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",
published by MarketsandMarkets™, 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.
Ask for PDF Brochure:
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.
Browse in-depth
TOC on "Smart Pneumatics Market"
30 - Tables
39 - Figures
134 - 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).
Request Free Sample Report:
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.