Actuators Market Size, Share, Industry Growth & Analysis, 2029
/EIN News/ -- Chicago, April 28, 2024 (GLOBE NEWSWIRE) -- The Actuators Market Size is projected to grow from USD 67.7 Billion in 2024 to USD 94.8 Billion by 2029, at a CAGR of 7.0% during the forecast period. The growing demand for Actuators and the continuous development of new technologies that make forecasting more competent and affordable are projected to propel the Actuators market in the upcoming years. Major actuator manufacturers in this market are based in North America and Europe.
Actuators Companies - Parket Hennifin Corporation (US) and Emerson Electric Co. ltd (US) are the Key Players
To know about the assumptions considered for the study
Major Actuators companies include:
- SMC Corporation (Japan)
- Rockwell Automation (US)
- Curtiss-wright Corporation (US)
- ABB Ltd (Switzerland)
- Parker Hennifin Corporation (US).
Emerson Electric Co
Emerson Electric, a major player in the actuators market, prioritizes growth through innovation. This includes developing new products and establishing dedicated technology centers. In February 2022, they introduced the ASCO Series 158 Gas Valve and Series 159 Motorized Actuator. These burner-boiler specific products cater to original equipment manufacturers (OEMs), distributors, contractors, and end users. They provide a novel combustion safety shut-off valve solution, improving safety, reliability, and both flow and control capabilities.
Parker Hannifin Corporation
A key player in the motion control systems market, Parker Hannifin Corporation prioritizes growth through strategic acquisitions and expansions. In October 2019, they completed a significant acquisition – LORD Corporation. This leading manufacturer brought expertise in advanced adhesives, coatings, and complementary vibration and motion control technologies. The combined entity boasts strengthened capabilities in material science, electrification, and aerospace offerings.
ABB Ltd
ABB is a global leader in automation and power technologies. They offer a diversified product portfolio, including both linear and rotary actuators. With a strong global footprint, ABB generates significant revenue in Europe, followed by the Americas. The company prioritizes research and development, investing heavily in this area as evidenced by their 2022 R&D expenditure of USD 1.1 billion.
Rockwell Automation
Rockwell Automation has extended its capabilities by gaining various long-term contracts from its customers. It aims at entering into new contracts, collaborations, agreements, and acquisitions with leading market players worldwide. For instance, in August 2018, Rockwell Automation received a contract worth USD 50 million from Chile-based National Copper Corporation for the supply of control systems for the Chuquicamata underground mine. This contract included the supply, configuration, and assembly of four mine control systems. In 2018, Rockwell Automation and US-based PTC Inc. entered into a partnership to drive industrial innovations and accelerate the growth of both companies. As a part of this partnership, Rockwell Automation is expected to undertake a USD 1 billion equity investment in PTC Inc.
SMC Corporation
SMC stands out as a prominent manufacturer in the actuator space. Their strength lies in offering a comprehensive range of linear and rotary actuators, catering to diverse industries like automotive, food & beverage, semiconductors, life sciences, and machine tools. While Japan remains a significant revenue source, SMC has established a global presence with manufacturing facilities and sales offices across the US, Europe, and Japan. This geographic diversification helps mitigate potential impacts from market fluctuations in any single region. The company also demonstrates a commitment to innovation by consistently investing in R&D activities, as evidenced by their historical investment percentages.
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