GLOBAL NEWS: With $30.9 billion in Robotics and Automation Actuators Market, ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtiss Wright (US), and MISUMI (Japan) takes a new turn.
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Robotics and Automation Actuators Market |
[140 Pages Report] The robotics and automation actuators market is estimated to be USD 15.8 billion in 2019 and is projected to reach USD 30.9 billion by 2024, at a CAGR of 14.37% from 2019 to 2024. The need to increase productivity and reduce downtime in industrial facilities and manufacturing activities worldwide are the major factors expected to drive the market for actuators globally. The development of advanced and cost-effective robotics and automation actuators, and increasing demand for industrial robots and process automation in different industrial verticals are some of the opportunities impacting the growth of the robotics and automation actuators market.
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By type, the rotary actuator segment is expected to grow at the highest CAGR during the forecast period
On the basis of type, the given market has been segmented into linear and rotary. The rotary segment is projected to grow at the highest CAGR during the forecast period. Rotary actuators are used primarily in automation applications, such as gates, valves, etc. They are used in a wide range of industries where positioning is needed. Rotary actuators are driven by various motor types, voice coils, etc. Applications of rotary actuators include quarter-turn valves, automation, and robotics.
The robotics segment is expected to grow at the highest CAGR in the robotics and automation actuators market from 2019 to 2024 and to account for the largest share in 2019
Recent Developments
In August 2018, Rockwell Automation received a contract from the National Copper Corporation, Chile to supply control systems for the Chuquicamata underground mine at USD 50 million. This contract includes the supply, configuration, and assembly of 4 systems which comprise mine control systems.
In November 2018, ABB received a contract from China Petroleum Engineering and Construction Corporation (CPECC), China valued at USD 79.0 million for the upgradation of the Bab Onshore Field in Abu Dhabi. This contract includes the fully integrated ABB Electrical, Control and Telecommunication (ECT) solution as well as centralized automation system which is expected to reduce the operation cost of the oilfield by 10 – 15%.
In September 2018, Moog and MHD RockLand signed an agreement to co-manage the distribution for P-3 Orion. This involves worldwide customer support to sustain and extend the overall operational life of P-3 Orion community aircraft.
Based on application, the robotics and automation actuators market has been segmented into process automation and robotics. Industries such as automotive and electrical & electronics have shown higher adoption of robots. Other industries such as pharmaceutical, pulp & paper, and food & beverages are expected to incline more towards the use of robots by increasing adoption of robots by small and medium size enterprises.
The electric actuation segment to account for the largest market share in robotics and automation actuators market in 2019
Based on actuation, the robotics and automation actuators market has been segmented into pneumatic, hydraulic, and electric. The growth of the electric actuation segment can be attributed to the replacement of hydraulic and pneumatic actuators by electric actuators due to their higher efficiency and greater levels of control. The amount of energy consumed in hydraulic and pneumatic actuators is higher than that by electric actuators.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period in the robotics and automation actuators market.
The robotic and automation actuators market has been growing at a significant rate, and this trend is expected to continue during the forecast period. However, development of advanced and cost-effective robotics and automation actuators, and increasing demand for industrial robots and process automation in different industrial verticals are some of the opportunities impacting the growth of the robotics and automation actuators market. China and Japan are primarily investing in robotics and automation to enhance and gain a tactical edge. This is an excellent opportunity for robotics and automation actuator manufacturers to strengthen their businesses in the Asia Pacific region.
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Key Market Players
The major players in the robotics and automation actuators market include ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US), Moog (US), SMC (Japan), Curtiss Wright (US), and MISUMI (Japan), among others. ABB is one of the leading players in the robotics and automation actuators market. The company has a large value contract with countries, such as China. It holds a greater share in automating the industrial process across different industrial verticals. The company has also been focusing on the acquisition of small players to increase its product offerings as well as market share. It has adopted several other strategies, such as partnerships, agreements, and the establishment of new manufacturing facilities to strengthen its market position as well ensure future growth.
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