The "Robotics and Automation Actuators Market by Actuation, Application, Industry, Design Characteristics, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The market is projected to grow at a CAGR of 14.37% between 2019 and 2024.
Actuators are devices that convert energy into motion. Actuators used in the robotics and automation applications are considered as robotics and automation actuators which are used for moving or controlling mechanisms or systems. The 2 basic motions performed by these actuators are, linear and rotary. These robotics and automation actuators are operated by an external source of energy, typically electric current, hydraulic fluid pressure, or pneumatic pressure, and this energy is then converted into motion by the actuators. Each actuator type has versions for various power configurations and is available in various types and sizes, depending on the application.
The robotics and automation actuators market is growing at a significant rate across the globe and this trend is expected to continue during the forecast period as well. The growth of the market can be attributed to increased use of electrical actuators, and compact pneumatic actuators in robotics and automation applications across the globe. However, the formulation and stringent implementation of various regulations to ensure increased safety, reduce power consumption, and noise and leak elimination in robotics and automation actuators are expected to restrain the growth of the robotics and automation actuators market across the globe.
The development of advanced and cost-effective robotics and automation actuators, and increasing demand for industrial robots and process automation in various industry verticals are some of the opportunities impacting the growth of the robotics and automation actuators market.
The market size of robotics and automation actuators market is estimated to be valued at USD 15.78 billion in 2019 and is projected to grow at a CAGR of 14.37% during the forecast period. Some of the major factors driving the market are ongoing process automation and digitalization of industries across the globe, technologically advanced actuators, and rising demand for industrial robots across different industry verticals. These factors are expected to provide growth drivers for the market soon.
Apart from a general overview of the major companies in this segment, this report also provides financial analysis, products, services, and the key developments of the major players in the industry.
ABB (Switzerland), Rockwell Automation (US), Altra Industrial Motion (US). Moog (US), SMC (Japan), Curtiss Wright (Exlar) (US), and MISUMI (Japan) are some of the leading players covered in the robotics and automation actuators market report.