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

mechanically strong articulated mechanisms which are robust and weigh
very less. Current advances in information technology, nanotechnology,
and biotechnology will necessitate the expansion of shrunken, novel
devices and gadgets that need to apply extensive forces. The identical
demand for innovative actuators occurs in conventional 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.
Market Segmentation