Electric actuators for marine and defense industry market size in US to Grow by USD 188.03 million from 2022 to 2027; Growth driven by increasing use of electric actuators in industrial robots and automation - Technavio
NEW YORK, March 21, 2023 /PRNewswire/ -- The electric actuators for marine and defense industry market size in US is estimated to increase by USD 188.03 million between 2022 and 2027. The market's growth momentum will progress at a CAGR of 5.44% during the forecast period. The market is driven by the increasing use of electric actuators in industrial robots and automation. Product launches in the marine and defense industry are identified as the major trend in the market. Discover some insights on market size, historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report - Request a Sample Report
Electric Actuators for Marine and Defense Industry Market in US ? Vendor Analysis A few prominent vendors that offer electric actuators for marine and defense industry in us in the market are:
AUMA Riester GmbH and Co. KG - The company offers marine and defense industry electric actuators such as PROFOX PF-MX, PROFOX PF-M, and PROFOX PF-QX.
Bray International Inc. - The company offers marine and defense industry electric actuators such as series 70.
Creative Motion Control - The company offers marine and defense industry electric actuators such as linear, gun elevation, and electric linear.
Curtiss Wright Corp. - The company offers marine and defense industry electric actuators such as FTX series, FT series, and KX series.
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Electric Actuators for Marine and Defense Industry Market in US - Segmentation Assessment
Technavio has segmented the market based on type (linear actuator and rotary actuator) and application (vehicle and equipment, industrial automation, and robotics).
The market growth in the linear actuator segment will be significant during the forecast period. Electric linear actuators can be reconfigured or reprogrammed to handle multiple applications. They provide precise control of speed, acceleration, position, and torque. Many such benefits have increased the use of linear actuators across a wide range of applications in various industries.
Electric Actuators for Marine and Defense Industry Market in US ? Market Dynamics
Leading Drivers ?
The market is driven by the increasing use of electric actuators in industrial robots and automation. The use of automated solutions is increasing in the defense sector is increasing with technological advances, rising labor costs, and increasing competition. Also, the need for shorter product lifecycles and the demand for customization has created the need for robotics in the defense industry. The growing deployment of robots has subsequently increased the demand for electric actuators, which is driving the growth of the market.
Key Trends ?
Product launches in the marine and defense industry are the major trend in the market. Vendors are focusing on new product launches to expand their presence and increase market shares. For instance, in January 2021, LINAK launched the world's first Electric Linear Actuator With IO-link for communication interfaces. Many such product launches by vendors are positively influencing the growth of the market in focus.
Major challenges ?
High initial setup cost for end-users of electric actuators is a major challenge affecting the growth of the market. The capital required to setup electric actuators in the marine and defense industry is high compared to other alternatives such as pneumatic actuators and hydraulic actuators. For instance, the average cost of an electric actuator ranges between USD 100 and USD 2,000, depending on the design and features. This increases the cost of setup. Hence, enterprises opt for substitute products, which hinders the growth of the market.
The electric actuators market size is expected to increase by USD 3.96 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 5.24%. The market is segmented by end-user (automotive industry, water and wastewater industry, marine industry, aerospace and defense industry, and others), type (linear actuators and rotary actuators), and geography (APAC, Europe, North America, MEA, South America).
The damper actuators market size is expected to increase by USD 628.67 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.5%. The market is segmented by end-user (commercial, residential, and industrial), type (non-spring return damper actuator and spring return damper actuator), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
Electric Actuators for Marine and Defense Industry Market in US Scope
Growth momentum & CAGR
Accelerate at a CAGR of 5.44%
Market growth 2023-2027
USD 188.03 million
YoY growth 2022-2023 (%)
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
AMETEK Inc., Arkwin Industries Inc., AUMA Riester GmbH and Co. KG, Bray International Inc., Creative Motion Control, Curtiss Wright Corp., Emerson Electric Co., Honeywell International Inc., Kyntronics Inc., LINAK AS, Moog Inc., Parker Hannifin Corp., Rotork Plc, Schlumberger Ltd., TAMAGAWA SEIKI Co. Ltd., Thomson Industries Inc., TiMOTION Technology Co. Ltd., Ultra Motion LLC, Venture Mfg Co., and Triumph Group Inc.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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Exhibit 123: Validation techniques employed for market sizing
Exhibit 124: Information sources
12.5 List of abbreviations
Exhibit 125: List of abbreviations
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