Electric Actuators Market Size to Grow by USD 3.96 billion | Growing Demand for Commercial and Defense Aircraft to improve the Market Growth | Technavio
NEW YORK, May 13, 2022 /PRNewswire/ -- The electric actuators market size is expected to grow by USD 3.96 bn from 2020 to 2025. Moreover, the growth momentum of the market will accelerate at a CAGR of 5.24% during the forecast period. Technavio analyzes the market by end-user (automotive industry, water and wastewater industry, marine industry, aerospace and defense industry, and others), type (linear actuators and rotary actuators), and geography (APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America).
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The electric actuators market covers the following areas:
Driver and Challenge
The growing demand for commercial and defense aircraft is driving the growth of the global electric actuators market. There are prominent aircraft owners in APAC and Europe, with a combined share of more than half of the total aircraft fleet in the world. The increasing air passenger traffic is leading to a rise in the number of aircraft fleet. Electric actuators are a cost-effective and viable alternative to hydraulic and pneumatic actuator systems in commercial and defense aircraft. They help in improving the performance of aircraft and provide accurate control and faster reaction time. Moreover, the use of electric actuators in commercial and defense aircraft helps in reducing the burden on maintenance personnel and provides higher reliability and lower lifecycle cost. Hence, with the growth in demand for commercial and defense aircraft, the demand for electric actuators is expected to increase during the forecast period.
The risk from faulty and loosely insulated electric actuators and their malfunctions will challenge the global electric actuator market share growth during the forecast period. Electric actuators are built to operate and sustain in various temperatures. These products need to be stored properly, with appropriate insulation measures to prevent leakage. Leakage of gases due to faulty or loosely insulated electric actuators can adversely impact the health of employees and people in the vicinity of electric actuators. Inhaling argon can cause asphyxiation or suffocation. It can also cause issues such as a stinging sensation in the eyes, vomiting, dizziness, rapid breathing, excitation, headaches, excess salivation, stinging of the nose and throat, and may result in unconsciousness. This may lead to compliance issues with authorities. Thus, faulty and loosely insulated electric actuators can impact their demand during the forecast period.
APAC will account for 32% of the market's growth during the forecast period. The increasing use of electric actuators in industrial robots and automation will drive the electric actuators market growth in APAC during the forecast period. Moreover, market growth in this region will be faster than the growth of the market in North America and South America. China and Japan are the key countries for the electric actuators market in APAC.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
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