The global smart pneumatics market was worth USD 3.14 billion in 2017 and could touch the valuation of USD 4.76 billion by 2023, says Market Research Future (MRFR). It is projected to achieve a CAGR of 7.5% during the forecast period (2018-2023).
Market Boosters and Key Barriers
Smart pneumatic systems that form an integral part of any industry are generally powered by compressed air to transmit and control power. A pneumatic system that is organized using manual or automatic solenoid valves is chosen when it delivers a lower cost, highly flexible, or safer alternative to electric motors as well as actuators. Pneumatic tube systems help reduce personnel costs as the errands are automated, in addition to the surge in the consistency of transport processes.
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The smart pneumatic market has gained momentum in recent years with the penetration of digitization as well as IIoT as the latter’s incorporation lets the companies connect sensors to observe parameters such as temperature, noise, and vibration. IIoT helps enable a single platform where companies are able to incorporate all the data and then process them as needed. Apart from this, mounting awareness with regard to predictive maintenance and the need for wireless infrastructure to monitor tools within a plant benefits the global market.
With that said, nonexistence of standardized certifications could prove to be a challenge for the smart pneumatics market in the coming years. On the bright side, smart pneumatic market is brimming with a host of opportunities as the future can expect technical inventions with higher capabilities. In addition, initiation of artificial intelligence and machine learning could ensure the market growth is smooth in the near future.
Market Segmentation
The worldwide market for smart pneumatics has been segmented on the basis of type, component and end-user.
With respect to the type, the smart pneumatic market has been considered for smart pneumatic valve, smart pneumatic actuator, and smart pneumatic module.
Component-based segments mentioned in the report are hardware and software. Hardware is further segmented into sensor and communication equipment. The software segment can be narrowed down to data integration software, diagnostic reporting, and parameter calculation.
Depending on the end-user, the smart pneumatic market caters to automotive, oil & gas, food & beverage, energy & power, and others.
Regional Insight
The smart pneumatics market has been studied in the key regions of North America, Asia Pacific (APAC), Europe, as well as the rest of the world (RoW).
Asia Pacific could achieve the top position in the worldwide smart pneumatics market during the review period. The market growth is in response to the rising adoption of smart manufacturing or Industry 4.0 across various industries. Also, surging focus on ideal asset application, strict government regulations for the workplace as well as personal safety works in favor of the market. Another growth-inducing factor in the market include the tight superiority control in the semiconductor, automotive, food & beverages and chemicals, industries.
The mounting awareness about predictive maintenance along with high penetration of digitization and IIoT is backing up the market growth in North America. Also, the need for wireless infrastructure to maintain and monitor equipment in plants is expected to benefit the regional market in subsequent years.
The Europe market is gaining traction with the rising adoption of smart factors, which gives way to increasing use of pneumatic devices to control the flow mechanism of air within the pneumatic system. The advent of IIoT and industry 4.0 in the region also boost market growth.
Top Players
Bimba Manufacturing Co. (US), Parker Hannifin Corporation (US), Rotork PLC (UK), Emerson Electric Co. (US), Thomson Industries Inc. (US), Aventics GmbH (Germany), Festo Corporation (US), Rotex Automation Limited (India), Cypress EnviroSystems Corp (US), Ningbo Smart Pneumatic Co. Ltd (China) are the top players in the smart pneumatics market. Apart from these players, other companies contribute close to 30%–35% in the smart pneumatics market.
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The global smart pneumatics market is expected to exhibit a strong 7.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR).
Smart pneumatics is rapidly replacing conventional pneumatic devices due to this feature of simultaneous data recording and maintenance.
The data generation features also leads to more accurate monitoring of the faults in the machine in real time.
This has helped operators/engineers to locate the issues with exact precision and save time and cost of maintenance.One of the prime factors contributing to the growth of the smart pneumatics market is the increased advent of the Internet of Things (IoT) across industries.
The pneumatic systems used earlier in the industries were fast and reliable.
However, IIoT has further increased their capability by making the pneumatic devices generate data for analytical operations.
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.
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.
Smart pneumatic systems play a crucial role in ensuring efficient manufacturing processes.
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.
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.
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: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=113755556Smart 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.
These systems have witnessed significant adoption across food & beverages, automotive, semiconductor, and water and wastewater industries as they strive to reduce energy costs.
A rising automobiles demand has encouraged manufacturers to monitor their plant machinery health effectively to ensure smooth production line operations.
Market HighlightsAs the adoption of smart factories increases, the need for pneumatic devices especially pneumatic valves to control the flow mechanism of air in the pneumatic system.
Although the initial investment in implementing smart valves is quite high, various tier-1 companies have already adopted them for utilization in their manufacturing operations.
Industries are modifying their existing systems to include a pneumatic module which reduces the overall cost incurred to procure the components.
This results in the use of more hardware components in the discrete process.
This industry vertical is also expected to be the fastest growing in terms of utilizing smart pneumatics.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/7589Key PlayersThe key players in the smart pneumatics market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise.
Some of them are Emerson Electric Co. (US), Festo Corporation (US), Parker Hannifin Corporation (US), Bimba Manufacturing Co. (US), Rotork PLC (UK), Rotex Automation Limited (India), Thomson Industries Inc. (US), Aventics GmbH (Germany), Cypress EnviroSystems Corp. (US), Ningbo Smart Pneumatic Co. Ltd (China).
