Global Hydraulic And Electric Linear Actuators Market Set For 10.9% Growth, Reaching $103.60 Billion By 2028
Hydraulic And Electric Linear Actuators Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The hydraulic and electric linear actuators market size has shown rapid expansion in recent years. The market is expected to grow from $61.73 billion in 2023 to $68.42 billion in 2024, marking a compound annual growth rate CAGR of 10.8%. Factors such as growth in industrial automation, increasing adoption of linear actuators, increasing demand for precise and controlled linear motion, increasing utilization of hydraulic linear actuators, and growth in demand for automated production have contributed towards the uptrend in the historic period.
What will be the future prospects of the hydraulic and electric linear actuators market?
Looking forward, the hydraulic and electric linear actuators market size is set to continue its rapid growth, expanding to $103.60 billion in 2028 with a compound annual growth rate CAGR of 10.9%. The forecast period growth will be driven by sustained growth in industrial automation and robotics, an increased focus on energy efficiency and sustainability, ongoing developments in linear actuator technology, rising demand for customizable and versatile linear actuator solutions, and expanding usage of linear actuators in emerging markets.
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What are the major drivers of growth in the hydraulic and electric linear actuators market?
One of the major factors propelling the growth of the hydraulic and electric linear actuators market is the rising demand for automation. As technology evolves to perform tasks or processes autonomously, reliance on human intervention is also reduced, paving the way for enhanced productivity and consistency. This demand for automation is increasing primarily due to the desire for heightened efficiency, cost reductions, and improved productivity within manufacturing and business procedures. Hydraulic and electric linear actuators play an instrumental role in automation by providing precise, controlled movement and force within machinery, thereby enhancing efficiency and accuracy in industrial processes. For instance, a report published by the Germany-based International Federation of Robotics indicated that factories worldwide installed 553,052 industrial robots in 2022, a 5% increase from the previous year.
Which are the primary industry players in the hydraulic and electric linear actuators market?
Major companies operating in the hydraulic and electric linear actuators market comprise of Eaton Corporation plc, Parker Hannifin Corporation, Emerson Electric Co., SKF Group AB, Bosch Rexroth AG, Thomson Industries Inc., Ametek Inc., SMC Corporation, Flowserve Corp., Moog Inc., KYB Corporation, Curtiss-Wright Corporation, Rotork plc, SCHUNK SE & Co. KG., Timotion Technology Co Ltd, Bimba Manufacturing Co, Power-Packer inc., Tolomatic Inc, LINAK AKTIESELSKAB, Kyntronics Inc., Römheld GmbH Friedrichshütte, and Actuonix Motion Devices Inc.
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What emerging trends are shaping the hydraulic and electric linear actuators market?
Innovation is a significant trend shaping the hydraulic and electric linear actuators market, with many leaders continuing to focus on the development of products such as industrial positioning actuators, to provide reliable, versatile, and user-friendly motion control solutions for a range of industrial applications.
How are the market segments shaping up in the hydraulic and electric linear actuators marketplace?
The divisions in the hydraulic and electric linear actuators market covered in the report include:
1 By Type: Hydraulic, Electric
2 By Force Capacity: Up To 250 Pounds, 250 Pounds To 1,000 Pounds, Above 1,000 Pounds
3 By Sales Type: Original Equipment Manufacturer OEM, Aftermarket
4 By End-User Industry: Manufacturing And Industrial Automation, Aerospace, Construction And Heavy Machinery, Oil And Gas, Mining, Automotive, Marine, Power Generation, Renewable Energy, Other End User Industries
Which region dominates the hydraulic and electric linear actuators market?
In 2023, Asia-Pacific was identified as the largest region in the hydraulic and electric linear actuators market. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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