Market Analysis
Smart Pneumatics Market Size was projected at USD 3.1 billion in 2022. The Smart Pneumatics market industry is projected to grow from USD3.3325 Billion in 2023 to USD 5.943439854 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.50% during the forecast period (2023 - 2032).
Drivers
Growing Awareness about Predictive Maintenance to Boost Market Growth
The growing awareness towards predictive maintenance is boosting market growth due to the emergence of industry 4.0 and also sophisticated smarter technologies. Preventive maintenance is performed to avoid downtimes in critical applications. Thus, the transition from preventive to predictive maintenance contributes significantly to the growth of the market.
Opportunities
Penetration of Digitalization and IIoT to offer Positive Market Opportunities
The penetration of digitalization and IIoT are likely to offer positive market opportunities during the forecast period. The integration of IIoT allows companies in connecting sensors used to monitor parameters like noise, temperature, and vibration to the internet and also monitor their pneumatic systems in real time. IIoT offers a single platform where companies will integrate all the data and process it as needed.
Restraints
Lack of Common Platform to act as Market Restraint
The lack of common platform for Ethernet, Profibus, and ZigBee may act as a market restraint over the forecast period as these devices can be integrated easily into wireless systems across the IoT industry through these gateways.
Market Segmentation
Smart Pneumatic Modules Type to Lead Smart Pneumatics Market
The smart pneumatics modules type segment will lead the market over the forecast period due to certain changes in the industry working process.
Hardware Component to Dominate Smart Pneumatics Market
The hardware component segment will dominate the market over the forecast period. Hardware components provided by smart pneumatics solution providers mainly comprise motion sensors, pressure sensors, and position sensors. These sensors together with communications technology are integrated into pneumatic systems like actuators and valves enabling them to be smart.
Challenges
Lack of Government Policies to act as Market Challenge
The lack of government policies and standardized certifications are likely to act as market challenges over the forecast period.
Smart Pneumatics Market to Benefit from COVID-19 Pandemic
The COVID-19 pandemic had a positive impact on the smart pneumatics market growth to some extent. Leading smart pneumatics manufacturer Festo has taken its social mandate in alleviating the corona crisis seriously by developing emergency ventilator with digital pneumatics, protective mask, and the construction of an emergency hospital.
Key Players
Leading smart pneumatics companies profiled in the global smart pneumatics equipment market report include Ningbo Smart Pneumatic Co. Ltd (China), Cypress EnviroSystems Corp (US), Aventics GmbH (Germany), Thomson Industries Inc. (US), Rotex Automation Limited (India), Rotork PLC (UK), Bimba Manufacturing Co. (US), Parker Hannifin Corporation (US), Festo Corporation (US), and Emerson Electric Co. (US), among others.
Automotive End User to Spearhead Smart Pneumatics Market
The increasing adoption of smart pneumatics to enhance efficiency in manufacturing process in automotive industry is driving the growth of the automotive segment. Besides, the increasing adoption of industrial of things application is also adding to the growth of the segment.
Regional Analysis
APAC to Have Lions Share in Smart Pneumatics Market
The Asia Pacific region will have the lions share in the market in the forecast period. The increased amount of smart factories and manufacturers setting-up their vase in Indonesia, China, and India, the availability of resources at lower prices encouraging manufacturers to invest in these regions, and companies investing in the development of smart pneumatic devices are adding to the global smart pneumatics industry growth in the region. Besides, the increasing adoption of smart manufacturing or industry 4.0 in various industries, stringent government regulations for personal safety and workplace, rising focus on optimum asset utilization, and tight quality control in the food and beverages industries, automotive, semiconductor and chemicals industries are also adding market growth.
Industry Updates
June 2021- Staubli has launched its new generation of CombiTac connector solutions. It is ideal for applications where tool-free, fast connections are required and where combinations of pneumatics, power, and electrical signals need to be integrated in a single modular connector.
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