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Robotics and Automation Actuators Market worth $30.9 billion by 2024

 



(AsiaNewsWire.Net, May 30, 2020 ) According to the new market research report on the "Robotics and Automation Actuators Market by Actuation (Electric, Pneumatic, Hydraulic), Application (Process Automation, Robotics), Industry (Automotive, Electronics, Healthcare), Design Characteristics (Load, Torque) & Region - Global Forecast to 2024", The 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.



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The electric actuator segment to grow at a higher CAGR in the robotics and automation actuators market, among all actuation segments during the forecast period



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.



Rotary actuators expected to lead the robotics and automation actuators market



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.



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 Market Players



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.



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