Global Electric Actuator Market to Reach $28.73 Billion by 2026: At 6.6% CAGR
Availability of technologically advanced processing methods, rise in the water & wastewater treatment industry, and surge in demand for the oil & gas sectors have boosted the growth of the global electric actuator market. The oil & gas segment is anticipated to manifest the highest CAGR of 9.1% during the forecast period. As companies across the globe are experiencing disruption in production, the industry is expected to witness a slight decline in market growth.
Portland, May 19, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global electric actuator market was pegged at $18.36 billion in 2019, and is anticipated to reach $28.73 billion by 2026, growing at a CAGR of 6.6% from 2019 to 2026.
Availability of technologically advanced processing methods, rise in the water & wastewater treatment industry, and surge in demand for the oil & gas sector have boosted the growth of the global electric actuator market. However, the intense competition from local manufacturers in Asia-Pacific hamper the market. On the contrary, surge in adoption in commercial and defense aircraft and automation in process industries would open lucrative opportunities for the market in the coming years.
Covid-19 scenario: The widespread of Covid-19 has adversely affected the global electric actuator industry
However, a complete impact of Covid-19 is still unknown, negatively affected supply chain would lead to a shortfall that would last less than a year.
Companies across the globe are experiencing disruption in production and decrease in demand as workers stay at home and passengers stop traveling.
The global electric actuator market is divided on the basis of type, end user, and geography. Based on type, the market is categorized into linear actuator and rotatory actuators. The rotatory actuators segment is anticipated to manifest the highest CAGR of 8.7% during the forecast period. However, the linear actuators segment held the highest share in 2019, accounting for nearly three-fourths of the market.
On the basis of end user, the market is segmented into oil & gas, energy & power, automotive, aerospace & defense, water & wastewater, and others. The oil & gas segment is anticipated to manifest the highest CAGR of 9.1% during the forecast period. However, the automotive segment held the largest share in 2019, contributing to more than one-fifth of the market.
The global electric actuator market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for one-third of the market and is expected to register the highest CAGR of 7.8% during the forecast period.
The global electric actuator market report includes an in-depth analysis of the major market players such as Flowserve Corporation, ABB, Rotork, AUMA Riester GmbH & Co. KG, Ewellix, Emerson Electric Co., Curtiss-Wright Corporation, General Electric, Moog Inc., and Actuonix Motion Devices.
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Source: GlobeNewswire PR
(May 19, 2020 - 9:00 AM EDT)
