The global high-performance actuators market size was valued at $2.4 billion in 2020, and is projected to reach $5.7 billion by 2030, growing at a CAGR of 9.1% from 2021 to 2030. High-performance actuator is defined as actuator having a high duty cycle. Duty cycle is the ratio of on-time to off-time, usually expressed as a percentage. High-performance actuators thus help delivering high force with enhanced accuracy. Depending on the applications, they are available in a variety of types, sizes, and power combinations.
Nearly all of the major industries rely upon automatic equipment to attain results. With the growing usage of automatic equipment/systems, the demand for high-duty actuators has increased significantly, which plays a crucial role in the automation process. Actuators, which might be liable for moving, controlling, or positioning a mechanism or system make the operating of automatic system seamless and easy. In case of robotics, producers have the ability to reduce repair time and minimize errors. As a result, overall performance of actuation produces responses that are more accurate and faster. These are some of the factors will help to boost the high-performance actuators market growth during the forecast period.
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The global high-performance actuators market analysis is conducted on the basis of type, application, end use, and region. On the basis of type, the global market is classified into rotary and linear. The rotary segment accounted for the largest revenue share in the global market in 2020, and is estimated to grow at a CAGR of 8.6%. The linear segment is projected to grow at the highest CAGR of 10.7%, owing to its wide-scale application in the industrial sector. On the basis of application, the market is segregated into industrial automation, vehicles & equipment, robotics, and others. The industrial automation segment garnered the largest high-performance actuators revenue share in 2020, and is projected to grow at a CAGR of 8.4%. However, the vehicles & equipment segment is projected to grow at the highest CAGR of 10.0% from 2021 to 2030, due to increase in demand for automotive and industrial equipment. End uses of actuators include industrial, automotive, military & defense, and others. The others segment is projected to grow at the highest CAGR of 9.7%, owing to surge in demand for actuators in agricultural machinery and food & beverage sectors.
The major companies profiled in high-performance actuators market include Linak, TiMaOTION Technology Co. Ltd., Ewellix, Ultra Motion, and SKF.
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Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific acquired the largest market share in 2020. However, both Europe and Asia-Pacific are projected to grow at the fastest CAGR of 9.2% from 2021 to 2030, owing to increase in trend of industrial automation and use of robotics in various sectors in countries such as Germany, India, and China.
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COVID-19 scenario-
- Extended lockdown, tour bans, and commercial enterprise shutdowns disrupted the normal activities of a lot of industries across the world, which in turn dwindled the demand for high performance actuators to a significant extent, thereby impacting the global market badly.
- However, the global situation is getting better at a slow and steady pace, and the market is projected to revive soon.
Key findings of the study
- Region wise, Asia-Pacific is projected to grow at the highest CAGR of nearly 9.2%, in terms of revenue, during the forecast period.
- On the basis of type, the linear segment is anticipated to witness the high growth rate of 10.7%, in terms of revenue.
- Depending on application, the industrial automation segment is anticipated to exhibit high growth rate of 8.4%, in terms of revenue, during the forecast period.
- By end use, the others segment is anticipated to witness significant growth rate of 9.7%, in terms of revenue.
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