According to the new market research report "Smart Pneumatics Market
by Component (Hardware, Software, and Services), Type (Valves,
Actuators, and Modules), Industries (Automotive, Semiconductor, Food
& Beverage, Water & Wastewater, Oil & Gas), and Geography -
Global Forecast to 2023", The global smart pneumatics market
was valued at USD 3.3 billion in 2018 and is projected to reach USD 4.6
billion by 2023, at a CAGR of 6.7% from 2018 to 2023.
The growth of
this market can be attributed to the penetration of digitization and
IIoT. The integration of IIoT enables companies to connect sensors used
for monitoring parameters, such as vibration, temperature, and noise,
to the Internet and monitor their pneumatic systems in real time. IIoT
offers a single platform where companies can integrate all the data, and
process them as required. Moreover, the use of IIoT for condition
monitoring and predictive maintenance can help ensure high uptime of
critical assets, particularly those that have random failure patterns.
The increase in the adoption of IIoT presents an opportunity for the
smart pneumatics market.
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Smart Valves held largest share of smart pneumatics market in 2018
The smart pneumatics market, based on type, is led by
the “smart pneumatic valves” segment (in terms of size). Smart valves
incorporate sensors and other electronics to provide operational
feedback to a controller. Beside energy efficiency, smart valves also
promise enhanced connectivity. Condition monitoring provides useful
feedback about valve functionality, and users can take action if a valve
is not performing as intended. However, the real benefit of smart
valves is that they enable predictive maintenance. These systems have
witnessed significant adoption across food & beverages, automotive,
semiconductor, and water and wastewater industries as they strive to
reduce energy costs.
Market for automotive industry is likely to grow at higher CAGR during forecast period
The market for the automotive industry is expected to
witness the highest CAGR during the forecast period. A rising
automobiles demand has encouraged manufacturers to monitor their plant
machinery health effectively to ensure smooth production line
operations. Smart pneumatic systems play a crucial role in ensuring
efficient manufacturing processes. Automotive manufacturers are also
adopting IIoT systems to increase energy efficiency and monitor asset
condition. This is creating a huge potential for smart pneumatics in the
automotive industry.
APAC accounts for largest market size during forecast period
APAC held the largest share of the smart pneumatics
market in 2018, followed by North America and Europe. The growing
adoption of smart manufacturing or Industry 4.0 in various industries is
creating a huge demand for smart pneumatics in the region. Besides,
factors like growing focus on optimum asset utilization; stringent
government regulations for workplace and personal safety; and tight
quality control in the automotive, semiconductor, chemicals, and food
& beverages industries are driving the demand for smart pneumatic
systems in APAC. The region is a preferred manufacturing hub for global
automotive companies, such as Volkswagen (Germany), Toyota (Japan),
Renault-Nissan (Netherlands), and Daimler (Germany), as well as local
manufacturers, such as Tata Motors (India) and Mahindra & Mahindra
(India).
Speak to Analyst:
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.
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