The actuators market is expected to witness considerable growth over the forecast period on account of rapid industrialization and urbanization. Increased investments in new infrastructure coupled with an overhaul in the existing plants are expected to play a pivotal role in market growth. Escalating population, manufacturing plant automation, need for extracting natural resources from challenging locations, and technological development are key factors that are expected to propel market growth over the next six years.
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Several industries have stressed on enhancing safety, increasing production precision, and achieving greater efficiency by automating their operations. Increased demand for remote monitoring is expected to spur the actuators market growth. Actuators are used across several verticals including aerospace & defense, automotive, marine & mining, and oil & gas. The oil & gas industry constitutes a major market for actuators owing to their extensive use in numerous applications which include gas & liquid pipelines, gas storage, and Liquefied Natural Gas (LNG). Suppliers face a considerable strain whilst meeting consumer requirements, which may hinder industry growth over the forecast period. Competitive pricing standards may have a bearing on the actuators market growth. The advent of smart water management technology is expected to open up new avenues for the industry in developing markets.
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Significant increase in oil exploration activities and refurbishment of existing facilities is expected to stimulate the use of actuators, particularly in emerging markets such as Latin America and Africa. North America is expected to emerge as a dominant regional market owing to increasing demand across defense and aerospace applications supplemented with the growing need for process automation.
Key industry players include Eaton, Emerson, Honeywell, Rockwell Collins, and Rotork. Leading market players are expected to take recourse to mergers & acquisitions in order to achieve market sustainability. For instance, the GTA Group, a rack and pinion actuator manufacturer, was acquired by Rotork in 2013.
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