Increased demand for energy-efficient high performance actuators and rise in their usage in the automobile industry drive the growth of the global high performance actuators market. Based on application, the industrial automation segment held the major share in 2020. By region, on the other hand, the market across Asia-Pacific would remain lucrative by 2030.
Portland, OR, Sept. 27, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global high performance actuators market was estimated at $2.4 billion in 2020 and is expected to hit $5.7 billion by 2030, registering a CAGR of 9.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increased demand for energy-efficient high performance actuators and rise in their usage in the automobile industry drive the growth of the global high performance actuators market. On the other hand, surge in the number of regulations on tinted films restrains the growth to some extent. However, the growing construction industry in developing economies is expected to pave the way for lucrative opportunities in the industry.
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Extended lockdown, tour bans, and commercial enterprise shutdowns disrupted the normal activities of a lot of industries across the world, which in turn dwindled the demand for high performance actuators to a significant extent, thereby impacting the global market badly.
However, the global situation is getting better at a slow and steady pace, and the market is projected to revive soon.
The global high performance actuators market is analyzed across type, application, end-use, and region. Based on end use, the industrial segment accounted for around two-fifths of the total market revenue in 2020, and is expected to lead the trail by 2030. The automotive segment, on the other hand, would cite the fastest CAGR of 9.2% during the forecast period.
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Based on application, the industrial automation segment contributed to around one-third of the total market share in 2020, and is anticipated to dominate by 2030. At the same time, the vehicles and equipment segment would cite the fastest CAGR of 10.0% throughout the forecast period.
Based on region, Asia-Pacific held the major share in 2020, garnering nearly two-fifths of the global high performance actuators market. The same region would also showcase the fastest CAGR of 9.2% from 2021 to 2030.The other provinces studied in the report include North America, Europe, and LAMEA.
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The key market players analyzed in the global high performance actuators market report include TiMaOTION Technology Co. Ltd., SKF, Linak, Ewellix, and Ultra Motion. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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