The North America linear actuators market is characterized with a high level of competition with a high number of players operating in it across the globe, states a research study by Transparency Market Research. In 2015, the leading players in the North America market, namely Rockwell Automation, Inc., Emerson Electric, Co., Honeywell International, Inc., Tsubakimoto Chain, Co., and Parker Hannifin Corporation held a share of around 20% of the overall market. The increasing focus on the emergence of new and innovative products and the rising research and development activities are anticipated to encourage the growth of the North America market in the next few years. Additionally, advancements in technology and the increasing level of competition among players are projected to augment the market’s growth in the near future.
According to the research study by Transparency Market Research, in 2015, the North America market for linear actuators was worth US$2,893.5 mn. The market is anticipated to exhibit a healthy 6.90% CAGR between 2016 and 2024, reaching a value of US$5,236.6 mn by the end of 2024.
U.S. to Remain in Leading Position in North America Linear Actuators Market
The North America market for linear actuators has been classified on the basis of geography into Canada, Mexico, and the U.S. Among these segments, the U.S. segment is expected to lead the North America linear actuators market throughout the forecast period. The presence of the leading players in this nation and the growing demand for wastewater management are the key factors expected to encourage the growth of the U.S. market in the next few years. In addition to this, the development of the shale industry and the rising demand for linear actuators from the food and beverages sector are projected to encourage the growth of the U.S. linear actuators market in the next few years. Furthermore, Canada and Mexico are expected to witness healthy growth over the forecast period.
Among the key product types, the electric linear actuators segment is expected to account for a key share of the overall market throughout the forecast period. This segment is likely to lead the market, thanks to the growing demand from diverse industries. The enhanced flexibility options and comparatively low cost of ownership are the vital factors that are anticipated to fuel the growth of this segment in the next few years. On the other hand, the mechanical linear actuators segment is projected to experience a promising growth in the near future.
Advent of Innovative Products to Bolster North America Linear Actuators Market
A significant rise in the industrial automation across several industries, such as oil and gas, defense, automotive, and fluid is considered as the key factor estimated to encourage the growth of the North America linear actuators market over the forecast period. In addition, the rising demand for efficient wastewater and water management is predicted to fuel the growth of the North America market in the next few years. Furthermore, the increasing focus on water conservation and the emergence of new and effective products are projected to offer promising growth opportunities for key players operating in the North America market.
On the other hand, a significant slowdown in the manufacturing sector is likely to curtail the growth of the North America linear actuators market in the forecast period. Furthermore, stringent fthe market in the next few years. Nonetheless, the rising number of applications is predicted to offer promising growth opportunities for key players operating in the North America linear actuators market over the forecast period.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Linear Actuators Market (Type - Pneumatic, Hydraulic, Mechanical, and Electric; End Use - Automotive, Medical/Healthcare, Furniture, Mining, Steel, Water and Wastewater Management, Construction, IT/Semiconductor, Military, Agriculture, Chemical, and Petrochemical) - North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The North America Linear Actuators market has been segmented as below:
North America Linear Actuators Market – By Type:
North America Linear Actuators Market - By End Use:
North America Linear Actuators Market - By Country:
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