Robotics and Automation Actuators Market worth $30.9 billion by 2024

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According to the new market research report on
the "Robotics and Automation Actuators Market by
Actuation (Electric, Pneumatic, Hydraulic),
Application (Process Automation, Robotics),
Industry (Automotive, Electronics, Healthcare),
Design Characteristics (Load, Torque) Region
- Global Forecast to 2024", The robotics and
automation actuators market is estimated to be
USD 15.8 billion in 2019 and is projected to
reach USD 30.9 billion, at a Compound Annual
Growth Rate (CAGR) of 14.37 from 2019 to
2024. This market is driven by factors, such as
the increasing investments in process automation
across industry verticals, rising demand for
robots, and technological advancements in
actuators. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id143328029 The electric actuator segment
to grow at a higher CAGR in the robotics and
automation actuators market, among all actuation
segments during the forecast period Based on
actuation, the electric actuators segment is
projected to grow at the highest CAGR in the
robotics and automation actuators market during
the forecast period. Electric actuators are
expected to replace hydraulic and pneumatic
actuators due to their higher efficiency and
greater levels of control. The increasing demand
for highly efficient actuators which consume
less energy has fueled the growth of the robotics
and automation actuators market. Technological
advancements in electric actuators are enabling
availability at lower prices as compared to
hydraulic and pneumatic actuators which are also
more efficient, thus leading to an increasing
demand for electric actuators. Rotary actuators
expected to lead the robotics and automation
actuators market Based on type, the rotary
segment is expected to lead the robotics and
automation actuators market during the forecast
period. The use of rotary actuators in a wide
range of industries, such as manufacturing,
packaging machines, medical equipment,
production machinery, transportation, aerospace,
and defense, among others is expected to drive
the market for robotics and automation actuators.
Increasing demand for industrial robots and
service robots is contributing to higher demand
for rotary actuators. Asia Pacific has the
highest potential for implementation of robotics
and automation actuators
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Asia Pacific is estimated to account for the
robotics and automation actuators market in
2019. Asia Pacific has witnessed rapid economic
development over the years, resulting in an
increase in maritime trade. Electronics and
electrical industries, especially in countries,
such as China and Japan, have led to increase in
demand for robotics and automation, which, in
turn, is leading to a rising demand for robotics
and automation actuators. Majority of the
industrial robot manufacturing facilities of
leading players are based out in the Asia Pacific
region and increasing demand for these
industrial robots is leading to a higher demand
for actuators in this region. Key Market
Players The major players in the robotics and
automation actuators market include Rockwell
Automation (US), Moog (US), Curtiss Wright (US),
ABB (Switzerland), Altra Industrial Motion (US),
and SMC (Japan), among others. Ask for Sample
Report _at_ https//www.marketsandmarkets.com/request
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