CHICAGO, January 24, 2019
CHICAGO, January 24, 2019 /PRNewswire/ --
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. The integration of IIoT enables companies to connect sensors used for monitoring parameters, such as vibration, temperature, and noise, to the Internet and monitor their pneumatic systems in real time. IIoT offers a single platform where companies can integrate all the data, and process them as required. 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.
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Smart 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. Beside energy efficiency, smart valves also promise enhanced connectivity. Condition monitoring provides useful feedback about valve functionality, and users can take action if a valve is not performing as intended. However, the real benefit of smart valves is that they enable predictive maintenance. These systems have witnessed significant adoption across food & beverages, automotive, semiconductor, and water and wastewater industries as they strive to reduce energy costs.
Market for automotive industry is likely to grow at higher CAGR during forecast period
The market for the automotive industry is expected to witness the highest CAGR during the forecast period. A rising automobiles demand has encouraged manufacturers to monitor their plant machinery health effectively to ensure smooth production line operations. 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.
Browse in-depth TOC on "Smart Pneumatics Market"
30 - Tables
39 - Figures
134 - Pages
APAC accounts for largest market size during forecast period
APAC held the largest share of the smart pneumatics market in 2018, followed by North America and Europe. 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. The region is a preferred manufacturing hub for global automotive companies, such as Volkswagen (Germany), Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), as well as local manufacturers, such as Tata Motors (India) and Mahindra & Mahindra (India).
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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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