According to the Technavio report, the electric actuator market is expected to grow by $994.2 million between 2019 and 2023, with a compound annual growth rate of nearly 7%. Among them, global industrial automation, improving production paths and reducing industrial stoppages are the main factors driving the growth of the global electric actuator market. In other words, high cost-effectiveness and innovative technology will be the future electric actuator manufacturers need to pay attention to the development of the road. Only with the increasing demand for automation and continuous innovation in technology, can a good market share.
Electric actuators are divided into linear, quarter-turn and multi-turn. It can be used in different industries according to the product characteristics. Linear electric actuators are more used in automation equipment, quarter-turn and multi-turn actuators are more used in the industry. Such as water treatment projects, pulp and paper, HVAC, food processing, power plants and so on.
Due to the unique advantages of electric actuators–Easier installation, higher efficiency, in part of the industry has gradually replaced pneumatic & hydraulic actuators, which also makes the demand for electric actuators in recent years.
The electric actuator market has grown in Europe, North America and the Asia Pacific region over the past 5 years, but the Asia Pacific region is expected to grow at its highest annual compound growth rate, according to the report. There are two main reasons:
1. The Asia-pacific region is now developing industries at a high speed, building infrastructure and increasing the demand for actuators.
2. Many countries have moved factories to the Asia-pacific region, boosting demand for actuators.
The Asia-pacific region will be an excellent market for actuator manufacturers.
COVNA as a leading manufacturer of actuators and valves in China. We are committed to innovation, delivering cost-effective products globally and improving the efficiency of the valve industry.