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 IoT 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 market is segmented into smart pneumatic valve, smart pneumatic market 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 Market.
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Key Players
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.
Market Segmentation
The worldwide market for smart pneumatics has been segmented on the basis of type, component and end-user.
With respect to the type, the smart pneumatic market has been considered for smart pneumatic valve, smart pneumatic actuator, and smart pneumatic module.
Component-based segments mentioned in the report are hardware and software. Hardware is further segmented into sensor and communication equipment. The software segment can be narrowed down to data integration software, diagnostic reporting, and parameter calculation.
Depending on the end-user, the smart pneumatic market caters to automotive, oil & gas, food & beverage, energy & power, and others.
Regional Insight
The smart pneumatics market has been studied in the key regions of North America, Asia Pacific (APAC), Europe, as well as the rest of the world (RoW).
Asia Pacific could achieve the top position in the worldwide smart pneumatics market during the review period. The market growth is in response to the rising adoption of smart manufacturing or Industry 4.0 across various industries. Also, surging focus on ideal asset application, strict government regulations for the workplace as well as personal safety works in favor of the market. Another growth-inducing factor in the market include the tight superiority control in the semiconductor, automotive, food & beverages and chemicals, industries.
The mounting awareness about predictive maintenance along with high penetration of digitization and IIoT is backing up the market growth in North America. Also, the need for wireless infrastructure to maintain and monitor equipment in plants is expected to benefit the regional market in subsequent years.
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The Europe market is gaining traction with the rising adoption of smart factors, which gives way to increasing use of pneumatic devices to control the flow mechanism of air within the pneumatic system. The advent of IIoT and industry 4.0 in the region also boost market growth.
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