PARALLEL DRIVE ACTUATOR MARKET REPORT OVERVIEW
The global Parallel Drive Actuator Market Size was USD 81.15 million in 2023 and the market is projected to touch USD 129.16 million by 2032, exhibiting a CAGR of 5.30% during the forecast period.
A parallel Drive Actuator is a type of electromechanical device designed to convert electrical energy into linear motion. This actuator consist of an electric motor, a gearbox, and a lead screw or ball screw mechanism, all arranged in parallel to provide linear movement. This Configuration allows for perfect control and smooth transmission of force, making parallel drive actuators, ideal for many applications which requires linear motion, such as industrial automation, robotics, medical equipment, and automative systems.
The Parallel Drive Actuator Market focuses on the industries where precise and controlled linear motion is needed. They mainly used in the areas which includes material handling, assembly line automation, and packaging machinery. In the robotic industries where such tasks involved which are pick-and-place operations, precision positioning and repetitive tasks these actuator works for their liner movement in these operations. In the field of medical equipment, these actuators integrated with devices such as patient lifts, hospital beds, surgical tables, and diagnostic equipment to provide smooth and controlled movement. The Parallel Drive Actuator Device provide reliable and precise linear motion, contributing to the comfort, safety and effectiveness of medical procedures and patient care.
COVID-19 Impact: Market Growth flourished by Pandemic due to Adaption of Automation
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID-19 impact was bitter sweet to the parallel drive actuator market, which has impacted the supply chain of the market, and also influenced the use in the industries for linear operations. In the beginning of the pandemic the lockdown and restriction has disrupted the supply chain of the market. This led to delays in production and distribution of parallel drive actuators. The shut down make the industries scaled back their operations, such as Aerospace.
However, as the pandemic progresses, the focus on automation an robotics in various sectors to minimise human contact and enhance operational efficiency, has increased. This worked as a driver for the parallel drive actuators, since the use in industries such as e-commerce, logistics and healthcare, has increased. The areas these industries are using Parallel Drive Actuator are material handling, packaging and medical equipment.
LATEST TRENDS
Online Shopping trend Enhanced the Market Size of Parallel Drive Actuator Market.
Online shopping has gain more popularity after pandemic. The rise in the trend of sitting home and get order at the doorstep has led the market move faster each day. As online shopping continuously rising, warehouse face the challenge of handling more packages efficiently. This has increased the need of parallel drive actuators. They work as the engines behind conveyor belts, sorting machines, and packaging equipment in warehouses. These actuators helps in smooth delivery of order and on time as well. With parallel drive actuators, there is no chance of slowing down in the warehouse department. There will be no delay in the shipping of order no matter how much order bulk is there. As more people shop online, the need for these actuators grows because they make warehouse operations run smoothly and efficiently. These actuators are making sure that promised kept from manufacturer to customer, that is to be on time, must be fulfilled.
PARALLEL DRIVE ACTUATOR MARKET SEGMENTATION
By Type
Based on type the market can be categorized into With Spur Gear, With Spiral Gear.
- With Spur Gear: Parallel drive actuators with spur gear are designed with straight teeth (projections along the surface of the gear) that run parallel to the axis of rotation. The processes which are in the need of high efficiency and low noise levels these gears are perfect for them. The common areas where industries use these gears are industrial automation, manufacturing equipment, and machinery where relaibility and accuracy are essential.
- With Spiral Gear: Parallel drive actuator with spiral gear have spiral-shaped teeth that engage gradually, resulting in silent and smooth operation compared to spur gears. They have more improved load distribution and transmission. Which makes them suitable for applications requiring high precision and heavy duty performance. They used in robotics, medical devices, and aerospace applications where smooth and proper linear motion is important.
By Application
Based on application the market can be categorized into Electricity, Chemical, Metallurgical.
- Electricity: Parallel drive Actuators are used in various task such as controlling valves, switches and circuit breakers in power distribution system. By providing controlled movement of components, these actuators have become a crucial part of the electrical infrastructure.
- Chemical: In chemical industry parallel drive actuators are used in valves, pumps, and other equipment to regulate the flow of chemicals and fluids in manufacturing processes. These are crucial fro adjustment in flow rates, pressures, and temperatures, this is reason for the safety in chemical production.
- Metallurgical: In the Metallurgical industry, parallel drive actuators are utilized in various applications related to metal processing, refining and manufacturing. They are used to control valves, dampers, and other equipment such as rolling mills.
DRIVING FACTORS
Industrial Automation and Technological Advancements to Drive the Market Advancement
The Industrial Automation has been revolutionary for the Actuator market. The increasing in adoption of industrial automation across various sectors has driven the market high. Manufacturing and automative industries which relay on packaging need and they need automation to improve efficiency, productivity, and quality. Industries continue to adopt automation to streamline operations and reduce labor costs, the demand for parallel drive actuators is expected to grow as well.
As technology continues to evolve, the market for parallel drive actuators is poised to expand further, driven by the demand for more advanced and capable solutions.
Technological Advancements in parallel drive actuator design and manufacturing has been adopted as well. Improved motor technologies, advanced materials, and enhanced control systems are innovations led by these advance technology. They offer higher performance, reliability and efficiency. These advancements make parallel drive actuators to meet the growing needs of industries for more speed, higher precision, and greater flexibility in application or operational processes. As technology continuously growing, market for parallel drive actuators is expanding, and the reason is more advanced and capable solutions.
Growing Demand for Robotics to Expand the Market
The dependancy on robotics has increased. There is rise of the industrial demand as well. Industries such as manufacturing, logistics, and healthcare is driving the parallel drive actuator market. Parallel drive actuators are essential part of the robotic system, providing the necessary motion control for robotic arms, grippers, and other mechanisms. There is Growing need for high-performance actuators specially at the areas where collaborative robots and mobile robots are required. They can deliver the precision and reliable motion to the robotic application. Industries are focusing on flourishing in terms of efficiency, safety and flexibility, this is the why the demand for parallel drive actuators is expected to have growth.
RESTRAINING FACTOR
Technical Complexity and Cost Overhead Pose Potential Impediments to the Market Growth
The complexity involved while choosing the parallel drive actuator is quite a task. It includes selecting, integrating, and maintaining parallel drive actuators, especially for the end-users who have limited technical expertise or resources. These devices comes in various types, sizes, and configuration, and selecting the right actuator for a particular application it requires careful consideration of factors such as load capacity, speed, accuracy, and environmental conditions. It takes good knowledge and expertise to connect parallel drive actuators into the existing systems or machinery. There are few challenges involved which might hamper safety as well for the end-users. Industries may face difficulties in optimising the performance of parallel drive actuators or resolving issues to compatibility, synchronisation which is become hurdle for the parallel drive actuator market.
Cost will always comes hand in hand when we talk about something really good. The features require lots of attention in terms of parts or technology. The cost constrain faced by potential buyers, particularly in industries with tight budget scenario. Parallel drive actuators involve good amount of investment, especially for high performance models with advanced features or customized specifications. Industries may hesitate to invest in parallel drive actuator market because of the high cost. The market is highly competitive in nature, industries operating in the scenario where they are prioritising the cost reduction and opting for lower cost alternative or delaying the investment. This limiting the demand of the device which is at the end hampering the parallel drive market growth.
PARALLEL DRIVE ACTUATOR MARKET REGIONAL INSIGHTS
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
Asia Pacific to Dominate the Market due to Rapid Industrialization
Asia pacific is dominating the parallel drive actuator market due to several compelling factors. The first factor is industrial production across various sector where there is a need for parallel drive actuator. These nations are expanding their manufacturing capabilities, supported by well-established supply chains, advanced infrastructure and skill plus cheap labour cost. Industries such as automative, electronics, and machinery thrive in this region, which is increasing the demand for parallel drive actuators as necessary components in automation systems. These industries are thriving in this region which also have huge demand and also working on international trade, the Asia pacific region remind at the forefront of industrial innovation and production exceptionalism.
KEY INDUSTRY PLAYERS
Key Players Transforming the Parallel Drive Actuator Market Landscape through Innovation and Global Strategy
The innovation and global strategy is transforming because of these key industry players. These companies are focusing on developing advanced technologies and expanding their reach in the global level to meet the evolving needs of the market. They are investing in research and technological development to create the solutions that offer improved performance, reliability and efficiency. These companies also adopting the strategic approached to penetrate new markets and strengthen their presence in the existing market giants. They growing by partnerships, acquisitions, and collaborations, these features allowing them to offer more industries and its requirements. By utilizing their expertise and resources, they drive innovation, shape market trends, and increase the growth of the parallel drive actuator market on the global level.
List of Market Players Profiled
- Linak (Denmark)
- Motion Control Products (United Kingdom)
- TIMOTION (Taiwan)
- Bholanath Stepper Motors (India)
- REAC (Italy)
- Cangzhou Zhongneng Machinery Manufacturing (China)
INDUSTRIAL DEVELOPMENT
May, 2022: Genuine Parts Company (GPC) revealed its financial results for the fourth quarter and full year of 2022 on February 23. The report highlighted significant growth in its industrial parts segment, Motion. This growth has been particularly notable since GPC acquired Kaman Distribution Group (KDG) earlier in 2022. For the full year 2022, Motion posted sales of $8.4 billion, up 33.2% compared to 2021.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
