Global Pneumatic Components Market is expected to garner exponential valuation by 2026, registering an impressive CAGR during the forecast period (2020 and 2026).
Pneumatic components are a crucial part of the manufacturing and other end-use industries. The increasing demand for enhanced safety and precision in manufacturing processes drive the demand for pneumatic components. Many manufacturers engaged in providing pneumatic systems focus on developing technologies that ensure machine safety.
These manufacturers also strive to optimize energy consumption, connectivity, and monitoring plant automation to better plan maintenance and improve operational efficiency. Pneumatic components offer various features and advantages that make these components a preferred choice for several end-use applications.
With the proliferation of the Industrial Internet of Things (IIoT) and automation, pneumatics technology is projected to garner significant market prominence. Pneumatic components have become more functional and commercial with their capabilities in tracking and measurement, providing significant insights into machine operation and the performance of devices.
The COVID-19 outbreak severely affected the pneumatic components industry, resulting in the closing of several manufacturing facilities across the globe. The pandemic caused huge revenue losses in end-use industries like electronics, chemical industry, machinery, and others.
The coronavirus lockdown put a brake on the production of several key raw materials in the global market, which, in turn, spiked the prices and lowered the demand for the product. The strict lockdown mandates imposed by governments have restricted cross-border trade between countries, another factor proving to be detrimental for the pneumatic components market share.
However, the pneumatic components industry is rapidly returning to normal, mainly due to the increasing use of pneumatic components in the burgeoning electronics, medical devices, and surgical tools sector. The pneumatic components market demand is projected to significantly pick up as companies look to re-engineer supply chains in the aftermath of COVID-19.
Pneumatic Components Demand is to Bolster Further
The demand for pneumatic components is expected to grow significantly during the forecast period. Factors such as major advantages of pneumatic components, such as easy availability, channeling, storage, easy utilization, and improved safety, boost the market demand. Furthermore, the rising need for machine safety and operation enhancement and the rapid adoption of the Industrial Internet of Things (IIoT) boost the pneumatic components market size.
Emerging Nations to Offer Robust Opportunities
Emerging markets across the globe are projected to present untapped opportunities for pneumatic component uses. Over the last decade, Asia Pacific has become a global manufacturing hub for electronics and medical supplies, with many key companies setting up high-volume production facilities in the region. Additionally, significant demand for pneumatic components from industry and machinery in emerging countries would offer a host of lucrative opportunities to global firms in the near future.
Restraints & Challenges
Price Volatility and Raw Material Shortages Restrain Market Growth
There are several small materials and devices used in pneumatic components. Fluctuations in the prices and the demand-supply gap in various key raw materials are major factors restraining the growth of the market. Also, pneumatic components technology is a little expensive, which often increases its overall market price. Therefore, the high costs are considered as a major factor projected to challenge the market growth.
The pneumatic components market is segmented on the basis of type, application, and region. The type segment is sub-segmented into air treatment components, pneumatic valves, and pneumatic cylinders. The application segment is sub-segmented into electronics, chemical industry, machinery, and others.
By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
APAC Dominates the Global Pneumatic Components Market.
The Asia Pacific region is expected to remain a highly attractive market for pneumatic components during the assessment period. Factors such as increasing efforts and investments made by manufacturers in developing electronics and other major applications drive the pneumatic components market in the region. With the regional government bodies focusing on infrastructural developments, the APAC pneumatic components market is expected to witness immense scope for growth.
Additionally, the rapidly increasing commercial development and favorable government policies regarding FDI are significantly increasing investments in the market. With increasing government initiatives, the scope of growth and development of pneumatic components in the emerging markets is expected to accelerate phenomenally.
Europe Seizes Second Highest Share
Europe captures the second-highest share in the global pneumatic components market. Rising demand for pneumatic components in the electronics, chemical industry, machinery, and others led by strict regulations and industrial automation boost the region's pneumatic components market share. Besides, the extensive pool of medical device manufacturers in the region and increasing demand for various pneumatic components parts induce market expansion.
North America Derives a Considerable share in the Global Market
North America generates a substantial demand for pneumatic components globally, which influences the total valuation of this market. Heightened demand for pneumatic components and the investments by several end-use industries position North America among the strongest contenders in the global market. Furthermore, significant expansions of the prominent end-use industries like electronics, chemical industry, machinery, and others in the region add to the pneumatic components market value.
Players Focus on Product Development & Expansion Plan
Highly competitive, the pneumatic components market appears fragmented, with several well-established players forming a competitive landscape. Strategic partnerships, mergers & acquisitions, innovation, and expansion remain prevailing key trends for the pneumatic components manufacturers as these strategic moves support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and product portfolio.
List of Key Companies
Bosch Rexroth AG, Festo SE & Co. KG, SMC Corporation, Norgren, Inc. (.Subsidiary Of IMI, Plc), Airtac International Group, Ckd Corp., JELPC (Ningbo Jiaerling Pneumatic Machinery Co., Ltd.), Parker Hannifin Corporation, Fenghua Yaguang Pneumatic Element Co, Ltd., Camozzi Group, Zhaoqing Fangda pneumatic Co. Ltd., Wuxi Huatong Pneumatic Manufacture Co. Ltd., CNSNS, and Easun Pneumatic Science & technology are some of the affluent contenders holding sizeable pneumatic components market share.
Bosch Rexroth AG (Germany) is an engineering firm manufacturing drive and control technologies. Bosch Rexroth provides its components such as electric drives & controls, industrial hydraulics, pneumatics, and linear technology worldwide markets.
As a global partner, the company supports mechanical and plant engineering challenges worldwide with its cutting-edge technology and unique industry knowledge. With its cross-technology portfolio, digital services, and comprehensive service, Bosch Rexroth has gained a position of a global partner for machines and plants.
Jan 28, 2021 – Satair and Honeywell sign a global distribution agreement to expand their businesses in the jet market and advancement into the global commercial aviation aftermarket. This multi-year commercial agreement covers the exclusive worldwide distribution for mechanical and air thermal components for Airbus A320, A330, A340, and A380 aircraft.
Jan 28, 2021 – Delta Line SA and Helix Linear Technologies announced a global strategic partnership, combining Delta Line's motion solution products & services with Helix Linear's engineering and advanced manufacturing capabilities in linear motion systems.
Considering the rising demand for complete motion systems and legacy pneumatic & hydraulic linear technologies transitioning to electromechanical solutions, companies recognize the need to collaborate with technology experts offering full-scale global engineering support to bring their mechatronics projects.
Jan 27, 2021 – Motion Industries, an MRO replacement parts distributor and a provider of industrial technology solutions, announced rebranding as Motion to solidify the company's structure and advance its position in the marketplace. With immediate effect, the company would operate under the brand name of "Motion." The rebranding to Motion would be augmented by the dominant use of the "Mi" logo.
Jan 27, 2021 – Wabtec Corporation announced securing an order from the Hyundai Rotem Company to supply several key components on train cars for Singapore Mass Rapid Transit's (MRT) new Jurong Region Line. Wabtec would supply its advanced Metroflexx brake systems, passenger access doors, and air conditioning systems for 62 new, automated three-car trains.
Jan 18, 2021 – Swiss maintenance (MRO) provider SR Technics announced that it has spun out its component support unit into a separate entity under new branding as part of a wider company restructuring. The new brand – 'Strade powered by SR Technics,' would concentrate on rotables sales, loan, leasing, and exchange, indicating that component repairs would be discontinued.
The pneumatic components market analysis feature unique and relevant factors anticipated to significantly impact the market growth during the assessment period. The detailed research report would help industry players to understand the market better. The report defines the historical and current pneumatic components market trends boosting the growth of the market.
Additionally, the COVID-19 impact on the pneumatic components industry is also included in the report. Regional assessment in this report and unlocks several untapped opportunities in regional and international markets. Detailed company profiling enables users to evaluate company shares, scope for existing & emerging product lines in new markets, pricing strategies, innovation possibilities, and much more.
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bosch Rexroth AG, Festo SE & Co. KG, SMC Corporation, Norgren, Inc. (.Subsidiary Of IMI, Plc), Airtac International Group, Ckd Corp., JELPC (Ningbo Jiaerling Pneumatic Machinery Co., Ltd.), Parker Hannifin Corporation, Fenghua Yaguang Pneumatic Element Co, Ltd., Camozzi Group, Zhaoqing Fangda pneumatic Co. Ltd., Wuxi Huatong Pneumatic Manufacture Co. Ltd., CNSNS, and Easun Pneumatic Science & technology|
|Key Market Opportunities||Emerging Nations to Offer Robust Opportunities|
|Key Market Drivers||Pneumatic Components Demand is to Bolster Further|
Frequently Asked Questions (FAQ) :
Huge emphasis on machine safety, shift to energy-conscious automation, and plant automation are major drivers of the global pneumatic components market.
The packaging industry can generate maximum returns for the global pneumatic component market.
APAC is leading in the global pneumatic components market owing to infrastructural developments and scope for investments.
Festo SE & Co. KG, Camozzi Group, Parker Hannifin Corporation, JELPC (Ningbo Jiaerling Pneumatic Machinery Co., Ltd.), Ckd Corp., Easun Pneumatic Science & technology, Zhaoqing Fangda pneumatic Co. Ltd., Airtac International Group, Fenghua Yaguang Pneumatic Element Co, Ltd., Wuxi Huatong Pneumatic Manufacture Co. Ltd., CNSNS, SMC Corporation, Bosch Rexroth Ag, and Norgren, Inc. are key players in the global pneumatic component market.
Rise of industrial automation and development of pneumatic-driven cells are growth opportunities for players in the global pneumatic component market.