Global Smart Pneumatics Market Set to Grow at a CAGR of 6.9% During 2019-2024

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Jan 07, 2020, 09:15 ET

DUBLIN, Jan. 7, 2020 /PRNewswire/ -- The "Smart Pneumatics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The smart pneumatics market is estimated to grow at a CAGR of 6.9% during the forecast period 2019 to 2024. One of the key theories driving the future of pneumatics is its overall equipment effectiveness, which is improved with a boosted understanding of machine systems and processes. While the focus is very much on the electronic and digital control of automated systems, this doesn't necessarily prevent a future for pneumatics, as many material elements of the pneumatic system are able to adapt their designs and processes to incorporate IIoT factors into their operation. Researchers are looking at advanced electronic data collection systems; for example, using thin foils. These foils could be attached as labels to a pneumatic cylinder, where they would gather usage and sensory data and transmit it wirelessly to a control network.

Growing awareness toward predictive maintenance is driving the market, due to the emergence of industry 4.0 and sophisticated smarter technologies. According to Accenture, predictive maintenance of assets is one matching area of focus, which saves up to 12 percent over scheduled repairs, reducing overall maintenance costs up to 30%, and eliminate breakdowns up to 70 percent. For fluid power systems, it means a whole new level of condition and remote monitoring, to the extent that maintenance personnel can determine whether some obstacles has occurred or not.

With sensory data flowing in both directions, old pneumatic processes are being renovated into smart pneumatic systems, with data communicated to higher-level controllers and distributed to local networks through pneumatic components such as smart actuators, smart valves. This integration incorporates in various end-users such as manufacturing, industrial, etc.

Key Market Trends

With an increasing demand for energy in the long term but quite unstable in the short term, the oil and gas industry is facing many challenges in its complete value chain and there is a need for major technological revolution or massive investment to improve safety, efficiency and competitiveness. Process instrumentation is an integral portion of any process industry as it allows real-time measurement and control of process variables such as levels, flow, pressure, temperature, pH, and humidity.
The expanding population, increasing industrialization, and rapid urbanization in the Asia-Pacific region, especially in developing countries, such as China and India will lead to the increasing demand for agricultural products, food, and chemicals, which use pneumatic equipment in their manufacturing plants.
Increased investments in new plants such as in oil and gas, steel, power, and petrochemicals, and rising adoption of international safety standards and practices are predicted to hold the market growth. This is the only region to register an oil and gas capacity growth in recent years and about four new refineries were added in the region, which has added about 750,000 barrels per day, to global crude oil production.
Also, the Cambodian government signed an agreement with the Japanese International Cooperation Agency to build a wastewater treatment plant in Dangkor district. The project focused to improve the drainage system in the district for wastewater to flow straight to the plant rather than river by investing USD 25 million. Such projects across this region are estimated to drive the market for smart valves and actuators.

Key Topics Covered:

1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis

5. MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Challenges

6. MARKET SEGMENTATION
6.1 By End User
6.2 By Geography

7. KEY VENDOR PROFILES

8. INVESTMENT ANALYSIS

9. FUTURE OF THE MARKET

Companies Mentioned

Azbil Corporation
Bimba Manufacturing Company (IMI PLC)
Emerson Electric Co.
Festo AG
Ham-Let Group
Metrolog Measurement Control Systems
Metso Corporation
Parker Hannifin Corporation
Rotork PLC
Solution Control and Engineering Co. Ltd

For more information about this report visit https://www.researchandmarkets.com/r/qaev3h

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