The overall smart
pneumatics market is estimated to grow from USD 3.3 billion in
2018 to USD 4.6 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. The
growth of this market will be propelled by growing awareness about predictive
maintenance, penetration of digitization and IIoT, and need for wireless
infrastructure to maintain/monitor equipment in plants.
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Market for smart pneumatic actuators is expected to grow at a higher rate during the forecast period
The report
covers the smart pneumatics market
segmented by component, type, industry, and geographic region. The smart
pneumatic actuators segment is expected to hold the largest share of the market
by 2023. Smart pneumatic actuators use sensors and other electronics to provide
operational feedback (such as speed, force, end-of-travel, stroke length, and
cycle time) to controllers. The collected data enable condition monitoring to
determine if an actuator is performing as intended. Beside pneumatic valves and
actuators, the market also includes modules or platforms that are used to
monitor the operation and efficiency of a system. A module basically
communicates via an I/O link with sensors on pneumatic systems, through which
users can anticipate issues before they culminate to machine breakdowns.
Software and services component to witness the highest CAGR during the forecast period.
In the smart
pneumatics market, the software and services segment is expected to grow at the
highest growth rate during the forecast period. Software is an essential part
of a smart pneumatic system; the raw data extracted via hardware components is
collected, processed, and analyzed by software. A variety of software solutions
are available in the market, working on different technologies but mostly
featuring some common functions, such as data integration, diagnostic
reporting, order tracking analysis, and parameter calculation. Manufacturers
are focusing on offering monitoring services, in terms of extracting and
analyzing the data.
Automotive industry accounted for the largest market share during forecast period.
The
automotive industry accounted for the largest share of the smart pneumatics
market in 2018. The global automotive industry is witnessing significant growth
in the number of units produced per day. The machinery on the production floor
needs proper maintenance to shorten production cycles and increase production
output. 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.
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APAC to dominate the smart pneumatics market during forecast period
APAC held
the largest share of the smart pneumatics market in 2018. 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. Besides, North America is a mature
market for industrial automation. The region leads in terms of advanced
automation technology and the use of advanced manufacturing techniques. These
factors contribute to the growth of the market in this region.
Key Market Players
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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