ID: MRFR/SEM/6120-HCR | February 2021 | Region: Global | 100 pages
The global smart pneumatics market was valued at USD 3.14 billion in 2017 and is expected to reach USD 4.76 billion by the end of the forecast period at a CAGR of 7.5%.
Smart pneumatics are advanced pneumatic equipment that are capable of generating real-time data while the device is operating. This real-time data generation has helped the engineers and device operators to know how each equipment operates under different conditions. Smart pneumatics are rapidly replacing conventional pneumatic devices due to this feature of simultaneous record and maintenance. It has also helped the operators/engineers to locate the exact issue and save time and cost of maintenance. Although the smart pneumatic systems are quite expensive, certain tier-1 manufacturers have already adopted these devices and are benefitting from its features.
One of the prime factors contributing to the growth of smart pneumatics market is the increased advent of the Internet of Things (IoT) across industries. Industrial internet of things (IIoT) has taken over the industrial components by adding smart systems in the existing ones. The pneumatic systems used earlier in the industries were fast and reliable. However, the IIoT has further increased their capability by making the pneumatic devices generate the data for analytical operations. This data has helped in maintaining energy efficiency, resulting in less cost to the manufacturers. Moreover, the increased awareness of industrial manufacturers towards predictive maintenance is also boosting the market growth. However, the high amount of investment required for industrial valve projects and lack of universal standardization for smart pneumatic devices is limiting the market growth.
The global smart pneumatics market has been segmented into type, component, end user, and region.
By type, the smart pneumatic market has been segmented into smart pneumatic valve, smart pneumatic actuator, and smart pneumatic module.
By component, the smart pneumatic market is segmented into hardware and software. Hardware is further segmented into sensor, and communication equipment. The software segment has further been segmented into data integration software, diagnostic reporting, and parameter calculation.
By end user, the smart pneumatic market has been segmented into automotive, oil & gas, food & beverage, energy & power, and others.
By region, the smart pneumatics market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The global market for smart pneumatics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the smart pneumatics market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and Latin America).
Among the aforementioned regions, Asia-Pacific holds the largest market share in the global smart pneumatics market. The growth in this region is due to the increased amount of smart factories and manufacturers setting-up their base in India, China, and Indonesia. Moreover, the availability of resources at lower prices encourages manufacturers to invest in these regions. This has further led the companies to invest in the development of smart pneumatic devices.
Global Smart Pneumatics Market, USD Billion
Source: MRFR Analysis
The key players in the smart pneumatics market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Emerson Electric Co. (US), Festo Corporation (US), Parker Hannifin Corporation (US), Bimba Manufacturing Co. (US), Rotork PLC (UK), Rotex Automation Limited (India), Thomson Industries Inc. (US), Aventics GmbH (Germany), Cypress EnviroSystems Corp (US), Ningbo Smart Pneumatic Co. Ltd (China). These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 30%–35% in the smart pneumatics market.
Frequently Asked Questions (FAQ) :
The smart pneumatics market market is poised to value at USD 4.76 Bn by 2023.
The segments profiled on the basis of type are smart pneumatic actuator, smart pneumatic valve, and smart pneumatic module.
The smart pneumatics market is expected to mark 4.76% CAGR across the forecast period.
Asia Pacific is assesed to dominate the global smart pneumatics market.
The end-user segments of the smart pneumatics market are energy & power, automotive, food & beverage, oil & gas, and others.