SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global electric linear cylinders market was valued at US$ 595.7 Mn in 2018, and is expected to exhibit a CAGR of 5.5% over the forecast period to reach US$ 962.5 Mn in 2027.
Market Dynamics of the Global Electric Linear Cylinders Market:
Advantages offered by electric cylinders compared to pneumatic and hydraulic ones are driving the market growth. Features of electric cylinders include self-locking which allows them to save energy when they stand still. This has made them a popular alternative to pneumatic and hydraulic actuators. Electric cylinders offer powerful DC motors, Hall-ICs for position indication, and other details that meet current industry requirements. Comparative to pneumatic and hydraulic cylinders, electric cylinders offer direct power transmission and electronic control, superior mounting flexibility, and maximum thrust efficiency. With minimum maintenance costs, electric cylinders offer longer life cycle which makes them a preferred alternative to conventional cylinders. Compared to hydraulic and pneumatic cylinders, electric linear cylinders offer high precision, high speed, and low maintenance requirements which makes them cheaper. Moreover, the process of installing electric linear cylinders is quicker and safer compared to others. These advantages of electric linear cylinders over other types is driving their demand across various industry verticals such as construction, material handling, and automotive among others.
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Electromechanical cylinders including electric liner cylinders are core part of the global economy and in-turn to manufacturing industry. Electric linear cylinders have major application in industrial production. As per International Monetary Fund organization, in 2018, around 70% of the global economy experienced a slowdown. However, the recovery is speeding up with the U.S. withstanding positive growth of 2.5% in April 2019 from 2.3% in October 2018. Additionally, positive growth in the GDP of emerging economies is expected to boost demand for electromechanical cylinders, including electric linear cylinders. As per the World Bank, India’s GDP growth was around 7% in 2018. Additionally, positive growth in certain end user industries such as pharmaceutical and automotive industries has also led to an increase in demand for electric linear cylinders. As per Invest India, the pharmaceutical industry in India was valued at US$ 36.7 Bn in 2018, and it is projected to reach US$ 55 Bn by 2020, at a CAGR of 22.4% during the forecast period of 2015-2020. Major growth drivers for the same are increasing investment in innovation and research and development, infrastructure development in India, and a strong network of drug manufacturing facilities.
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In 2017, Europe emerged as the second largest market for electric linear cylinders, and is expected to register a CAGR of 5.2% over the forecast period. The U.K. and Rest of Europe are major growth engines in this region. Europe is known as the automotive hub owing to presence of prominent players in automotive industry, as well as 309 automobile production plants in 27 countries. Increasing demand for electric linear cylinders in various automotive applications such as robotic spot welding, assembly pressing, clamping and fixtures, and robotic dispensing is driving growth of the market in this region.
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Key Market Takeaways:
- Global electric linear cylinders market was valued at US$ 595.7 Mn million in 2018. By 2027, the market is projected to reach US$ 962.5 million, exhibiting a CAGR of 5.5% over the forecast period (2019–2027)
- Asia Pacific held the second largest revenue share in the global electric linear cylinders market in 2017, and is projected to retain its dominance throughout the forecast period. China, India, and Japan are the major growth engines in this region. In 2018, Asia Pacific electric linear cylinders market generated revenue of US$ 204.6 Mn, and is expected to reach US$ 344.0 Mn by 2027, witnessing a CAGR of 5.9% over the forecast period.
- Some of the major players operating in the global electric linear cylinders market include Bosch Rexroth AG, Tsubakimoto Europe B.V., RACO-Elektro-Maschinen GmbH, Mul-T-Lock, Exlar Europe GmbH, Linearmech S.R.L., Parker Hannifin, SEW-EURODRIVE GmbH & Co KG, SKF, BJ-Gear, Kollmorgen, Tolomatic, RK Rose+Krieger GmbH, Seimens AG, Moog, Inc., SMC Corporation, and Rockwell Automation.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.