Electric Actuator Market Overview:
The electric actuators market is expected to grow from USD 41.10 Billion in 2018 to USD 51.12 Billion by 2025, at a CAGR of 5.20% from 2018 to 2025. Basically, an electric actuator is one kind of gear motor which can be of various voltages and can be used as torque producing component.
Electric Actuator Market Growth Drivers and Restraints:
Due to the rapid urbanization and a tremendous growth in the infrastructure development such as smart cities, mobility and healthcare may results in the rise of market. Electrical actuators are the widely used actuator due to the low maintenance and high output that may attract the users in the forecast period. Electrical actuators are widely used in the aircraft manufacturing areas expected to have a wide market in the forecast period. They are eco-friendly and safe to use compared to hydraulic actuators. However, due to its complex structure, small thrust and a small running capacity may affect the market in the forecast period.
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Geographical Insights of Electric Actuator Market:
Geographically, Asia Pacific is expected to lead the actuators market due to the wide infrastructure development. China and India may experience the growth due to the easily availability of materials and skilled labor. North America is the second largest market for the electrical actuators due to its high industrialization sector and expected to continue in the forecast period. Europe is forecast to be the leading market by 2025 due to the heavy tools industrial establishments and continuous developments of infrastructure.
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Some of the Key players in Electric Actuator Market:
Emerson (US), Honeywell (US), Moog (US), Rotork (UK), and Pentair (US) among others, and the manufacturers of different types of actuators, such as Parker Hannifin (US), ABB (Switzerland), Cameron (US), SMC (Japan), and Eaton (Ireland), among others.
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