The global pneumatic actuator market is set to ascend at over 5% CAGR through 2031. Requirement for pneumatic actuators grew exponentially over the past years with the surge in application across various sectors such as industrial automation, transportation, and offshore, to name a few. Though the outbreak of COVID-19 temporarily disrupted the pneumatic actuator market growth earlier in 2020, the steady recovery of the key application sectors is projected to enable the market to regain momentum in the coming years.
The recently revised edition of the report on the ‘pneumatic actuator’ market study by Future Market Insights (FMI) provides a thorough analysis of the global pneumatic actuator market potential, growth & restraining factors while emphasizing the new trends in the leading regions such as North America, Europe, and the Asia Pacific during the forecast period of 2021 to 2031.
According to the report, the United States, Germany, India, China, and a few other countries will emerge lucrative while 20+ countries will maintain a positive market outlook throughout the forecast period.
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How does Future Outlook on Pneumatic Actuator Market Compare with Historical Sales?
Sales of pneumatic actuators increased steadily over the past decade with the increase in demand for rack & pinion and scotch yoke type of pneumatic actuators. Advancements in the manufacturing sector and expansion of key application sectors such as mining, transportation, and others further propelled the growth, apart from a temporary decline in 2020.
According to FMI, the global pneumatic actuator market expanded at over 4% CAGR during the last 5 years from 2016 to 2020.
As the key application sectors are regaining traction and are getting over the effect of the pandemic, the demand for pneumatic actuators is subject to rising again creating ample opportunities for the key players.
Additionally, the surge in demand for double-acting type pneumatic actuators is further bolstering the growth of suppliers. According to FMI, the global pneumatic actuator market is set to ascend at over 5% CAGR through 2031.
How is the Rise in Demand in Transportation Sector Augmenting the Growth of Pneumatic Actuator Suppliers?
Pneumatic actuators are mechanical devices that use compressed air to convert energy into mechanical motion. As it has extensive application in the transportation sector, the recovery in this sector is expected further push the demand-supply graph for pneumatic actuators upward in the coming years.
According to a report, titled “Logistics & Transportation Industry” published by SelectUSA, the logistics & transportation industry is one of the highly progressive industries in the world. As stated in the report, the United States business logistics costs reached US$ 1.6 Trillion in 2018, representing 8% of the Gross Domestic Product (GDP) in that year, while the Foreign Direct Investment (FDI) in the industry totalled US$ 1.5 Billion. This gives a glimpse of the growing opportunities for pneumatic actuator manufacturers in the transportation sector.
Pneumatic Actuator Market Category-Wise Insights
Which Product Type is Dominating in the Pneumatic Actuator Industry?
Presently, the rack and pinion segment is leading in the global pneumatic actuator market and is expected to exhibit hegemony throughout the forecast period in terms of product type. This type of pneumatic actuator is highly preferred in the transportation sector as it provides with smooth driving experience by converting the rotational motion of the steering wheel into the linear motion needed to turn the wheels. Also, it provides the gear reduction which makes it easier to turn the wheels.
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It is extensively used in applications where an external force is not available to retract the piston or high force is required in both directions of travel.
Which Application Segment is Fuelling the Sales of Pneumatic Actuator?
Presently, the industrial automation segment is mostly fuelling the sales of pneumatic actuators in terms of application. Industrial automation is the use of various automated control systems such as robots, Artificial Intelligence, and others. With the technical and digital advancements, this sector is growing fast. This in turn is surging the demand for pneumatic actuators.
Other key segments in terms of application, which are augmenting the sales are transportation, mining offshore, and others.
Pneumatic Actuator Market Competitive Landscape
The global pneumatic actuators market is highly competitive and thriving on the revenues of the leading players. To capitalize on the new opportunities, key pneumatic actuator market players are launching quality products more frequently.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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