Electric Actuator Market Size, Share, Trends, Growth 2030

Electric Actuator Industry Prospective:

The global Electric Actuator market size was worth around USD 11.5 billion in 2022 and is predicted to grow to around USD 19.03 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.5% between 2023 and 2030.         

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Electric Actuator Market: Overview

An electric actuator is a mechanical device that can rotate or move in a single linear direction when electricity is used to provide kinetic energy. It increases process complexity and efficiency by automating a damper or valve. Electric actuators come in a variety of sizes and shapes, depending on the precise functions they are meant to perform inside the processes for which they are designed. Electric actuators work in tandem with electronic control equipment to provide all forms of remote manual control as well as some automatic control loops. The motor unit, drive unit, and gear unit are the three components that make up the electric actuator.  The motor unit is utilized for controlling tiny valves, and the gear unit has gear ratios that adjust based on the motor's size and the driving unit. The necessity for electric linear actuators in the oil and gas sector is increasing, which is a significant factor driving the growth of the electric actuator market. The market is growing due to the expansion of the water and wastewater treatment sectors as well as the rise in industry safety regulations.

Key Insights

• As per the analysis shared by our research analyst, the global Electric Actuator market is estimated to grow annually at a CAGR of around 6.5% over the forecast period (2023-2030).
• In terms of revenue, the global Electric Actuator market size was valued at around USD 11.5 billion in 2022 and is projected to reach USD 19.03 billion, by 2030.
• The growing demand from end-use industries such as oil & gas, automotive, aerospace, and others are expected to propel the electric actuator market growth over the projected period.
• Based on the type, the linear actuator segment is expected to hold the largest market share over the forecast period.
• Based on end-users, the oil & gas segment is expected to capture a significant market share over the forecast period.
• Based on region, the Asia Pacific is expected to hold the largest market share over the forecast period.

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Electric Actuator Market: Growth Drivers

Increasing demand in the oil & gas sector drives market growth

Electric actuators are widely used in the oil and gas sector for tasks including pipeline automation and valve control. The need for electric actuators in this industry is growing along with the world's energy consumption. For instance, according to Invest India, in FY 2021–22, India utilized 63.9 BCM of natural gas and 204.23 MMT of petroleum products, an increase of 5.1% and 5% over FY 2020–21, respectively. According to Bharat Petroleum, by 2050, India's energy needs will quadruple and its need for natural gas will expand fivefold. Additionally, global oil consumption is expected to increase by 6% between 2022 and 2028 to reach 105.7 million barrels per day (mb/d) based on current market trends and government policies, according to the IEA Oil 2023 medium-term market analysis. This growth would be supported by strong demand from the petrochemical and aviation industries. Demand growth is predicted to peak in 2028 at 0.4 mb/d, having shrunk from 2.4 mb/d this year despite this cumulative rise.

Electric Actuator Market: Restraints

Expensive maintenance and a complicated layout hamper the market growth

The majority of electric actuation devices are quite expensive. In comparison to their strength, electric actuators are quite expensive. The fact that electric actuators are weaker and less powerful than their hydraulic and pneumatic equivalents is another drawback. Despite technical developments that enhance actuator designs, electrics remain rather weak. Furthermore, the probability of breakage and consequent downtime is elevated by the intricacy of the majority of electric actuator designs. These difficulties impede the electric actuator market's expansion.

Electric Actuator Market: Opportunities

The growing product launch offers a lucrative opportunity for market growth

The growing product launch is expected to offer a lucrative opportunity for the electric actuator industry growth during the projected timeframe. In July 2023, the new LPL80 electric linear moving coil actuators from SMAC Moving Coil Actuators are intended exclusively for use on filling machines. The LPL80 moving coil actuators from SMAC have standard dimensions of 80 mm, which is a common size for liquid filling machines. There are certain requirements unique to filling out applications. Actuators from the SMAC LPL Series are completely programmable for precise force control and are intended to replace air cylinders. They operate using a DC linear servo motor.

Electric Actuator Market: Challenges

Complexity and lack of standardization pose a major challenge to market growth

It can be difficult to integrate electric actuators into control systems, particularly in the case of older systems whose original design called for hydraulic or pneumatic actuators. It could be necessary to invest more money and hire more professionals to upgrade control systems to support electric actuators. It can also be challenging to smoothly integrate many brands or models into a single system due to the absence of industry-standard communication protocols and interfaces in the electric actuator sector.

Electric Actuator Market: Segmentation

The global Electric Actuator industry is segmented based on the type, end user, and region.

Based on the type, the global electric actuator market is bifurcated into linear actuators and rotary actuators. The linear actuator segment is expected to hold the largest market share over the forecast period. Linear actuators are a specific type of electric actuator that converts rotary motion into linear motion. They find applications in a wide range of industries, including manufacturing, healthcare, automotive, aerospace, and more. Their ability to provide precise linear motion is valuable in processes such as positioning, lifting, pushing, and pulling. In addition, linear actuators are often more energy-efficient compared to hydraulic or pneumatic alternatives. The focus on energy efficiency and sustainability in various industries has driven the adoption of electric linear actuators. This is expected to drive the market growth.

Based on the end user, the global electric actuator industry is bifurcated into oil & gas, energy & power, automotive, aerospace & defense, water & wastewater, and others. The oil & gas segment is expected to capture a significant market share over the forecast period. Electric actuators are used in the oil and gas industry's upstream (production and exploration) and downstream (refining and distribution) divisions. Electric actuators are utilized for wellhead control in upstream operations and distribution networks and refining processes in downstream operations. In addition, safety and reliability are crucial in the oil and gas sector. When developed and maintained appropriately, electric actuators may provide great reliability in crucial operations. It is common practice to include safety measures like fail-safe systems to guarantee that actuators will operate correctly in an emergency. Thereby, driving the segment expansion.

Electric Actuator Market: Report Scope

Electric Actuator Market: Regional Analysis

Asia Pacific is expected to hold the largest market share over the forecast period

The Asia Pacific is expected to hold the largest electric actuator market share over the forecast period. The existence of a significant metals and mining sector, particularly in nations like China, India, and Japan, which are among the world's top producers of steel, is driving up demand for electric actuators in the Asia-Pacific region. Furthermore, governments in emerging economies like Bangladesh, Vietnam, Indonesia, India, and Indonesia have been pushed to establish metal and mining processing factories due to the low cost of labor and materials in these regions. As the mining sector uses electric actuators to control drilling choke valves, this will result in a rise in demand for such equipment. This assists with effective mining operations by providing mining operators with precise control over fluid velocities. Therefore, over the projected period, the demand for electric actuators will be driven by the expansion of the mining and metals industries in the area.

Electric Actuator Market: Competitive Analysis

The global Electric Actuator market is dominated by players like:

• General Electric
• Flowserve Corporation
• Actuonix Motion Devices Inc.
• Emerson Electric Co.
• Ewellix (SKF Motion Technologies)
• AUMA Riester GmbH & Co. KG
• Rotork
• Curtiss-Wright Corporation
• ABB
• Moog Inc

The global Electric Actuator market is segmented as follows:

By Type

• Linear Actuator
• Rotary Actuator

By End User

• Oil & Gas
• Energy & Power
• Automotive
• Aerospace & Defense
• Water & Wastewater
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa