Electric Actuator Market Expected to Reach $28.73 Billion By 2026

According to a recent report published by Allied Market Research, titled, "Electric Actuator Market by Product Type and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026", the global electric actuator market size was valued at $15.54 billion in 2018, and is projected to reach $28.73 billion by 2026, growing at a CAGR of 6.6% from 2019 to 2026. 

The electric actuator market growth is majorly driven by increase in demand from oil & gas industry, as oil & gas industry is experiencing an increase in requirement of electric linear actuators, growth in water and wastewater treatment industry, and increase in safety measurements in industries. 

Furthermore, electric actuator finds their application from the extraction of crude oil & gas till it reaches the end customers through refinery and oil terminals and depots, wherein increase in investment in the oil & gas industry in emerging economies is expected to provide lucrative opportunities to the electric actuator manufacturers companies. Thus, growth in automation for industrial process is also expected to boost the growth of the electric actuator industry. However, rise in adoption of electric actuator in commercial and defense aircraft is expected to provide growth opportunities for the market.

The oil & gas sector is tremendously growing over the past few years with the discovery of oil & gas reserves worldwide. The electric actuators are needed in the oil & gas sector from the upstream exploration and production to midstream transmission and downstream refining. The demand for linear actuators in the oil & gas sector is much higher according to the forecast. 

The Middle East nations that are major oil producing countries are driving the electric actuator market for oil & gas segment. Furthermore, new oil and gas exploration activities coupled with heavy investments in pipelines and refineries in the Americas, the Middle East, Africa, and APAC are the major factors that influence the market growth. Moreover, rise in exploration and production of oil and gas is expected to create lucrative opportunity for the electric actuator market.

As the demand for electric actuator is growing, global players such as Flowserve, Emerson, and others have established facilities for manufacturing, engineering, sourcing, and marketing of electric actuator in developing economies such as India and others. These actuator suppliers are competing with domestic suppliers such as Bawana Engines & Machines Private Limited and MIL Controls. 

Domestic manufacturers in India now produce a range of electric actuators to the global standards. Thus, India can emerge as a leading manufacturer and exporter for electric actuator. Because India’s economy is driven by domestic consumer demand, recession is less likely, and suppliers of actuator should maintain steady growth.

Geographically, the electric actuator market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. China, India, and Japan are the major economies, which are contributing to the electric actuator market during the forecast period, due to increase in adoption of pipeline transportation and power projects. Emerging economy like China is facing the need to diversify its energy sources. 

In addition, increase in discoveries of oil & gas reserves in India and rise in adoption of pipeline transportation drive the growth of the Asia-pacific electric actuator industry during the forecast period. Furthermore, rapid industrialization and urbanization has surged construction activities in region, which in turn increase the consumption of electric actuator in the chemicals industry.

In Japan, the automotive industry is one of the largest industries due to presence of largest manufacturing companies such as Toyota, Honda, Nissan, and Mitsubishi. In addition, high demand for passenger cars and commercial vehicles in Japan is expected to provide growth for the electric actuator in Japan. Furthermore, high demand for advance technologies in the automotive industries is also expected to create lucrative opportunities for the electric actuator market during the forecast period. 

In addition, rise in demand for electric actuator in China due to presence of largest manufacturing companies and wide use in the vehicle industry to convert the electrical signals from the control unit into an action. For instance, China continue to dominate the largest vehicle market and will reach 30 million units by 2020 and 35 million by 2025. According to the China Association of Automobile Manufacturers, more than 27 million vehicles are sold in 2018, and this includes 23.79 million passenger vehicles and 4.38 million commercial vehicles. In addition, actuators are the essential part of electronic control systems in passenger cars and commercial vehicles. 

Key Findings of the Study:

• Based on product type, the linear actuator segment generated the highest revenue in the global electric actuator market in 2018.
• Based on industry vertical, the automotive segment generated the highest revenue in the global electric actuator market share in 2018.

The key players operating in the market include Emerson Electric Co., Flowserve Corporation, Curtiss-Wright Corporation, ABB, Rotork, General Electric, AUMA Riester GmbH & Co. KG, Moog Inc, Ewellix, and Actuonix Motion Devices. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration, and business expansion to increase the global electric actuator market share during the forecast period.