According to
the new market research report "Smart Pneumatics Market by Component (Hardware, Software, and
Services), Type (Valves, Actuators, and Modules), Industries (Automotive, &
Beverage, Water & Wastewater, Oil & Gas), and Geography - Global
Forecast to 2023", The global smart pneumatics market as
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.
30 -
Tables
38 -
Figures
114 -
Pages
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).
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Brochure:
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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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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