Jul 30, 2021 (The Expresswire) -- A latest “ Electric Actuators Market ” report focuses on market size, share, growth revenue, future trends, market drivers, opportunities and challenges, technological advancement, and other crucial insights. Further, it provides an extensive overview of regional segmentation, product development, sales channels, and distributors. The report also assesses key market aspects such as RandD operations, product offerings, mergers and acquisitions, strategic alliances, and product trends. The report comprises an in-depth investigation of the Electric Actuators market, with the latest growth trends and market dynamics.
Global Electric Actuators market size is estimated to grow at a CAGR of almost 7% during the forecast period 2021-2023.
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About Electric Actuators Market:
Our electric actuators market analysis considers sales from both linear actuators and rotary actuators . Our analysis also considers the sales of electric actuators in APAC, Europe, North America, South America, and MEA. In 2018, the linear actuators segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as precise control of speed, acceleration, position, and torque will play a significant role in the linear actuators segment to maintain its market position. Also, our global electric actuators market report looks at factors such as growing demand for commercial and defense aircraft, increasing use of electric actuator in industrial robots and automation, and growing demand for smart actuators. However, the risk from faulty and loosely insulated electric actuators and their malfunctions, fluctuating raw material prices, and high initial set up cost for end-users of electric actuators may hamper the growth of the electric actuators industry over the forecast period.
The Electric Actuators market report delivers endless information about market definition, classifications, applications and also explains the market drivers and limitations from the SWOT analysis. The Electric Actuators market report has been compiled through all the major resources and certifies significant statistics that are responsible to determine the future prospects of the Electric Actuators industry across the globe. The Electric Actuators report delivers remarkable data along with future forecasts and comprehensive market analysis at the international and regional levels.
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Major Key Players of Global Electric Actuators Market:
● ABB Ltd. ● Emerson Electric Co. ● General Electric Co. ● LINAK AS ● Moog Inc. ● Parker-Hannifin Corp. ● Rotork Plc ● Siemens AG ● SMC Corp. ● and Toshiba Corp.
Global Electric Actuators Market Overview:
growing demand for commercial and defense aircraft
Market Trend: growing use of electric actuators in smart homes
Market Challenge: high initial set up cost for end-users of electric actuators.
Growing demand for commercial and defense aircraft
The demand for commercial and defense aircraft fleet is increasing globally due to increasing air passenger traffic. Electric actuators also reduce the burden on maintenance personnel as they are more reliable compared to conventional actuators. Electric actuators are a cost cost-effective and viable alternative solution instead of existing hydraulic and pneumatic actuator systems in commercial and defense aircraft. This helps in improving the performance and provide accurate control and faster reaction time. For instance, United Airlines recently announced its plans to include 40 new mainline aircraft to its fleet. This will lead to the expansion of the global electric actuators market at a CAGR of almost 7% during the forecast period.
Growing use of electric actuators in smart homes
Electric actuators will be used in smart homes in applications such as providing linear motion for objects including recliners, blinds, pergolas, sit-stand desks, and kitchen appliances. For example, electric actuators are used in sit-stand desks to adjust the height. Therefore, the growth in the number of smart homes is expected to have a positive impact on the global electric actuators market growth.
Impact of COVID-19:
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The Primary Objectives of Electric Actuators Market Report Are:
The market appears to be fragmented and with the presence of several companies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
The report also focuses on global major leading industry players of the Global Electric Actuators market providing information such as company profiles, product picture, and specification, capacity, production, price, cost, revenue, and contact information. Upstream raw materials and equipment and downstream demand analysis are also carried out.
The Electric Actuators market has been created based on an in-depth market analysis with inputs from industry experts. The report covers the growth prospects over the coming years and a discussion of the key vendors.