February 22, 2022 07:59 ET | Source: Facts & Factors Facts & Factors
SAN FRANCISCO, United States, Feb. 22, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Smart Pneumatics Market by Component, Type, End-Use Industry, Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2028” in its research database.
“According to the latest research study, the demand of global Smart Pneumatics Market size & share was valued at approximately USD 3.76 Billion in 2020 and is estimated to grow a value of around USD 5.54 Billion in the year 2026, at a compound annual growth rate (CAGR) of about 6.70% during the forecast period 2021 to 2026.”
What is Smart Pneumatics? How big is the Smart Pneumatics Market?
Smart pneumatics is a modern pneumatic device that can generate real-time data while in use. This real-time data collection has aided engineers and device operators in understanding how each piece of equipment performs under various situations. Because of this capability of simultaneous recording and maintenance, smart pneumatics is increasingly replacing traditional pneumatic devices. It has also aided operators/engineers in pinpointing the actual problem, saving time and money on maintenance. Even though smart pneumatic systems are pricey, several tier-1 manufacturers have already embraced them and are reaping the benefits.
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Smart Pneumatics Market: COVID-19 Impact
The rising use of the Internet of Things (IoT) across sectors is one of the major reasons driving the growth of the smart pneumatics market. The industrial internet of things (IIoT) has taken over by integrating smart technology into conventional industrial components. Pneumatic systems were formerly used in industry because they were quick and dependable. The IIoT, on the other hand, has expanded its capabilities by allowing pneumatic equipment to provide data for analytical processes. This information has aided in the maintenance of energy efficiency, resulting in lower costs for producers. The IIoT and Industry 4.0 need smarter devices across the production spectrum, which may entail a major increase in the use of smart pneumatics. The market for smart pneumatics is projected to expand as manufacturers and end-users increasingly focus on energy efficiency to cut energy costs as part of a worldwide drive to minimize carbon footprint. The smart pneumatics market is predicted to grow as firms understand the need of creating smart pneumatic components to profit from the ever-evolving customer desire for energy-efficient goods.
Smart valves, which are fast-evolving varieties of smart pneumatics, are seeing widespread application throughout the automotive, food and beverage, water and wastewater, and semiconductor sectors, all of which are attempting to cut energy costs. Smart valves help to expedite various industrial processes by allowing for continuous monitoring and problem detection, which ensures that plants work at their best. Despite the fact that smart valve technology is still in its early stages of development, numerous end-users are adopting them into their systems because they increase plant efficiency, equipment monitoring, and process control. The increasing demand for minimal unexpected downtime necessitates the use of smart valves with remote diagnostic capabilities, which send out warning signals to the maintenance crew so they can resolve an issue before it affects the operation.
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The software and services sector of the smart pneumatics market is predicted to develop at the fastest rate during the forecast period. The raw data acquired via hardware components are gathered, processed, and analyzed by software, which is a crucial feature of a smart pneumatic system. On the market, there is a range of software solutions that run on various technologies but all have certain similar tasks, such as data integration, diagnostic reporting, order tracking analysis, and parameter computation. Manufacturers are concentrating on providing monitoring services, such as data extraction and analysis.
In 2020, the automotive industry held the highest proportion of the smart pneumatics market. The number of vehicles manufactured every day in the global automotive sector is increasing dramatically. To reduce production cycles and enhance productivity, the machinery on the manufacturing floor needs regular maintenance. Pneumatic systems intelligently play a critical part in ensuring that production processes run smoothly. IIoT solutions are also being used by automotive makers to improve energy efficiency and track asset status. In the automobile business, this opens up a lot of possibilities for smart pneumatics.
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In terms of value, Asia Pacific was the largest market for smart pneumatics in 2020. Smart pneumatics is now in high demand due to the adoption of smart manufacturing and Industry 4.0 in several industries. Increased demand for food, agricultural products, and chemicals, that use pneumatic equipment in their industrial plants, will result from the Asia-Pacific region's growing population, increasing industrialization, and rapid urbanization, particularly in developing countries like China and India. With the rising demand for oil and gas equipment, the demand for pneumatic components and measuring tools is high, and Japan plays a major role in supplying them.
The anticipated demand is for smart pneumatics components like smart pneumatic actuators and valves, which could generate a significant amount of revenue. Increased investments in new facilities in industries such as oil and gas, steel, electricity, and petrochemicals, as well as increased acceptance of worldwide safety standards and procedures, are expected to keep the market growing.
Major players operative in the global smart pneumatics market is Advanced Pneumatics, Aventics GmbH, Basso Industry Corp., Bimba Manufacturing, Bosch Rexroth, Chicago Pneumatic, Cypress EnviroSystems Corp, Delton Pneumatics, Eaton Corp., Emerson Electric, Festo, Gardner Denver, Ham-Let Group, Hitachi Koki, Ingersoll Rand Inc., Jiffy Air Tool, Kramer Air Tools Inc., Makita Corp., Mann+Hummel, Mesto, Metrolog, Mitsubishi Heavy Industries Ltd., Ningbo Smart Pneumatic Co. Ltd., P&F Industries, Parker Hannifin, Pneumatic Products, Rotex Automation Limited, Rotork, SMC Corp. of America, Solution Control and Engineering Co., Stanley Black & Decker Inc., The Smart Actuator Company, Thomson Industries, and VAC-U-MAX amongst others.
Browse the full report “Smart Pneumatics Market By Component (Hardware, Software, and Services), By Type (Smart Pneumatic Valves, Smart Pneumatic Actuators, Smart Pneumatic Modules), By End-Use Industry (Oil & Gas, Energy & Power, Water & Wastewater, Automotive, Semiconductor, Food & Beverage, and Others (Pharmaceuticals, Chemicals, and Metal & Mining)) By Region: Global & Regional Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026” at https://www.fnfresearch.com/smart-pneumatics-market
The global smart pneumatics market is segmented as follows:
Key Insights & Findings from the report:
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