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 twowheeler 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