July 27, 2023 09:30 ET | Source: Transparency Market Research Transparency Market Research
Wilmington, Delaware, United States, July 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric actuator market stood at US$ 12.3 billion in 2022 and the global market is projected to reach US$ 20.9 billion in 2031. Global electric actuator market is anticipated to expand at a CAGR of 6.1% between 2023 and 2031. Industrial Electric Linear Actuator
Electric actuators can extend machine life, save time, reduce energy consumption, and enhance production capabilities. Vendors in the global electric actuator industry are allocating a major portion of their revenue to R&D activities to stay competitive in the market. They are also adopting various growth strategies, such as collaborations, partnerships, and M&As, to increase their electric actuator market share.
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Global Electric Actuator Market: Key Players
Global industry is highly competitive and stagnant due to the presence of several global and regional electric actuator manufacturers. Investment in Research and Development activities is likely to offer emerging opportunities in the electric actuator market.
ABB, Actuonix Motion Devices Inc., Regal Rexnord, AUMA Riester Gmbh & Co. KG, Curtiss-Wright Corporation, Kollmorgen, Emerson Electric Co., General Electric, MecVel Srl, and Moog Inc. are key players in the electric actuator market.
Some of the developments are:
Expansion in the global natural gas sector is also fueling demand for electric actuators. In the U.S., the sector makes up 8% of the country’s GDP. Presence of a favorable regulatory framework is propelling natural gas production in Europe. Moreover, the energy market in the region is becoming increasingly competitive, allowing more companies to enter the market. Additionally, technological advancements in electric actuators are enabling greater access to new sources of oils and gases. This, in turn, is boosting the electric actuator market revenue.
Key Takeaways of Market Report
Global Electric Actuator Market: Growth Drivers
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Global Electric Actuator Market: Regional Landscape
Global Electric Actuator Market: Segmentation
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