Smart Pneumatics Market
The global smart pneumatics market was worth USD 3.14 billion in 2017 and could touch the valuation of USD 4.76 billion by 2023, says Market Research Future (MRFR). It is projected to achieve a CAGR of 7.5% during the forecast period (2018-2023).
Market Boosters and Key Barriers
Smart pneumatic systems that form an integral part of any industry are generally powered by compressed air to transmit and control power. A pneumatic system that is organized using manual or automatic solenoid valves is chosen when it delivers a lower cost, highly flexible, or safer alternative to electric motors as well as actuators. Pneumatic tube systems help reduce personnel costs as the errands are automated, in addition to the surge in the consistency of transport processes.
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The smart pneumatic market has gained momentum in recent years with the penetration of digitization as well as IIoT as the latter’s incorporation lets the companies connect sensors to observe parameters such as temperature, noise, and vibration. IIoT helps enable a single platform where companies are able to incorporate all the data and then process them as needed. Apart from this, mounting awareness with regard to predictive maintenance and the need for wireless infrastructure to monitor tools within a plant benefits the global market.
With that said, nonexistence of standardized certifications could prove to be a challenge for the smart pneumatics market in the coming years. On the bright side, smart pneumatic market is brimming with a host of opportunities as the future can expect technical inventions with higher capabilities. In addition, initiation of artificial intelligence and machine learning could ensure the market growth is smooth in the near future.
Market Segmentation
The worldwide market for smart pneumatics has been segmented on the basis of type, component and end-user.
With respect to the type, the smart pneumatic market has been considered for smart pneumatic valve, smart pneumatic actuator, and smart pneumatic module.
Component-based segments mentioned in the report are hardware and software. Hardware is further segmented into sensor and communication equipment. The software segment can be narrowed down to data integration software, diagnostic reporting, and parameter calculation.
Depending on the end-user, the smart pneumatic market caters to automotive, oil & gas, food & beverage, energy & power, and others.
Regional Insight
The smart pneumatics market has been studied in the key regions of North America, Asia Pacific (APAC), Europe, as well as the rest of the world (RoW).
Asia Pacific could achieve the top position in the worldwide smart pneumatics market during the review period. The market growth is in response to the rising adoption of smart manufacturing or Industry 4.0 across various industries. Also, surging focus on ideal asset application, strict government regulations for the workplace as well as personal safety works in favor of the market. Another growth-inducing factor in the market include the tight superiority control in the semiconductor, automotive, food & beverages and chemicals, industries.
The mounting awareness about predictive maintenance along with high penetration of digitization and IIoT is backing up the market growth in North America. Also, the need for wireless infrastructure to maintain and monitor equipment in plants is expected to benefit the regional market in subsequent years.
The Europe market is gaining traction with the rising adoption of smart factors, which gives way to increasing use of pneumatic devices to control the flow mechanism of air within the pneumatic system. The advent of IIoT and industry 4.0 in the region also boost market growth.
Top Players
Bimba Manufacturing Co. (US), Parker Hannifin Corporation (US), Rotork PLC (UK), Emerson Electric Co. (US), Thomson Industries Inc. (US), Aventics GmbH (Germany), Festo Corporation (US), Rotex Automation Limited (India), Cypress EnviroSystems Corp (US), Ningbo Smart Pneumatic Co. Ltd (China) are the top players in the smart pneumatics market. Apart from these players, other companies contribute close to 30%–35% in the smart pneumatics market.
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