Asia Pacific Blood Glucose Test Strip Packaging Market Research Repor Actuators Market Research Report - Forecast to 202 | Page 2

industries such as military, entertainment, medicine, and manufacturing, where there is an
cumulative need for manufacturing small-size and lightweight devices competent to apply large
forces, generate high speeds, attain large displacements, and be extremely energy efficient. In
all these applications, mission requirements are fetching drastically more stringent in terms of
mass, dimensions, power, and cost. Improvements in actuator robustness and reliability
associated with power efficiency and compact packaging can lead to effective devices that are
significantly more capable and reliable at a lower cost.
The global actuators market is anticipated to grow at 5.23% CAGR during the forecast period. In
2016, the market was led by Americas, with a 33.84% share, followed by Asia Pacific and
Europe with shares of 28.45% and 23.37%, respectively. The actuators market has been
segmented based on type, application and region. On the basis of type, the market has been
segmented as Pneumatic, Electric, Hydraulic, Mechanical, and others. Electric segment
accounted for the largest market share of 32.20% in 2016, with a market value of USD 4,355.2
million and is projected to grow at the highest CAGR of 5.61% during the forecast
period. Electric actuators are more cost-effective than the others. Electric actuators benefit
from cleaner, simpler, and more energy-efficient power transmission. Based on application,
automotive segment accounted for the largest market share of 18.13% in 2016, with a market
value of USD 2,452.1 million and is projected to grow at the highest CAGR of 6.11% during the
forecast period. The increasing demand from the upper middle class for automotive vehicles is
driving the actuators market in the Asia-Pacific region. The growing automotive vehicles market
has increased the demand for actuators as the latter is an essential component used in vehicles.
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Global Analysis
The global actuators market is segmented into the prominent regions of Americas, Europe, Asia
Pacific and Middle East & Africa. Asia Pacific region have the huge potential for the actuators
market. The region is also expected to drive global IoT growth over the next 5 years. IoT has
been an area of focus in emerging economies, such as India and China. This includes the
establishment of smart cities, IoT-specific centers of excellence, which simultaneously are
expected to propel the demand for actuators. The Asia Pacific actuators market is also
projected to grow at the highest CAGR OF 5.93% during the forecast period. Americas is one of
the major regions for the actuators. America’s actuators market holds an enormous potential of
growth in the near future. Increasing investments across life sciences, automotive, food
processing and packaging segments to revive growth. Hence, America’s actuators market is
expected to grow at a CAGR of 5.21%. Europe is one of the major region for electric two-
wheeler and has achieved an ample scope due to the presence of profitable countries such as
Germany, U.K, and Norway. Additionally, the region is the hub of major are automobile
manufacturers such as Audi, BMW, and Volvo among others. This also has the positive influence