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