Seattle, Feb. 05, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global pneumatic cylinder market is projected to exhibit an impressive CAGR of 3.0% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Pneumatic Cylinder Market:
Rising demand for robots by manufacturing industries for various applications is one of the main factors for growth of the market. Pneumatic cylinders are one of the key component of robots, as it works as a main motion power source. According to Robotic Industries Association, in 2015, a total number of 31,464 robots valued at US$ 1.8 billion were ordered by North American companies of different industries, which was an increase of 14% in units and 11% in revenue from previous year. Similarly, according to International Federation of Robotics, in 2015, the number of industrial robots sold was 20,105 units. Moreover, some of the European countries such as Italy, France, Spain, and the U.K. witnessed industrial robotic sales units of 6,700, 3,045, 3,800, and 1,645 respectively. Hence, increasing sales of robots in Europe is expected to accelerate growth of the pneumatic cylinder market in Europe during the forecast period.
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Increasing population is one of the major driving factors leading to rising construction activities, globally. For instance, according to Population Reference Bureau, in 2017, the total global population was 7,621 Mn up from 7,418 Mn in 2016. By 2030, the total global population is expected to reach 8,571 Mn. China, India, the U.S., Indonesia, and Brazil are some of the major populated countries in the world. For instance, according to the Population Reference Bureau, in 2017, the population of China was 1,387 Mn, in India 1,353 Mn, in the U.S. 325 Mn, in Indonesia 264 Mn, and in Brazil 208 Mn. Increasing population leads to rising need for new infrastructure, houses, and others, which accelerated demand for earth moving equipment, and in turn increased growth of the pneumatic cylinder market. Moreover, rising population in urban areas leads to high demand for commercial and residential constructions and infrastructures. For instance, according to the Chartered Institute of Building 2015 report, India needs to build 31,000 new houses per day over the next 15 years to meet the needs of rapidly growing urban population.
In addition to this, increasing government investment for infrastructure leads to high demand for earth moving equipment, which in turn accelerates growth of the pneumatic cylinder market. According to UAE Federal Budget 2017, the government released funds of US$ 381.2 Million (AED 1.4bn) for Sheikh Zayed Housing Program, and US$ 242.6 Million (AED 891 Mn) for Federal Ministry projects. Moreover, for power and water projects, the government released the fund of US$ 210 Mn (AED 771 Mn), which will be implemented by Federal Electricity & Water Authority (FEWA). Similarly, according to South Africa budget 2017, the government released fund of US$ 9.5 billion (R142.6 billion) for public transport, US$ 6.3 billion (R94.4 billion) for water resources and bulk infrastructure, and US$ 7.7 billion (R114.8 billion) for public housing.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 3.0% during the forecast period (2018–2026), owing to increasing demand for earth moving equipment for the development of new construction.
- Asia Pacific held the dominant position in the market in 2017, and is expected to retain its dominance throughout the forecast period. Increasing government investment for infrastructure leads to high demand for earth moving equipment, which in turn increases the pneumatic cylinder market. For instance, according to the India Brand Equity Foundation (IBEF), in the Union Budget 2018 – 2019, the government allocated US$ 92.22 billion for infrastructure. Similarly, in 2018, the China National Development and Reform Commission released a fund of US$11.4 billion for urban rail project for Changchun. In this project eight new rail lines will develop with a total length of 135.4 kilometers. In addition to this, rising mining production in this region increases demand for earth moving equipment. According to World Mining Congress, the mining production in Asia Pacific was 9.8 billion metric tons in 2016, and is expected to reach 11 billion metric tons by 2021. Furthermore, increasing adoption of robots by manufacturing industry is a major factor for growth of the market in Asia Pacific. According to International Federation of Robotics, in China, 68,556 multipurpose industrial robots were shipped in 2016, and projected to reach 160,000 units by 2019. This increasing adoption of multipurpose industrial robots, in turn creates conducive environment for growth of the pneumatic cylinder in the country.
- Some of the major players operating in the global pneumatic cylinder market include SMC Corporation, Festo, Parker Hannifin Corporation, Aventics, Aro (Ingersoll Rand), Univer Group, Camozzi, Metal Work, AirTac, and Ashun Fluid Power Co.