The global linear actuators market is highly fragmented, with the top five players accounting for a less than 20-25% of the market’s overall valuation in 2018, observes a recent report by Transparency Market Research. Investment aimed at the development of technologically advanced product varieties, product innovations to meet the constantly changing demands of different industries, and adherence to high quality standards are some of the key growth strategies adopted by market players in the market. Some of the leading players in the market are Emerson Electric, Co., Rockwell Automation, Inc., Honeywell International, Inc., Parker Hannifin Corporation, and Tsubakimoto Chain, Co.
The global market holds an immense promise of growth in the near future. Transparency Market Research estimates that the market will exhibit a promising CAGR over the period between 2019 and 2027. Of the key product varieties, the segment of electric actuators, which currently accounts for over 25% of the market’s overall revenue, is expected to remain the most promising over the forecast period. Geographically, the U.S. will continue to hold a prominent share in revenue, but the rate of growth of the Mexico market will surpass that of both the U.S. and Canada.
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Rise in Industrial Automation to Reinforce Demand for Linear Actuators in North America
The Global market is chiefly driven by the favorable rise in industrial automation across all industries such as automotive, oil and gas, fluid, and defense in the region. Industrial automation is largely supported by various types of linear actuators, owing to which, the potential future rise in industrial automation is expected to positively impact the growth of the linear actuators market in North America.
Additionally, the significant rise in demand for efficient water and wastewater management is also predicted to drive the application of a variety of linearly actuated valves at an exponential rate in the region. With the rising stringency of environment sustenance norms, the focus on water conservation and wastewater management is expected to further strengthen in the region in the next few years. This is expected to emerge as a high-impact factor for the future growth prospects of the Global market.
Furthermore, the growth region’s aerospace and defense industry, where linear actuators have varied applications, is also expected to aid the demand for a variety of linear actuators in North America in the near future. The impact of this factor on market’s development is presently medium but is expected to be high during the forecast period.
Further, many market players are launching tool that can help in the purchasing of the linear actuator. For instance, in 2019, Firgelli Automations, a linear actuator system manufacturer announced a calculator for the measurement of force prior to making the buying decision on linear actuator. It will help customer in choosing and purchasing precise linear actuator depending upon the applications.
Decline in Manufacturing and Mining Sectors to Keep Demand in Check
The market is, however, expected to bear the brunt of the recent slowdown in the manufacturing sector in the near future. The manufacturing sector is one of the key consumers of a variety of linear actuators. The slowdown in its operations is indeed a big restraint and could have a sizeable negative impact on the growth of the linear actuators market in North America. The impact of this restraint is presently medium and is expected to further lessen during the forecast period.
The mining industry in North America is also facing a rough patch owing to decline in demand, lack of financing, and strict regulations regarding a number of environmentally taxing operations. The mining industry being another key consumer of linear actuators, it’s declining growth prospects are expected to have a notable negative effect on the linear actuator market in the region.
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This review of the market is based on a recent market research report published by Transparency Market Research, titled “Linear Actuators Market – North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 – 2027.”
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