Rapid urbanization and industrialization are expected to be the key factors driving actuators market growth over the forecast period. Furthermore, increasing investments in new infrastructure and refurbishment of existing plants is expected to favorably impact market growth. Increasing population, technological proliferation, manufacturing plant automation and the need to extract natural resources from challenging locations may also drive actuators market growth over the next few years. Several industries emphasize on automating their operations so as to provide improved safety, greater efficiency and increased precision in production.
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In recent times, the market has witnessed rise in demand for remote monitoring, which is also expected to spur actuators market growth. Actuators are used across several sectors including, oil & gas, automotive, aerospace & defense and marine & mining. Oil & gas comprises a wide range of applications owing to strong demand from gas storage, gas and liquid pipelines, and liquefied natural gas (LNG). However, issues including competitive pricing standards and suppliers’ ability to meet consumer requirements may pose a challenge to actuators market growth. Smart water management technology is expected to provide avenues for industry growth in developing market.
Rise in oil exploration activities and revitalization of existing facilities is expected to stimulate the use of actuators, particularly in emerging markets such as Africa and Latin America. North America is also expected to emerge as a dominant regional market over the forecast period owing to the growing need for process automation and increasing demand across aerospace and defense applications. Key industry players include Rotork, Eaton, Honeywell, Emerson and Rockwell Collins. Mergers and acquisitions remains to be a key growth strategy adopted by key market players. For instance, in 2013 Rotork acquired GTA Group, a rack and pinion actuator manufacturer.
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