New York, June 22, 2023 (GLOBE NEWSWIRE) -- Persistence Market Research (PMR) states that the sales in the Smart Pneumatics Market in 2022 stood at US$ 3.4 billion. It is likely to surpass a 6.5% CAGR during the forecast period 2022 to 2032.
The market is set to reach a revenue of US$ 6.3 billion by 2032-end. Based on type, the actuator segment is projected to monopolize the global smart pneumatics industry during the forecast period. It is likely to expand at 6.4% CAGR from 2022 to 2032.
The smart pneumatic market has seen significant growth over the last few years. It is expected to continue to propel at a steady pace in the future. There are several trends and drivers behind the sizeable growth of this market.
One of the significant drivers of the smart pneumatic market is the growing demand for energy-efficient solutions. With the increasing focus on sustainable development, several sectors are now looking for solutions that can reduce their energy consumption and minimize carbon footprint.
Smart pneumatic systems offer such solutions by optimizing energy consumption through their sophisticated control systems.
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The increasing application of automation across diverse sectors is another crucial driver of the smart pneumatics market. Several enterprises are now relying on automation to improve their efficiency and productivity. Smart pneumatic systems play a vital role in these automated systems by providing precise control and feedback.
Integration with Industrial Internet of Things (IIoT) is also a significant trend in the smart pneumatics industry. Smart pneumatic systems can be integrated into the IIoT network, allowing them to share data with other systems and provide valuable insights into the overall operation of the plant. This can be achieved in real-time.
Advancements in sensor and control technology have also played a critical role in the growth of the smart pneumatic market. These advancements have enabled smart pneumatic systems to provide more accurate and precise control. It will lead to increased efficiency and reduced downtime.
There are also emerging applications of smart pneumatic systems, such as in the healthcare sector. Smart pneumatic systems can be used to control prosthetic limbs, providing great freedom of movement and comfort for patients.
Key Takeaways from the Smart Pneumatics Market Report:
- Smart pneumatics industry value is predicted to reach US$ 6.3 billion by 2032-end.
- Smart pneumatics sales in China are anticipated to accelerate at 8.0% CAGR through 2032 and beyond.
- The United Kingdom is set to hold the lion’s share in the Europe market and reach a valuation of US$ 159.3 million by 2032.
- Based on type, actuators segment is projected to exhibit at CAGR of 6.4% from 2022 to 2032.
- By end-user, automotive segment is expected to soar at 6.3% CAGR between 2022 and 2032.
“Increasing demand for Industrial Internet of Things (IIoT) is likely to drive demand in the target market during the forecast period. Manufacturers are working on introducing smart pneumatics solutions that cater to niche needs of automotive or medical manufacturers to stay competitive and increase their customer base.” - says a lead analyst at PMR
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Who is Winning?
Key players in include Parker Hannifin Corporation, Bimba Manufacturing Co. ,Rotork PLC, Thomson Industries Inc., Aventics GmbH, Cypress EnviroSystems Corp, Ningbo Smart Pneumatic Co. Ltd
Key manufacturers are also using analytics tools and platform that enable customer to monitor and optimize their pneumatic systems. Manufacturers might offer modular and customizable smart pneumatic products to cater to diverse customer needs.
Manufacturers are working on the development of smart pneumatics solutions that minimize energy consumption, reduce emission. They are also focusing on providing customized solutions tailored to specific industries and applications.
Recent developments:
- In May 2019, Emerson has released the AVENTICS Smart Pneumatics Monitor. A Smart Pneumatics Monitor, AS model air conditioning devices, and an iPad for displaying live data are included in the portable analyzer package. Within minutes, Emerson experts may demonstrate to a user how to use IIoT-enabled data to gain understanding of the devices they own.
More Insights Available
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the smart pneumatics market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study reveals segments segmented IC sockets market segmented by Type (Valve, Actuator, Module), by Component (Hardware and Software) by End-use (Automotive, Oil & Gas, Food & beverages, and Energy & power) and across various regions.
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