The North America linear actuators market is highly fragmented, with the top five players accounting for a less than 20% of the market’s overall valuation in 2015, observes a recent report by Transparency Market Research. Investment aimed at the development of technologically advanced product varieties, product innovations to meet the constantly changing demands of different industries, and adherence to high quality standards are some of the key growth strategies adopted by market players in the market. Some of the leading players in the market are Emerson Electric, Co., Rockwell Automation, Inc., Honeywell International, Inc., Parker Hannifin Corporation, and Tsubakimoto Chain, Co.
The North America linear actuators market holds an immense promise of growth in the near future. Transparency Market Research estimates that the market will exhibit a promising 6.9% CAGR over the period between 2016 and 2024. If the prediction holds true, the market, with a valuation of US$2,893.5 mn in 2015, will rise to US$5,236.6 mn by 2024. Of the key product varieties, the segment of electric actuators, which currently accounts for over 25% of the market’s overall revenue, is expected to remain the most promising over the forecast period. Geographically, the U.S. will continue to hold a prominent share in revenue, but the rate of growth of the Mexico market will surpass that of both the U.S. and Canada.
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Rise in Industrial Automation to Reinforce Demand for Linear Actuators in North America
The North America linear actuators market is chiefly driven by the favorable rise in industrial automation across all industries such as automotive, oil and gas, fluid, and defense in the region. Industrial automation is largely supported by various types of linear actuators, owing to which, the potential future rise in industrial automation is expected to positively impact the growth of the linear actuators market in North America.
Additionally, the significant rise in demand for efficient water and wastewater management is also predicted to drive the application of a variety of linearly actuated valves at an exponential rate in the region. With the rising stringency of environment sustenance norms, the focus on water conservation and wastewater management is expected to further strengthen in the region in the next few years. This is expected to emerge as a high-impact factor for the future growth prospects of the North America linear actuators market.