PUNE, India, June 6, 2016 /PRNewswire/ --
The report "Actuators Market by Type (Pneumatic, Hydraulic, Electric, Mechanical), Industry Application (Oil & Gas, Power, Chemical, Water & Waste Water, Iron & Steel, Pulp & Paper, Mining, Food & Beverage, Others), End-Use (Aerospace, Automotive, Defense, Marine), Region (North America, Asia-Pacific, Europe, Middle East, Row) - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to grow from USD 36.63 Billion in 2016 to USD 47.72 Billion by 2021, at a CAGR of 5.43% by 2021.
Browse 80 market data Tables with 62 Figures spread through 192 Pages and in-depth TOC on " Actuators Market"
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This can be attributed mainly to the increasing installation of automated systems in the automotive industry in emerging markets, along with increasing need to reduce power consumption in aircraft whose number has increased due to the rise in air traffic. Therefore, the demand for cost effective and high performance actuators systems is driving the growth of the actuators market globally.
Oil and Gas application segment to dominate the actuators market
Rise in oil and gas explorations across the globe has propelled the demand for efficient automotive oil exploration vehicles, which require high performance actuators systems for operation. This segment is projected to dominate the market during the forecast period.
Automotive end user segment is projected to grow at the highest CAGR during the forecast period
Under the end user segment, the automotive is projected to grow at a comparatively higher CAGR during the forecast period. This growth can be attributed to the rise in demand for automotive vehicles in emerging markets such as India and China. Increase in the size of middle class income group is the main driver for the growth of the automotive market, which again is driving the actuators market as it is an essential component used in vehicles.
Asia-Pacific is estimated to grow at the highest CAGR in the actuators market between 2016 and 2021
The Asia-Pacific region is projected to grow at a higher CAGR in the Actuators Market due to the emergence of rising automotive vehicles demand in the region. Increase in the middle class income group in the region is driving the automotive market demand giving rise to the need for high performance actuators systems in vehicles.
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Top players in the actuators market
Key players operating in the actuators market are Rotork Plc (U.K.), Festo AG & Co. KG (Germany), Pentair Plc (U.K.), Honeywell International Inc. (U.S.), Emerson Electric (U.S.), and Cameron International Corporation (U.S.).
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