Through 2031, the market for pneumatic actuators is anticipated to grow at a rate of over 5% CAGR. Pneumatic actuator demand has increased dramatically in recent years due to an increase in applications in a variety of industries, including offshore, transportation, and industrial automation, to name a few. Although the COVID-19 outbreak temporarily slowed the growth of the pneumatic actuator market earlier in 2020, it is anticipated that the market will pick up steam in the following years thanks to the steady recovery of the key application sectors.
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.
Pneumatic actuator manufacturers often face difficulties due to high production costs and the complex lifecycle involved during the development stages. Furthermore, operations and maintenance of various pneumatic actuators such as rack and pinion and scotch yoke require additional costs and hence not that economical for small to medium end-use sectors.
Also, the outbreak of the COVID-19 pandemic halted the pneumatic actuator market growth in 2020 due to the shutting down of manufacturing hubs and a decline in key application sectors such as industrial automation, offshore, and transportation, to name a few. The financial crisis and scarcity of labor and raw materials created further long-lasting effects on the manufacturers of pneumatic actuators. However, with the continuous efforts put in by market players and steady recovery in key application sectors, suppliers are expected to overcome these restraints in the foreseeable future.
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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 most 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.
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.
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