Robotics and Automation Actuators Market Covers Drivers and Growth Trends During 2018 to 2026
Increasing Investments in Automation across Industry Verticals and Increasing Demand for Industrial Robots aare the Factors Driving Growth of the Robotics and Automation Actuators market.
Increasing investments in automation across industry verticals as well as increasing demand for industrial robots as well as process automation in the different industrial verticals are key factors estimated to drive growth of the global robotics and automation actuators market to a certain extent. For instance, in August 2018, Rockwell Automation received a contract from the National Copper Corporation, Chile to supply control systems for the Chuquicamata underground mine at US$ 50 million. This contract includes the configuration, supply, and assembly of four systems, which comprise mine control systems.
However, the formulation and stringent implementation of various regulations to ensure reduced power consumption & increased the safety is expected to restrain growth of the global robotics and automation actuators market during forecast period.
Moreover, high installation and operational cost of robotics and automation actuators is projected to hamper growth of the global robotics and automation actuators market during the forecast period. Maintenance and operating costs include, an air-line installation and maintenance, replacement cylinder costs, and electricity for the compressor. According to the U.S. Department of Energy, in 2018, around 24% of the annual cost of compressed air is due to cost of equipment, maintenance, and installation, while 76% is due to the cost of electricity for compressor.
On the basis of geography, the global robotics and automation actuators market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The robotic and automation actuators market in Asia Pacific is growing at a significant rate and this trend is expected to continue during the forecast period. Asia Pacific has witnessed rapid economic development in the recent past, resulting in an increase in maritime trade. Electronics and electrical industries in countries such as China and Japan, have led to increase in demand for robotics and automation products and services. This in turn is expected to lead to high demand for robotics and automation actuators.
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Furthermore, development of cost-effective and advanced robotics and automation actuators and increasing demand for industrial robots and process automation in different industrial verticals are some of the opportunities impacting growth of the robotics and automation actuators market in Asia Pacific. For instance, in 2017, AV Actuators announced the launch of new 60 Series and 110 Series actuators. This series offers a cost effective entry level model, with features such as manual override, heater, and end of travel limit switches as a standard. These 60 Series and 110 Series actuators will offer on-off functionality along with failsafe option to their customers.
Key Players in the Global Robotics and Automation Actuators Market
Key players operating in the global robotics and automation actuators market include, ABB, Rockwell Automation, Inc., Moog Inc., Curtiss-Wright Corporation, Altra Industrial Motion, SMC Corporation, Festo Group, Harmonic Drive LLC, IAI America, Inc., DVG Automation S.p.A., Misumi Corporation, SKF, Cedrat Technologies, Tolomatic, Inc., Venture MFG Co., Kollmorgen, Macron Dynamics Inc., Nook Industries, Inc., and Rotomation, Inc.
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