Linear Actuators Market by Regional Analysis, Key Players and Forecast 2024
The
North America linear actuators market is highly fragmented, with the
top five players accounting for a less than 20% of the market’s
overall valuation in 2015, 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.
Report
Overview :
The
North America linear actuators market holds an immense promise of
growth in the near future. Transparency Market Research estimates
that the market will exhibit a promising 6.9% CAGR over the period
between 2016 and 2024. If the prediction holds true, the market, with
a valuation of US$2,893.5 mn in 2015, will rise to US$5,236.6 mn by
2024. 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.
Rise
in Industrial Automation to Reinforce Demand for Linear Actuators in
North America
The
North America linear actuators 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
North America linear actuators 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.
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