Smart pneumatics market report share is projected to grow 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.
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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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.
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.
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.
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).
