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The Linear Actuators Market will register a CAGR of over 6% by 2022
NEW YORK, Dec. 11, 2018 /PRNewswire/ -- About this market
The advent of Industry 4.0 and IoT have resulted in increasing demand for IoT enabled smart linear actuators. Functionalities such as rotary encoders, potentiometers, network switches, and controllers are being integrated into these smart actuators. Smart actuators are also being incorporated with various functions such as position feedback, switching, and system diagnostics. For instance, the Electrak Smart Linear Actuator, a smart actuator offered by Thomson Industries enables automation of facilities. The enhanced diagnostic capabilities and controllability of this smart actuator helps in increasing efficiency and productivity. Also, the miniaturization of components achieved by smart linear actuators help in significant reduction of hardware and software costs. These factors will drive the application of smart linear actuators in material handling and domestic hospital, and office equipment. Technavio's analysts have predicted that the linear actuators market will register a CAGR of over 6% by 2022.
Read the full report: https://www.reportlinker.com/p05647258
Market Overview
Increased demand for electric linear actuators from automotive industry
Hydraulic linear actuators are the most commonly used linear actuators in the automotive industry. However fluid powered linear actuators are susceptible to chronic leak. Thus, the automotive industry is increasingly adopting electric linear actuators as they are leak free. These actuators can also be installed easily and costs comparatively lesser than other types of linear actuators. Electric linear actuators also offer high durability, high load capacity, and high degree of environmental resistance. These factors are driving the adoption of electric linear actuators in the automotive industry and thereby boosting market growth.
High initial cost of implementation
The initial cost of electric linear actuators is very high. However, the maintenance and operating costs of these linear actuators are lesser than hydraulic and pneumatic actuators. Although the procurement cost of hydraulic and pneumatic linear actuators is low, the need to replace parts periodically increases their operational and maintenance costs. Furthermore, pneumatic linear actuators are vulnerable to pressure losses whereas hydraulic actuators are susceptible to fuel leakages. Thus, the high initial cost of implementation od linear actuators is hampering the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the linear actuators market during 2018-2022, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Emerson Electric, and Flowserve the competitive environment is quite intense. Factors such as the growing demand for electric linear actuators from automotive industry, will provide considerable growth opportunities to linear actuator manufacturers. Emerson Electric, Flowserve, LINAK, Parker Hannifin, and SMC are some of the major companies covered in this report.
Read the full report: https://www.reportlinker.com/p05647258
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