The overall smart pneumatics market is estimated to grow from USD 3.3 billion in 2018 to 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.
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Market for smart pneumatic actuators is expected to grow at a higher rate during the forecast period
The report covers the smart pneumatics market segmented by component, type, industry, and geographic region. The smart pneumatic actuators segment is expected to hold the largest share of the market by 2023. 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. The collected data enable condition monitoring to determine if an actuator is performing as intended. Beside pneumatic valves and actuators, the market also includes modules or platforms that are used to monitor the operation and efficiency of a system. A module basically communicates via an I/O link with sensors on pneumatic systems, through which users can anticipate issues before they culminate to machine breakdowns.
Software and services component to witness the highest CAGR during the forecast period.
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.
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. 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 to dominate the smart pneumatics market during forecast period
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.
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Key Market Players
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.