Smart Pneumatics Market Statistics, Analysis and Growth by 2022-2030

Smart pneumatics market report share is projected to grow USD 4.6 billion by 2023, at a CAGR of 6.7% from 2018 to 2023.

Emerson Electric Co. (US), Festo AG & Co. KG (Germany), Parker Hannifin Corporation (US), Bimba Manufacturing Co. (US), Rotork plc (UK), Metso Corporation (Finland), and Thomson Industries, Inc. (US). are the major players operating in this market.

Market for smart pneumatic actuators is expected to grow at a higher rate during the forecast period.
Software and services component to witness the highest CAGR during the forecast period.
Software and services component to witness the highest CAGR during the forecast period.

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Smart Pneumatics Market Report Scope:

Report Attributes	Details
Market Size Value in 2018	USD 3.3 Billion
Revenue Forecast in 2023	USD 4.6 Billion
Growth Rate	6.7%
Base Year Considered	2017
Historical Data Available for Years	2016–2023
Forecast Period	2018–2023
Segments Covered	By Type, By Component, By Industry, and By Region
Region Covered	APAC, Europe, North America, RoW
Market Leaders	Festo AG & Co. KG (Germany)
Top Companies in North America	Emerson Electric Co. (US), Parker Hannifin Corporation (US), Bimba Manufacturing Co. (US)
Largest Growing Region	Asia Pacific
Largest Market Share Segment	Smart Pneumatic Actuators Segment
Highest CAGR Segment	Software and Services Segment
Largest Application Market Share	Automotive Application

Recent Developments

• In July 2018, Emerson Electric acquired Aventics GmbH (Germany) a global leader in smart pneumatics technologies that power machines and factory automation applications.
• In February 2018, Bimba Manufacturing was acquired by Norgren Ltd.’s IMI Precision Engineering business unit (US). This created a significant opportunity to enhance IMI Precision Engineering’s position in the US Industrial Automation market and grow the Bimba brand internationally.
• In December 2017, Thomson Industries launched smart actuators with integrated electronics, such as sensors and communications technologies, to meet the demand for improved connectivity, application flexibility, and cost efficiency as well as to build smart machines for factory automation applications.
• In March 2017, Festo launched the VTEM Motion Terminal–a system intended to help transform a pneumatic product into an Industry 4.0 component.