The global actuator market research report by Technavio predicts the market to post a CAGR of close to 6% during the period 2019-2023.
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Technavio has released a new market research report on the global actuator market for the period 2019-2023. (Graphic: Business Wire)
A key driver for the global actuator market is the introduction of plant safety and regulations in industries. The industrial setup is prone to accidents owing to the presence of complex machinery and is harmful to the environment as it generates hazardous industrial waste. Hence, stringent safety regulations are being employed in the industrial sector. The industries such as oil and gas, power, and chemical are being subjected to various governmental and organizational level regulations.
This global actuator marketresearchreportalso provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of smart actuators as one of the key trends in the global actuator market:
Global actuator market: Emerging smart actuators
The market vendors have been increasingly concentrating on data analytics to identify the impact of different process variables that influence a production process due to the increasing adoption of automation in industries. The actuators are integrated with sensors and electronic components to enhance their data capturing and monitoring capabilities. Smart actuators with improved features have been introduced by several manufacturers.
"Smart actuators are finding applications in automation for industrial purpose with the robots being linked with smart actuators. The growing use of automation and digitization has led to the manufacturers increasingly focus on creating smart actuators, which is expected to accelerate the growth of the market in the coming years," says a senior analyst at Technavio for research on engineering tools.
Global actuator market: Segmentation analysis
This actuator market analysis report segments the market by product (electric actuator, pneumatic actuator, hydraulic actuator, and mechanical actuator), end-user (oil and gas, chemical, power, W&WW, metals, and others), and geography (the Americas, APAC, and EMEA).
The electric actuator segment held the largest actuator market share in 2018, accounting for nearly 37% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2018 with more than 36% of the market share, followed by APAC and the Americas respectively. The EMEA region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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