Global Smart Pneumatics Market size was valued at US$ 3.55 Bn in 2019 and is expected to reach US$ 6.43 Bn by 2027 to exhibit a CAGR of 7.7 % during the forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global smart pneumatics market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by type, price, financial position, type portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global smart pneumatics market. The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis. Smart pneumatic systems used in industry are usually powered by compressed air or compressed inactive gases to transmit and control power. A pneumatic system organized through manual or automatic solenoid valves is selected once it delivers a lower cost, more flexible, or safer alternative to electric motors and actuators. Advantages of pneumatic tube system decrease personnel costs since errands are automated and the consistency of transport processes is increased. The growth of the smart pneumatic market is driven by penetration of digitization and IIoT because of the incorporation of IIoT allows companies to connect sensors used for observing parameters, like vibration, temperature, and noise. IIoT deals a single platform where companies can incorporate all the data, and process them as required. Also raising awareness toward predictive maintenance, need for wireless infrastructure to monitor tools in the plant and demand for smart pneumatics due to remote monitoring capabilities to improve production in the industries are boosting the growth of the market. However high primary investments in valve projects, shortage of common platform for ZigBee, Profibus, and Ethernet and nonexistence of standardized certifications and government policies are hampering the growth of the global smart pneumatics market. The key challenges to the progress to smart pneumatics market are the high cost of fabrication, duplication of technology and increasing security risks associated with the cloud platform. The smart pneumatic market is projected to generate many opportunities owing to technical inventions with better capabilities and initiation of artificial intelligence and machine learning. Software & Services segment is expected to grip the largest market share in the global market. Since software is an essential part of a smart pneumatic system because of the raw data extracted through hardware components is collected, processed, and examined by software. Mostly some common functions performed by software is data assimilation, diagnostic reporting, order tracking analysis, and parameter calculation. A range of software solutions are available in the market, working on dissimilar technologies are boosting the growth of the software and services segment in the global market. The actuator plays a vital role in the smart pneumatic systems because the collected data permit condition observing to determine if an actuator is executed as planned. The actuators segment holds the highest market share during the forecast period owing to its advantages such as speed force, end-of-travel, stroke length, and cycle time. Also pneumatic valves and actuators, the smart pneumatics market also contains modules or platforms that are used to monitor the process and efficiency of a system According to the regional smart pneumatics market analysis, in 2018 the Asia Pacific held the major share of the smart pneumatics market. Therefore the Asia Pacific is anticipated to dominate during the forecast period owing to the rising adoption of smart manufacturing or Industry 4.0 in many industries is making a huge demand for smart pneumatics in the region. Also increasing focus on ideal asset application, severe government regulations for the workplace and personal safety, and tight superiority control in the automotive, semiconductor, chemicals, and food & beverages industries are driving the demand for smart pneumatic systems in the Asia Pacific. The further developed market for industrial automation, advanced automation technology and the use of advanced manufacturing techniques in North America is contributed to the growth of the global smart pneumatics market.