiveand robotics applications. The integration of new materials, like carbon fiber, enhances actuator strength and durability, making them more resistant to wear and tear while reducing weight and energy consumption. Moreover, innovative control systems are emerging, enabling precise actuator operation to meet the requirements of manufacturing and medical devices. Leveraging artificial intelligence (AI), novel algorithms are being developed to optimize actuator performance in diverse applications, further enhancing their capabilities.
• North America is home to some of the world’s leading technology and automation companies. The region boasts a strong focus on research and development, which leads to continuous technological advancements in various industries, including electric actuators. This technological leadership enables North American companies to offer cutting-edge and innovative actuator solutions, giving them a competitive advantage in the global electric actuator market.
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Global Electric Actuator Market: Competitive Landscape and Key Developments
o ABB
o Actuonix Motion Devices Inc.
o AUMA Riester GmbH & Co. KG
o Curtiss-Wright Corporation
o Emerson Electric Co.
o Ewellix (SKF Motion Technologies)
o Flowserve Corporation
o General Electric
o Moog Inc
o Rotork
o Other Industry Participants
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A few key developments across the global electric actuator market are mentioned below:
In March 2023, Flowserve Corporation offers Flowserve FlowSync Bluetooth Actuator App, which is a cross-platform mobile application that offers plant operators an intelligent solution for commissioning, monitoring, controlling, and updating actuaors in a safe and user-friendly manner. With this app, plant operators can efficiently manage actuator operations and ensure seamless functionality through Bluetooth connectivity, enhancing convenience and safety in their operations.
In July 2022, Curtiss-Wright Corporation revealed that it has been chosen by Airbus to supply tailor-made electric actuation technology for the Main Deck Cargo Door on the forthcoming Airbus A350F freighter aircraft.
Global Electric Actuator Market:
By Type
o Linear Actuators
o Rotary Actuators
By Industry Vertical
o Oil & Gas
o Energy and Power
o Automotive
o Aerospace and Defense
o Water & Wastewater
o Others
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By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Begium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
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