Electric Actuators Market to Grow by USD 4.26 Billion (2024-2028) as Demand for Commercial and Defense Aircraft Grows, with AI Shaping Market Trends- Technavio

NEW YORK, Oct. 16, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Global Electric Actuators Market size is estimated to grow by USD 4.26 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  4.9%  during the forecast period. Growing demand for commercial and defense aircraft is driving market growth, with a trend towards increased benefits of electric actuators over hydraulic or pneumatic actuators. However, faulty and loosely insulated electric actuators and malfunctioning risks  poses a challenge - Key market players include ABB Ltd., Actuonix Motion Devices Inc., AUMA Riester GmbH and Co. KG, Curtiss Wright Corp., Emerson Electric Co., Flowserve Corp., General Electric Co., HanKun Beijing Fluid Control Technology Co. Ltd., IMI Plc, LINAK AS, Moog Inc., Parker Hannifin Corp., Pon Holdings BV, Rotork Plc, Schaeffler AG, Siemens AG, SMC Corp., SNNA BEFK Union Tech Inc., Statewide Bearings, and TiMOTION Technology Co. Ltd..

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Market Driver

Electric actuators offer numerous advantages over hydraulic and pneumatic alternatives in various industries, particularly in the automotive sector. With a simpler design and fewer parts, electric actuators are easier to maintain and more reliable. They are also easier to integrate with modern industrial machinery due to their programmable and microprocessor controllers. Electric actuators provide more precision by adjusting torque, speed, and force during motion. Additionally, they are safer and cleaner as they are not susceptible to contamination. In terms of efficiency, operating cost, maintenance, and environmental impact, electric actuators outperform hydraulic and pneumatic actuators. As a result, the demand for electric actuators is projected to rise, driving market growth during the forecast period. 

The Electric Actuators market is experiencing significant growth in various industries, including metals and mining, oil & gas, and power generation. Trends such as monitoring, motor unit advancements, and networking technologies are driving demand for electric actuators in pipeline automation and valve control. New product launches in pneumatic and rotary actuators cater to stepping applications and smoother operations in the robotics industry. Technological developments in precision output shaft mechanisms and sensor technology are enhancing production efficiency in power plants and treatment chairs. Rapid urbanization and population growth are increasing the demand for electric actuators in patient lifts and wheelchairs. Natural gas and petroleum products are also fueling the market, with applications in turbine bypass and pipeline automation. The ripple effect of these trends is creating opportunities for electric actuators in industries as diverse as PT scanning equipment, space travel, and precision processes. 

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 Market Challenges

• Electric actuators are essential components used in various industries, particularly in oil and gas, to manage the flow of sensitive products such as industrial gases. These actuators must operate and sustain under varying temperatures and require appropriate insulation to prevent leakage. Leakage of gases due to faulty or poorly insulated electric actuators can pose significant health risks, such as asphyxiation or suffocation, stinging eyes, vomiting, dizziness, and other symptoms. These hazards can lead to non-compliance with regulatory requirements and potential civil penalties. Moreover, electric actuators convert electrical energy into mechanical motion, requiring a consistent power supply. Voltage fluctuations can cause malfunctions, leading to a loss of control and potential leakage. Therefore, ensuring proper insulation and voltage regulation is crucial for the safe and effective operation of electric actuators. Faulty or poorly insulated actuators can negatively impact market growth due to increased safety concerns and potential regulatory penalties.
• Electric actuators are increasingly being used in various industries due to their ability to provide effective operation with heightened precision. However, integrating electric actuators into dental chairs, medical beds, and other devices comes with unique challenges. Downtime caused by excessive noise or energy consumption during drilling can impact productivity. In industrial production, ensuring improved safety and compliance with industry safety regulations is crucial. In electrical manufacturing, energy efficiency and fire hazard prevention are key concerns. Fluid flow and leakage issues are common challenges in using electric actuators in hydraulic systems, while linear motion applications require high force generation capability. In the food and beverage industry, filters are necessary to prevent contamination. Mechanical actuators, although reliable, may face leakage issues and require more manual labor compared to electric actuators. Overall, electric actuators offer numerous benefits, but addressing these challenges is essential for their successful implementation.

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Segment Overview 

This electric actuators market report extensively covers market segmentation by  

1. End-user 
• 1.1 Automotive
• 1.2 Water and wastewater
• 1.3 Marine
• 1.4 Aerospace and defense
• 1.5 Others
2. Type 
• 2.1 Rotary
• 2.2 Linear
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Automotive-  The automotive industry is undergoing significant technological advancements and shifting consumer preferences, leading to a stable demand for automobiles. The rise of electric and autonomous vehicles is a key driver, as they offer cost savings and environmental benefits. For instance, Tata Motors Ltd. Launched the Tiago EV, India's first premium hatchback EV. Similarly, BYD Co. Ltd. Introduced an electric school bus with vehicle-to-grid technology. Electric actuators are integral to these vehicles, controlling functions like engine cooling, climate control, and transmission. They offer advantages such as accuracy, smoothness, reliability, and reduced components, making them preferred choices for heavy-duty vehicles in the construction industry. As demand for heavy-duty vehicles increases, so does the market revenue for electric actuators, boosting the global electric actuators market growth through the automotive segment.

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Research Analysis

The Electric Actuators Market is experiencing significant growth due to the increasing demand for automation in various industries. Rapid urbanization and infrastructure development are major drivers, as actuators are essential for the restoration and maintenance of buildings and public works. Population growth and industrial production also contribute to the market's expansion, as manufacturing companies seek to increase efficiency and productivity. Actuators, which convert electrical energy into mechanical force, come in various sizes, shapes, and types, including hydraulic, pneumatic, linear motion, and rotational motion actuators. Actuator devices are used in a wide range of applications, from controlling valves and dampers to powering machinery and space travel systems. Electric motors, a key component of electric actuators, convert kinetic energy into mechanical motion, making them an essential part of the energy conversion process. Overall, the Electric Actuators Market is poised for continued growth as automation becomes increasingly integrated into industries and infrastructure development continues.

Market Research Overview

Electric actuators are automatic devices that convert electrical energy into mechanical force for precise positioning in various industries. They are increasingly replacing pneumatic and hydraulic actuators due to their energy efficiency and reduced downtime. Electric actuators find extensive applications in the aerospace industry for actuating flaps and control surfaces, as well as in the aviation industry for engine reduction and actuating damper systems. In the automation sector, they are used in industrial production, infrastructure, and pipeline automation for fluid flow control, liquid filling machines, and linear motion applications. They are also employed in the food and beverage industry for machine automation, and in the medical sector for patient lifts, dental chairs, and medical devices. Electric actuators offer heightened precision, improved safety, and effective force generation capability, making them a preferred choice for industries requiring accurate positioning and monitoring. However, concerns over energy consumption, excessive noise, and potential fire hazards persist, necessitating advancements in motor unit design, communication protocols, and networking technologies.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• End-user
• Automotive
• Water And Wastewater
• Marine
• Aerospace And Defense
• Others
• Type
• Rotary
• Linear
• Geography
• APAC
• Europe
• North America
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio