Smart Pneumatics Market Estimated to Grow with a Healthy CAGR During Period 2020-2030
Posted by Marvila Lit on December 9th, 2022
Smart Pneumatics Market Highlights
As 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. The growth of smart pneumatics market increases with the increased advent of IIoT and industry 4.0. 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. This has benefitted companies to reduce unusual maintenance costs.
On the basis of type, the Smart Pneumatics Market is segmented into smart pneumatic valve, smart pneumatic actuator, smart pneumatic module. Among these, the smart pneumatic modules are expected to be the highest growing segment owing to certain changes in the industry working process. 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. One of the exceptions from the process industry is the food & beverage industry where there is high utilization of smart pneumatic devices. This industry vertical is also expected to be the fastest growing in terms of utilizing smart pneumatics.
The 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). These players contribute significantly to market growth. Apart from the top key players, the other players contribute nearly 30%–35% in the smart pneumatics market.
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The Smart Pneumatics Market has been bifurcated into various segments that will help the market to achieve the highest CAGR during the Smart Pneumatics Market Forecast. The Smart Pneumatics Market key players have also helped in the segmentation which is as follows:
Based on the type, the smart pneumatic market has been segmented as follows:
Based on the component, the Smart Pneumatics Market is segmented as follows:
Based on the end-user, the smart pneumatic market has been segmented as follows:
Based on the region, the smart pneumatics market has been segmented as follows:
The market for smart pneumatics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart pneumatics market is studied for North America, Europe, Asia-Pacific, and the rest of the world (including the Middle East, Africa, and South America).
The smart pneumatics market is dominated by Asia-Pacific in terms of highest market share and is also expected to grow at the highest CAGR during the forecast period. Asia-Pacific has a significant concentration of component manufacturers, especially China. Moreover, there is an increase in the industrial applications of smart pneumatics in industries such as oil & gas, healthcare, aviation, and automotive. On the other hand, North America is estimated to hold the second largest market by 2023. Furthermore, North America is an early adopter in terms of industrial development and adoption of smart factories. In North America, the use of hardware is dominating the software by a huge margin. Moreover, North America has a rich concentration of discrete process manufacturing industries. The use of hardware components is more than that of software for discrete process manufacturing. However, the process industry is utilizing automation significantly, and software control for their manufacturing, which results in highest growth rate of software in North America.
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About the AuthorMarvila Lit
Joined: March 5th, 2020
Articles Posted: 118
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