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Pneumatic Actuator Market Estimated to Expand at a Robust 5% CAGR By 2031
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The pneumatic actuator market is set to grow at a 5% CAGR by 2031, driven by industrial automation and demand for rack & pinion actuators.
Demand for pneumatic actuator grew steadily over the past years owing to the rise in demand for rack and pinion and scotch yoke pneumatic actuator. While the outbreak of the COVID-19 pandemic temporarily affected the market growth, the recovery in the key application segments are forecast to aid in the growth of pneumatic actuator suppliers further in the coming years.
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The latest revised edition of the report on ‘pneumatic actuator’ market study offers a holistic overview of the growth & restraining factors, and demand-supply trajectories of the global market while focusing on the leading regions such as North America, Europe, Latin America, and Asia Pacific. According to the report, application in industrial automation will account for the major chunk of market growth while requirement in transportation, mining, and other key application sectors is set to further aid in the growth of market players.
“With key application sectors getting back to the track, the global pneumatic actuator market is set to exhibit impressive growth throughout the forecast period. Furthermore, advancements in manufacturing units coupled with a flurry of inventions for diverse sectors such as offshore, mining, and transportation is predicted to raise the market revenue significantly,” says an FMI analyst.
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Pneumatic actuators are highly efficient in converting energy into mechanical motion and hence extensively used in industrial automation sector. With the advancement in industrial automation sector, demand for pneumatic actuators is forecast to rise further, creating new avenues for key players.
A report titled “Robots and the Economy- the Role of Automation in Driving Productivity Growth” published by the SelectUSA in 2020, the industry with the highest industrial robot density in the world was the automotive and other transportation manufacturing industry, with 29.3 industrial robots per million hours worked in 2017. As stated in the report, from 2003 to 2017, the largest change in industrial robot density occurred in the automotive and other transportation manufacturing industry, with an increase of 15.1 industrial robots per million hours worked. With these figures set to grow further, demand for pneumatic actuators is likely to surge further creating lucrative growth scope for suppliers.
With the competition getting tougher, players in the pneumatic actuator market are emphasizing on diversifying their products. For instance,
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The article discusses the growth of the pneumatic actuator market, projected to expand at a 5% CAGR by 2031.
Demand in industrial automation and recovery in key application segments are driving growth.
North America, Europe, and Asia Pacific are key regions, with Asia Pacific expected to see the fastest growth.
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