New report published by QY Research which offers insights on the global Electric Actuator market. The Electric Actuator market has been experiencing steady growth graph since past years. In 2017 the global Electric Actuator market was valued at US$ 2.1 Bn and by the end of the assessment year (2023), it is estimated to touch a value more than US$ 2.7 Bn growing at a value CAGR of 4% throughout the period of forecast.
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Global Electric Actuator Market by Type
An electric actuator is powered by a motor that converts electrical energy into mechanical torque for moving or controlling a mechanism or system. The electrical energy is used to actuate equipment such as multi-turn valves. It is one of the cleanest and most readily available forms of actuator because it does not involve oil.
There are three types including Linear, Multi-turn, Quarter-turn.
Global Electric Actuator Market: Market Driver and Restraint
Electric Actuator, mainly used in the following industries: Power industry, Oil & Gas industry, Chemical industry, General industries, etc.
· Power industry: They are widely used in power factories
· Oil & Gas industry: They can be used in oil and gas transportation
· Chemical industry: They are used in chemical factories like lime factories
· General industries: Machinery industry, metallurgy, mold industry, etc.
Currently, the manufacturing technology of Electric Actuator is getting mature, and the technology barrel is not that high.
The market of Electric Actuator in developing countries is promising; there is still large scale of demand.
New enterprise’s new project will introduce advanced equipment and technical team, which can increase his competitiveness. Downstream demand of Electric Actuator has been in a growth trend. This indicates the great demand space of Electric Actuator in the future.
Forward foreign-related enterprises shift to China, which is conducive to China's technological exchanges and updates.
Global Electric Actuator Market: Forecast by Region
North America, Europe, China, Japan, India and Southeast Asia are the regions that are included in this report. Europe is the dominant market in the global Electric Actuator market in terms of value. North America is the second largest market. India market is also expected to expand at a fast rate in terms of revenue over the forecast period due to the steadily increasing demand of Electric Actuator.
Global Electric Actuator Market: Key Players
The main players are Rotork, Auma, Flowserve, ABB, Emerson, BERNARD, CDF, Xiang Long, Tefulong, Hengchun, Chuanyi Automation, SAIC, Raga, Aotuo KeTomoe, PS Automation, Nihon Koso, KOEI, Zhonghuan TIG and Other.
The Electric Actuator industry is not concentrated. These manufacturers range from large multinational corporations to small privately owned companies compete in this industry.
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