Global Actuator Market 2019-2023
About this market
Technological advancements have led to the development of smart actuators. The implementation of automation in industries have resulted in the increasing use of data analytics which help in identifying different process variables that influence a production process. This have prompted vendors to focus on the development of smart actuators which can be used as field devices. These smart actuators are integrated with sensors and electronic components which enhance their data monitoring and capturing capabilities. Smart actuators can also be linked with robots. For instance, MOOG is offering a lightweight hydraulic smart actuator integrated with control electronics, servo valves, and onboard sensors. Thus, the emerging market of smart actuators is identified as a key trend that will boost the growth of actuator market during the forecast period. Technavio’s analysts have predicted that the actuator market will register a CAGR of almost 6% by 2023.Market Overview
Increased plant safety and regulations in industries
Industrial premises are prone to accidents due to the presence of complex machinery. Industries also cause considerable damage to the environment as they generate and discharge hazardous waste. This have led to the formulation of stringent safety rules and regulations for industries to reduce their emissions and improve safety. End-user industries are demanding high-quality and technologically advanced industrial actuators which help in improving efficiency and reducing emissions. This will boost the growth of the actuator market during the forecast period.
Prevailing fluctuations of raw material prices
Direct material cost comprises of more than half of total cost of manufacturing cost of actuators and valves. Any fluctuations in the prices of raw materials such as copper, stainless steel, aluminum, brass, bronze, and cast iron, affects the profit margins of actuator manufacturers. Since these raw materials are also used by other industries, any change in demand from these industries will impact the raw material price for actuator vendors. This will hamper the growth of the actuator market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the actuator market during 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Emerson Electric, and Flowserve the competitive environment is quite intense. Factors such as the increased plant safety and regulations in industries, will provide considerable growth opportunities to actuator companies. Emerson Electric, Flowserve, ITT, Rotork, SAMSON, and SMC Corporation are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Actuator Market 2019-2023
Technavio recognizes the following companies as the key players in the global actuator market: Emerson Electric, Flowserve, ITT, Rotork, SAMSON, and SMC Corporation.
Commenting on the report, an analyst from Technavio’s team said: “There has been an increasing demand for smart actuators which have improved data capturing and monitoring capabilities. This will drive the growth of the actuator market during the forecast period.”
According to the report, one of the major drivers for this market is the increased plant safety and regulations in industries. This have created a demand for high-quality actuators from process industries and boosted the growth of the actuators market.
Further, the report states that one of the major factors hindering the growth of this market is the prevailing fluctuations of raw material prices. This instability in the prices of raw material affects the profit margins of actuator companies and thereby hampers market growth.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook