Global Actuator Market 2019-2023 | Increased Plant Safety Regulations Drive Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 23, 2018--The global actuator market research report by predicts the market to post a CAGR of close to 6% during the period 2019-2023.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181123005192/en/
Technavio has released a new market research report on the global actuator market for the period 2019-2023. (Graphic: Business Wire)
A key driver for the global actuator market is the introduction of plant safety and regulations in industries. The industrial setup is prone to accidents owing to the presence of complex machinery and is harmful to the environment as it generates hazardous industrial waste. Hence, stringent safety regulations are being employed in the industrial sector. The industries such as oil and gas, power, and chemical are being subjected to various governmental and organizational level regulations.
This research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the emergence of smart actuators as one of the key trends in the global actuator market:
Global actuator market: Emerging smart actuators
The market vendors have been increasingly concentrating on data analytics to identify the impact of different process variables that influence a production process due to the increasing adoption of automation in industries. The actuators are integrated with sensors and electronic components to enhance their data capturing and monitoring capabilities. Smart actuators with improved features have been introduced by several manufacturers.
“Smart actuators are finding applications in automation for industrial purpose with the robots being linked with smart actuators. The growing use of automation and digitization has led to the manufacturers increasingly focus on creating smart actuators, which is expected to accelerate the growth of the market in the coming years,” says a senior analyst at Technavio for research on engineering tools.
Global actuator market: Segmentation analysis
This actuator market analysis report segments the market by product (electric actuator, pneumatic actuator, hydraulic actuator, and mechanical actuator), end-user (oil and gas, chemical, power, W&WW, metals, and others), and geography (the Americas, APAC, and EMEA).
The electric actuator segment held the largest actuator market share in 2018, accounting for nearly 37% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2018 with more than 36% of the market share, followed by APAC and the Americas respectively. The EMEA region is expected to dominate the market throughout the period 2019-2023.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20181123005192/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT HARDWARE
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 11/23/2018 11:08 AM/DISC: 11/23/2018 11:07 AM