Smart Pneumatics Market is Anticipated to Reach Significant Revenue by 2023

Posted by Tom C on February 21st, 2023

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 expansion of digitization and IIoT is responsible for this market's expansion. Companies may monitor their pneumatic systems in real time by connecting sensors for factors like vibration, temperature, and noise to the Internet thanks to the integration of IIoT. The IIoT provides businesses with a single platform where they can combine all the data and process it as needed. Additionally, the application of IIoT for condition monitoring and predictive maintenance can contribute to high uptime of crucial assets, especially those with unpredictable failure patterns. The market for smart pneumatics has a chance due to the growth in IIoT adoption.

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Top Companies in the Smart Pneumatics:

• 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).

Significant Market Growth in APAC:

In 2018, APAC had the greatest market share for smart pneumatics, followed by North America and Europe. There is a tremendous demand for smart pneumatics in the area due to the expanding use of smart manufacturing, or Industry 4.0, across many industries. The demand for smart pneumatic systems in APAC is also being driven by factors such as a growing emphasis on optimal asset utilisation, strict government regulations for workplace and personal safety, and strict quality control in the automotive, semiconductor, chemicals, and food & beverage industries. Global automakers including Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), as well as regional producers like Tata Motors (India) and Mahindra & Mahindra, choose the area as a manufacturing hub (India).

Rise of the market in the Automotive Industry:

The forecast period is expected to have the greatest CAGR in the automotive industry market. Growing demand for autos has compelled manufacturers to maintain effective plant machinery health monitoring to guarantee efficient production line operations. In order to ensure effective industrial operations, intelligent pneumatic systems are essential. IIoT technologies are being used by automakers to improve energy efficiency and track the health of their assets. As a result, the automobile industry is seeing a big potential for smart pneumatics.