Smart Pneumatics Market Comprehensive Study Explores Huge Revenue Scope in Future | Leading Key Players | Impact of COVID-19

 The global smart pneumatics market is expected to exhibit a strong 7.5% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global smart pneumatics market was valued at USD 3.14 billion in 2017 and is expected to reach a valuation of USD 4.76 billion by 2023. The global smart pneumatics market is studied in great detail in the report, which includes a detailed analysis of the market’s historical growth trajectory and present condition.

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Major trends operating in the global Smart Pneumatics Market are examined in the report. Based on this information, accurate and reliable projections for the market’s likely growth trajectory over the forecast period till 2023 are presented in the report. Leading drivers and restraints operating on the global smart pneumatics market are examined in the report. The impact of these major drivers and restraints on the global smart pneumatics market is examined in detail in the report. Thus, the major factors enabling the market’s growth are enlisted and profiled in the report. Leading players operating in the global smart pneumatics market are also profiled in the research report. The competitive landscape of the global smart pneumatics market is thus examined in detail in the report. The report also examines the impact of the COVID-19 pandemic on the global smart pneumatics market.

Smart pneumatics comprise of advanced pneumatic equipment that are capable of generating real-time data while the device is operating. This real-time data generation has helped engineers and device operators to know how each equipment operates under different conditions. Smart pneumatics are rapidly replacing conventional pneumatic devices due to this feature of simultaneous data recording and maintenance. The data generation features also leads to more accurate monitoring of the faults in the machine in real time. This has helped operators/engineers to locate the issues with exact precision and save time and cost of maintenance. Although the smart pneumatic systems are quite expensive, tier-1 manufacturers have already adopted these devices and are benefitting from its features. This is likely to lead to increased awareness about the benefits of smart pneumatics in the industrial sector, leading to more widespread adoption. 

One of the prime factors contributing to the growth of the smart pneumatics market is the increased advent of the Internet of Things (IoT) across industries. Industrial internet of things (IIoT) has taken over industrial components by adding smart systems in the existing ones. The pneumatic systems used earlier in the industries were fast and reliable. However, IIoT has further increased their capability by making the pneumatic devices generate data for analytical operations. This data has helped in maintaining energy efficiency, resulting in less cost to the manufacturers. Moreover, the increased awareness of industrial manufacturers about predictive maintenance is also boosting the market growth. However, the high amount of investment required for industrial valve projects and lack of universal standardization for smart pneumatic devices is limiting the market growth.

Competitive Leaderboard:

Leading players in the global smart pneumatics market include Ningbo Smart Pneumatic Co. Ltd., Cypress EnviroSystems Corp., Aventics GmbH, Thomson Industries Inc., Rotex Automation Ltd., Rotork plc, Bimba Manufacturing Co., Parker Hannifin Corporation, Festo Corporation, and Emerson Electric Co. 

Segmentation:

The global smart pneumatics market is segmented on the basis of type, component, end use, and region. 

By type, the global smart pneumatics market is segmented into smart pneumatic valve, smart pneumatic actuator, and smart pneumatic module. 

By component, the global smart pneumatics market is segmented into hardware and software. 

By end use, the global smart pneumatics market is segmented into automotive, oil and gas, food and beverage, energy and power, and others. 

Regional Analysis:

Asia Pacific is likely to dominate the global smart pneumatics market over the forecast period due to the increasing number of smart factories in the region. The increasing industrialization in emerging economies such as China, India, and several ASEAN countries is likely to be a major driver for the global smart pneumatics market over the forecast period.

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