Industrialization in developing countries, as well as rising demand for vehicles, metals, minerals processed goods and technology advancement are growing the global actuators market.
The market is expected to grow at a CAGR of 8% to reach $59.32 billion by 2019, according to the "Global Actuators Market by Application & Geography - Forecast Analysis (2014 -2019)," by MarketsandMarkets.
North America is the largest market for actuators due to sustained growth in its aerospace and defense actuator markets. Key players include Honeywell, Moog, SAAB and Parker Hannifin. Mexico is next in line with respect to machinery and is predicted to see sustainable growth over the next five years.
Economical challenges have taken a toll on the European manufacturing sector, causing a decline in output. However, growth remains optimistic over the next few years, with an estimated CAGR of 6% to reach $8.67 billion in 2019. Asia-Pacific is one of the fastest growing regions in the actuators market, with major industrialization efforts anticipated to progress growth in years to come.