The global actuators market is driven by the rapid urbanization and industrialization over the forecast period. Furthermore, increasing investments in new infrastructure and refurbishment of existing plants is expected to favorably impact market growth. Increasing population, technological proliferation, manufacturing plant automation and the need to extract natural resources from challenging locations may also drive actuators market growth over the next few years. Several industries emphasize on automating their operations to provide improved safety, greater efficiency, and increased precision in production. In recent times, the market has witnessed a rise in demand for remote monitoring, which is also expected to spur actuators' market growth.
Actuators are used across several sectors including, oil & gas, automotive, aerospace & defense, and marine & mining. Oil & gas comprises a wide range of applications owing to strong demand from gas storage, gas and liquid pipelines, and liquefied natural gas (LNG). However, issues including competitive pricing standards and suppliers’ ability to meet consumer requirements may pose a challenge to actuators market growth. Smart water management technology is expected to provide avenues for industry growth in the developing market.
Rise in oil exploration activities and revitalization of existing facilities is expected to stimulate the use of actuators, particularly in emerging markets such as Africa and Latin America. North America is also expected to emerge as a dominant regional market over the forecast period owing to the growing need for process automation and increasing demand across aerospace and defense applications. Key industry players include Rotork, Eaton, Honeywell, Emerson, and Rockwell Collins. Mergers and acquisitions remain to be a key growth strategy adopted by key market players. For instance, in 2013 Rotork acquired GTA Group, a rack, and pinion actuator manufacturer.
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The recent COVID-19 pandemic that has been ravaging numerous countries across the globe has adversely affected the overall sensor, control, and automation industry. While the capital investments in the automation sector have been lethargic before the pandemic, they are expected to be put on hold or postponed for at least a year. However, the recent standstill in industrial manufacturing and production is anticipated to act as a wake-up call for the manufacturing sector on its reliance on human labor. This, in turn, is expected to highlight the advantages of robotics and automation helping a greater adoption in the post-pandemic period. As IoT, industrial automation, and digitalization are expected to become increasingly relevant to post-pandemic Tier 1 manufacturers, it may eventually turn into an opportunity especially in evolving supply chains. The report will account for Covid19 as a key market contributor.