According to a new report published by Allied Market Research entitled, "World Hydraulic Actuators Market", the global hydraulic actuator market is expected to garner revenue of $2.4 billion by 2022, growing at a CAGR of 3.6% during 2016-2022. Asia-Pacific leads the hydraulic actuator market, followed by North America. Growth in the region would be supplemented by increasing construction and manufacturing activities and rising demand from developing countries including China and India.
Linear actuators dominated the market in 2014, accounting for around 66% of the overall market revenue, owing to their low cost and higher usage in the manufacturing industry, power generation, utility sector and other such application areas. Rotary actuators are expected to be the faster growing product category during the forecast period on account of their higher efficiency, reliability and increasing usage in mobile equipment.
The application segment comprises the mobile equipment, industrial, and aviation and others. In 2014, the mobile equipment segment occupied a prominent share of the overall market revenue, followed by the industrial segment. Moreover, the segment is anticipated to grow at the fastest CAGR of 3.9% during the forecast period, owing to increasing demand for construction, mining and agriculture equipment across the globe. The industrial segment is anticipated to grow at a notable pace due to increasing usage of hydraulic actuators in manufacturing equipment.
From a growth perspective, Asia-Pacific is anticipated to witness the fastest CAGR of around 5% during the forecast period, on account of increasing demand from countries such as China, India, Australia and others. LAMEA is estimated to grow at a CAGR of 3.7% during 2016 2022, due to increasing usage of hydraulic actuators in mining, oil exploration and construction activities in the region.
- In the year 2014, Asia-Pacific was the highest revenue-generating region, followed by North America.
- Growth in LAMEA is expected to be supplemented by the increasing usage of hydraulic actuators in construction, mining and oil extraction activities.
- Linear actuators would continue to be the major revenue generating segment throughout the forecast period.
- In terms of market by application, mobile equipment was the major revenue-generating application segment in 2014.
Key players profiled in the report are Flowserve Corporation, Emerson Electric Co., Cameron International Corporation, Rotork plc, Parker-Hannifin Corporation, Eaton Corporation, Pentair Plc, Bosch Rexroth Group, Wipro Infrastructure Engineering, and SMC Corporation.