Global Hydraulic Actuators Market 2017-2021
About Hydraulic Actuators
Hydraulic actuators, used in the industrial fluid process control, employ hydraulic pressure to drive an output member. These are used where high speed and large forces are required for the fluid control applications. The global hydraulic actuators market had a slow growth rate from the previous five years, and it will face a recovery in its growth rate from 2018-19. The integration of fluid power with electronic devices is acting as an emerging trend in this market. The fluctuating oil prices result in a major hit on the adoption of the latest hydraulic actuators, followed by the European Union regulations for a changeover to renewable energy production.
Technavio’s analysts forecast the global hydraulic actuators market to grow at a CAGR of 3.47% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global hydraulic actuators market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hydraulic Actuators Market 2017-2021
Technavio recognizes the following companies as the key players in the global hydraulic actuators market: Emerson, Flowserve, PARKER HANNIFIN, Schamberger, and Siemens.
Other Prominent Vendors in the market are: 2G Engineering, ATI, Curtiss-Wright, ITT, Ace Micromatic, Moog, Paladon Systems, REXA, Rotork, SMC, The Kerry Company, and Worldwide Materials Sourcing.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Remote control operations and solutions. The development in remote-control operations and availability of software solutions make the fluid motion process more affordable. The development in communication systems, sensors, and IIoT makes it easy for the end-user industries to invest in the latest solutions. The market for hydraulic actuators with remote control operations will guide the marine, metals and mining, and oil and gas industries in the subsea, and deep well applications to grow.”
According to the report, one of the major drivers for this market is Low cost of hydraulic actuators when compared with electrical actuators. The market for hydraulic actuators is highly driven by linear hydraulic actuators, and it is due to the market growth in the developing countries where the cost of products has been lowered. The cost reduction has led to a higher adoption of hydraulic actuators among the end-user industries. The growth in fluid automation is one of the major driving factors for the use of hydraulic actuators. The cost of linear hydraulic actuators has been reduced along with the development of multifunctional features. They are used for switching on or off or modulating control of any gate valve or increasing the stem ball valve that is utilizing a hydraulic actuator supply.
Further, the report states that one of the major factors hindering the growth of this market is Excessive cost of installation and maintenance. Hydraulic actuators in the onshore and offshore oil and gas fields are prone to face high pressure conditions and may have high vibrations. Although hydraulic valve system faces high pressure conditions and ensures smooth operations, it causes a delay in operations, which is one of the challenges in achieving the required productivity. Frequent monitoring of hydraulic actuators is highly essential as it involves 24/7 operations where high productivity is the target for the oil and gas companies. The installation and maintenance charges are high, thereby requires continuous monitoring of hydraulic system and actuators, which increases the labor cost.
Emerson, Flowserve, PARKER HANNIFIN, Schamberger, Siemens, 2G Engineering, ATI, Curtiss-Wright, ITT, Ace Micromatic, Moog, Paladon Systems, REXA, Rotork, SMC, The Kerry Company, and Worldwide Materials Sourcing.