NEW YORK, May 13, 2022 /PRNewswire/ — The electric actuators market size is expected to grow by USD 3.96 bn from 2020 to 2025. Moreover, the growth momentum of the market will accelerate at a CAGR of 5.24% during the forecast period. Technavio analyzes the market by end-user (automotive industry, water and wastewater industry, marine industry, aerospace and defense industry, and others), type (linear actuators and rotary actuators), and geography (APAC, Europe, North America, MEA, South America, APAC, Europe, North America, MEA, and South America).
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The electric actuators market covers the following areas:
Electric Actuators Market Sizing
Electric Actuators Market Forecast
Electric Actuators Market Analysis
Driver and Challenge
The growing demand for commercial and defense aircraft is driving the growth of the global electric actuators market. There are prominent aircraft owners in APAC and Europe, with a combined share of more than half of the total aircraft fleet in the world. The increasing air passenger traffic is leading to a rise in the number of aircraft fleet. Electric actuators are a cost-effective and viable alternative to hydraulic and pneumatic actuator systems in commercial and defense aircraft. They help in improving the performance of aircraft and provide accurate control and faster reaction time. Moreover, the use of electric actuators in commercial and defense aircraft helps in reducing the burden on maintenance personnel and provides higher reliability and lower lifecycle cost. Hence, with the growth in demand for commercial and defense aircraft, the demand for electric actuators is expected to increase during the forecast period.
The risk from faulty and loosely insulated electric actuators and their malfunctions will challenge the global electric actuator market share growth during the forecast period. Electric actuators are…