The global robotics and automation actuators market is estimated to be USD 15.8 billion in 2019 and is projected to reach USD 30.9 billion, at a Compound Annual Growth Rate (CAGR) of 14.37% from 2019 to 2024. This market is driven by factors, such as the increasing investments in process automation across industry verticals, rising demand for robots, and technological advancements in actuators.
Based on actuation, the electric actuators segment is projected to grow at the highest CAGR in the robotics and automation actuators market during the forecast period. Electric actuators are expected to replace hydraulic and pneumatic actuators due to their higher efficiency and greater levels of control. The increasing demand for highly efficient actuators which consume less energy has fueled the growth of the robotics and automation actuators market. Technological advancements in electric actuators are enabling availability at lower prices as compared to hydraulic and pneumatic actuators which are also more efficient, thus leading to an increasing demand for electric actuators.
Based on type, the rotary segment is expected to lead the robotics and automation actuators market during the forecast period. The use of rotary actuators in a wide range of industries, such as manufacturing, packaging machines, medical equipment, production machinery, transportation, aerospace, and defense, among others is expected to drive the market for robotics and automation actuators. Increasing demand for industrial robots and service robots is contributing to higher demand for rotary actuators.
Regional Outlook
Asia Pacific has the highest potential for implementation of robotics and automation actuators
Asia Pacific is estimated to account for the robotics and automation actuators market in 2019. Asia Pacific has witnessed rapid economic development over the years, resulting in an increase in maritime trade. Electronics and electrical industries, especially in countries, such as China and Japan, have led to increase in demand for robotics and automation, which, in turn, is leading to a rising demand for robotics and automation actuators. Majority of the industrial robot manufacturing facilities of leading players are based out in the Asia Pacific region and increasing demand for these industrial robots is leading to a higher demand for actuators in this region.
Key Companies Outlook
The major players in the robotics and automation actuators market include Rockwell Automation (US), Moog (US), Curtiss Wright (US), ABB (Switzerland), Altra Industrial Motion (US), and SMC (Japan), among others.
Rockwell Automation is a leading supplier of control system products for factory automation. The company has a wide product offering catering to industries, such as automotive, marine, oil & gas, metals & mining, food & beverages, power generation, and textiles. The company has a wide distribution network in regions, such as North America, Europe, Asia Pacific, Africa, and Latin America. It has a well-organized and developed collaborative framework which allows collaboration with different industries, thus strengthening the company’s technological product offerings. The company has steady sales and good order backlog and invested 5.57% of its revenue on research & development activities in 2018.
Moog is a leading designer and manufacturer of precision motion and fluid control systems. The company offers a wide range of products for military and industrial systems. The company caters to industries, such as defense, space, energy, oil & gas, automotive, medical, and manufacturing. It has a wide distribution network and owns manufacturing facilities in the US, Germany, India, Japan, Netherlands, Canada, and China, among others.
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