Smart Pneumatics Market - Global Forecast to 2023: Penetration of Digitization and IIot & Demand for Smart Pneumatics Due to Remote Monitoring Capabilities
DUBLIN, Feb. 21, 2019 /PRNewswire/ -- The "Smart Pneumatics Market by Component (Hardware, Software, and Services), Type (Valves, Actuators, and Modules), Industries (Automotive, Semiconductor, Food & Beverage, Water & Wastewater, Oil & Gas), and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Growing awareness about predictive maintenance is propelling the growth of smart pneumatics market
The global smart pneumatics market expected to grow at a CAGR of 6.7% from 2018 to 2023, reaching USD 4.6 billion by 2023 from USD 3.3 billion in 2018.
Smart pneumatic systems facilitate predictive maintenance through integrated diagnostics. For systems, such as valves, actuators, and cylinders, determining the state of wear from the outside is difficult; however, the addition of sensors and modules can provide information for analyzing the expected service life of systems. Preventive maintenance is carried out to avoid downtimes in critical applications. Therefore, the transition from preventive to predictive maintenance contributes significantly to the market's growth. However, the lack of standardized certifications and government policies is a major factor restraining the smart pneumatics market's growth.
Smart pneumatics market to be driven by hardware component during forecast period
The hardware components segment is expected to hold a significant share of the smart pneumatics market during the forecast period. Hardware components offered by smart pneumatics solution providers mainly include position sensors, pressure sensors, and motion sensors. These sensors, along with communications technology, are integrated into pneumatic systems, such as valves and actuators, enabling them to be smart. These devices are considered to be the main components of smart pneumatics systems. The data extracted by hardware components enable effective predictive maintenance to avoid costly downtime.
Smart pneumatic actuators expected to grow at a higher CAGR during the forecast period
The smart pneumatic actuator market is expected to witness significant growth during the forecast period. Smart actuators use sensors and other electronics to provide operational feedback (such as speed, force, end-of-travel, stroke length, and cycle time) to controllers. The collected data enable condition monitoring to determine if an actuator is performing as intended. By using such information, actuator performance can be optimized, saving end users time and money. Additionally, actuator failures can also be predicted and avoided.
Smart pneumatics market in APAC to witness the highest growth rate in the coming years
The smart pneumatics market in APAC is expected to grow at the highest CAGR from 2018 to 2023. APAC is a preferred manufacturing hub. China presents a huge potential for digital transformation of the manufacturing industry. Dense population, growing per capita income, large-scale industrialization, and urbanization, and increasing adoption of IoT are the factors driving the growth of the market in this region. India is the fastest-growing country in APAC.
The report profiles the key players in the smart pneumatics market and analyzes their market rankings. The prominent players profiled in this report are Emerson Electric Co. (US), Festo AG & Co. KG (Germany), Parker Hannifin Corporation (US), Bimba Manufacturing Co. (US), Rotork plc (UK), Metso Corporation (Finland), and Thomson Industries, Inc. (US).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Smart Pneumatics Market
4.2 Smart Pneumatics Market, By Type
4.3 Smart Pneumatics Market in North America, By Country and Industry
4.4 Smart Pneumatics Market, By Industry
4.5 Smart Pneumatics Market, By Country, 2018
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1 Growing Awareness Toward Predictive Maintenance
5.3.2 Penetration of Digitization and Iiot
5.3.3 Demand for Smart Pneumatics Due to Remote Monitoring Capabilities
5.3.4 Need for Wireless Infrastructure to Maintain/Monitor Equipment in Plants
5.3.5 Stringent Environmental and Safety Regulations in Energy Industry
5.4 Restraints
5.4.1 High Initial Investments in Valve Projects
5.4.2 Lack of Common Platform for Zigbee, Profibus, and Ethernet
5.4.3 Lack of Standardized Certifications and Government Policies
5.5 Opportunities
5.5.1 Technological Innovations With Improved Capabilities
5.5.2 Advent of Artificial Intelligence and Machine Learning
5.6 Challenges
5.6.1 High Cost of Fabrication
5.6.2 Duplication of Technology
5.6.3 Increasing Security Risks Associated With Cloud Platform
5.7 Industry Trends
5.7.1 Value Chain Analysis
6 Smart Pneumatics Market, By Component
6.1 Introduction
6.2 Hardware
6.2.1 Sensor
6.2.2 Communications Technology
6.3 Software and Services
6.3.1 Software
6.3.1.1 Data Integration
6.3.1.2 Diagnostic Reporting
6.3.1.3 Parameter Calculation
6.3.2 Services
7 Smart Pneumatics Market, By Type
7.1 Introduction
7.2 Smart Pneumatic Valves
7.3 Smart Pneumatic Actuators
7.4 Smart Pneumatic Modules
8 Smart Pneumatics Market, By Industry
8.1.1 Introduction
8.1.2 Oil & Gas
8.1.3 Energy & Power
8.1.4 Water & Wastewater
8.1.5 Automotive
8.1.6 Semiconductor
8.1.7 Food & Beverages
8.1.8 Others
8.1.9 Metal and Mining
8.1.10 Chemicals
8.1.11 Pharmaceuticals
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Rest of Europe
9.4 APAC
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of APAC
9.5 RoW
9.5.1 Middle East
9.5.2 South America
9.5.3 Africa
10 Competitive Landscape
10.1 Overview
10.2 Ranking Analysis, 2017
10.3 Competitive Situations and Trends
10.3.1 Product Launches and Developments
10.3.2 Acquisition, Collaborations, and Partnerships
10.3.3 Contracts, and Expansions
11 Company Profiles
11.1 Introduction
11.1.1 Emerson Electric
11.1.1.1 Overview
11.1.1.2 Products Offered
11.1.1.3 Recent Developments
11.1.1.4 SWOT Analysis
11.1.1.5 MnM View
11.1.2 Festo
11.1.3 Parker Hannifin
11.1.4 Bimba Manufacturing
11.1.5 Rotork
11.1.6 Mesto
11.1.7 Thomson Industries
For more information about this report visit https://www.researchandmarkets.com/research/27j4k2/smart_pneumatics?w=5
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