Rising investments in Asia-Pacific and uptake of smart solutions augment growth opportunities
LONDON, Feb. 8, 2018 /PRNewswire/ -- Frost & Sullivan's latest analysis of the pneumatic valves and actuators market finds that Industrial Internet of Things (IIoT) adoption is expected to increase significantly due to rising energy costs and end-user demand for lower product costs, improved operational efficiency, and increased machine uptime. Frost & Sullivan predicts that heightened investment in Asia-Pacific, coupled with uptake in smart solutions such as wireless connectivity, remote monitoring, and predictive analytics, will augment growth opportunities
Frost & Sullivan's recent analysis, Global Pneumatic Valves and Actuators Market, Forecast to 2022, provides a strategic overview of growth drivers, restraints, product segments, and end-user industries. Market share and competitive analytics of key players such as SMC Corporation, Festo AG, Parker-Hannifin Corporation, IMI Precision Engineering, and Aventics GmbH are also given.
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"The increased price pressure on manufacturers stemming from intense competition from low-cost pneumatic equipment manufacturers, while challenging, should be viewed as an opportunity to enhance technical capabilities, adopt lean manufacturing techniques, and increase product diversity, especially through the development and promotion of energy-efficient and smart IIoT-compatible products and services," said Varun Raman, Mechanical Power Transmission Industry Analyst at Frost & Sullivan. "While IIoT adoption rates will differ based on the region and scope of the end user, the benefit in terms of improved energy and operational efficiency will remain an attractive proposition for all end users."
Raman recommends that manufacturers focus new product development strategies on reducing air and energy consumption since compressor air costs account for the majority of operating costs, and lower energy costs reduce the total cost of ownership.
Further strategic imperatives for growth in the pneumatic valves and actuators market include:
- Reducing the size and weight of the valves and making end users aware of correct sizing for various applications;
- Investing in 3D printing and additive manufacturing techniques to pave the way for customised mass-manufacturing;
- Recruiting and retaining skilled personnel along with acquiring new capabilities in system design and value-added services to exploit the anticipated rise in demand for smart products; and
- Geographically expanding and establishing new production facilities in China and the Asia-Pacific region to tap into lucrative markets.
"By increasing electronic integration in pneumatic valves and actuators, manufacturers can slow down the trend toward electrification," noted Raman. "The development of IIoT-compatible products with greater intelligence built into the valves and actuators can also reduce electric systems migration."
Global Pneumatic Valves and Actuators Market, Forecast to 2022 is part of Frost & Sullivan's global Mechanical Power Transmission Growth Partnership Service program.
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Global Pneumatic Valves and Actuators Market, Forecast to 2022
SOURCE Frost & Sullivan