Vancouver, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global smart pneumatics market size is expected to reach USD 8.46 Billion in 2032 and register a steady revenue CAGR of 6.8% during the forecast period, according to latest analysis by Emergen Research. Rising demand for smart pneumatics in the Food & Beverage sector is primary key factor driving market revenue growth. Pneumatic systems are easier to operate and provide less risk to operators and maintenance personnel because these have fewer moving parts. Pneumatics technology is clean and dependable, as well as safe and simple to maintain, which incorporates design elements that improve performance and reduce costs.
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In addition, rising awareness regarding predictive maintenance is another key factor driving revenue growth of the market. Companies can optimize maintenance schedules, prevent unplanned downtime, and extend the lifespan of pneumatic systems by recognizing maintenance needs in advance. Predictive maintenance that is effective aids in performance optimization by revealing issues that contribute to inefficient equipment operation. This allows for concentrated maintenance, which saves money on unnecessary inspections and repairs, while also allowing for early intervention to avoid big and difficult problems later, hence driving market revenue growth.
However, high initial installation cost is a key factor, which could restrain market revenue growth. The price of procuring smart components, sensors, and controllers, and integrating with existing infrastructure is expensive, especially for small businesses with restricted finances.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 4.40 Billion |
| CAGR (2023–2032) | 6.8% |
| Revenue Forecast To 2032 | USD 8.46 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, type, industry, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Emerson Electric Co, Festo Inc., PARKER HANNIFIN CORP, Rotork, Metso, Thomson Industries, Inc., Rotex SOV, NINGBO SMART PNEUMATIC CO., LTD, VAC-U-MAX, and Stanley Black & Decker, Inc. |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global smart pneumatics market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Emerson Electric Co.
- Festo Inc.
- Parker Hannifin Corp.
- Rotork
- Metso
- Thomson Industries, Inc.
- Rotex SOV
- Ningbo Smart Pneumatic Co., Ltd.
- VAC-U-MAX
- Stanley Black & Decker, Inc.
Strategic Development
- On 5 February 2023, AVEVA announced the introduction of its latest AVEVA Predictive Analytics software update, which is designed for predictive monitoring of industrial assets in the O&G, power, chemicals, mining and minerals, and manufacturing industries. The software assists industrial operators in achieving the greatest levels of asset reliability and performance while boosting sustainability and increasing staff efficiency. This software release substantially simplifies the deployment, validation, maintenance, and clear interpretation of predictive model results, allowing asset stakeholders to make better, more timely, and informed decisions to boost profitability.
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Some Key Highlights From the Report
- The hardware segment accounted for largest revenue share in the global smart pneumatics market in 2022. The hardware segment is further segmented into sensor and communications technology. This is due to rising demand for pneumatic pressure sensors, which are used to detect and monitor compressed air/gas pressure levels in a system utilizing a range of electrical devices. These pressure sensors work as transducers, generating an electrical signal proportionate to the output pressure being measured. Pressure levels must always be maintained, accurately, and carefully monitored, due to which sensors are crucial in applications such as automotive, medical, industrial, and building systems.
- The smart pneumatic actuators segment is expected to register steadily fast revenue growth rate in the global smart pneumatics market during the forecast period. This is due to rising demand for pneumatic actuators since these provide mechanical motion to an application through the compression of atmospheric air. These have few moving parts and are therefore highly durable because pneumatic actuators are powered by compressed air. In addition, these can work under steady pressure while sustaining extremely little wear and tear over time. Moreover, when utilized in linear motion control applications, pneumatic actuators can produce great force and fast movement rates owing to the device's use of air pressure and flow, hence driving revenue growth of this segment.
- The Oil & Gas (O&G) segment is expected to account for significantly large revenue share in the global smart pneumatics market during the forecast period. This is because remote O&G processes are monitored and controlled using IoT sensors, reducing downtime and increasing safety. IoT sensors can also predict when equipment will fail, allowing businesses to schedule maintenance before a breakdown occurs. As a result, these reduce the number of times emergency repairs are required while also prolonging equipment lifespan, saving businesses money.
- The Asia Pacific market accounted for largest revenue share in the global smart pneumatics market in 2022 due to rising awareness regarding predictive maintenance. In addition, increasing use of industrial automation across a wide range of industries, such as manufacturing, automotive, and electronics, is another factor driving market revenue growth of this region during the forecast period. Connected technology is used in smart pneumatics to enhance the system and combat the ever-present issue of leakage.
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For the purpose of this report, Emergen Research has segmented the smart pneumatics market on the basis of component, type, industry, and region:
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Hardware
- Sensor
- Communications Technology
- Software and Services
- Software
- Data Integration
- Diagnostic Reporting
- Parameter Calculation
- Services
- Software
- Hardware
- Type Outlook (Revenue, USD Billion; 2019–2032)
- Smart Pneumatic Valves
- Smart Pneumatic Actuators
- Smart Pneumatic Modules
- Industry Outlook (Revenue, USD Billion; 2019–2032)
- Oil & Gas (O&G)
- Energy & Power
- Water & Wastewater
- Automotive
- Semiconductor
- Food & Beverage (F&B)
- Others
- Metal and Mining
- Chemicals
- Pharmaceuticals
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of Middle East & Africa
- North America
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