The smart pneumatics market is estimated to grow from USD 3853.4 million in 2020 to USD 6321 million by 2027, at a CAGR of 7.3 % from 2020 to 2027. Smart pneumatics are advanced pneumatic equipment that are capable of generating real-time data while the device is operating. This real-time data generation has helped the engineers and device operators to know how equipment operates under different conditions. Smart pneumatics is rapidly replacing conventional pneumatic devices due to this feature of simultaneous record and maintenance.
It has also helped the operators/engineers to locate the exact issue and save time and cost of maintenance. Although the smart pneumatic systems are quite expensive, certain tier-1 manufacturers have already adopted these devices and are benefitting from its features.
One of the prime factors contributing to the growth of smart pneumatics market is the increased advent of the Internet of Things (IoT) across industries. Industrial internet of things (IIoT) has taken over the industrial components by adding smart systems in the existing ones. The pneumatic systems used earlier in the industries were fast and reliable. However, the IIoT has further increased their capability by making the pneumatic devices generate the data for analytical operations.
This data has helped in maintaining energy efficiency, resulting in less cost to the manufacturers. Moreover, the increased awareness of industrial manufacturers towards predictive maintenance is also boosting the market growth. However, the high amount of investment required for industrial valve projects and lack of universal standardization for smart pneumatic devices is limiting the market growth.
Growing application of smart pneumatics in different industries including automotive, software and services and many others has boosted the growth in the global smart pneumatics market. The use of smart pneumatics is high in automotive sector as it helps in making sure that the manufacturing process is carried out in efferent way. Automotive manufacturers are also adopting IoT systems with an objective to increase monitor asset condition and energy efficiency. This has created a huge growth potential for smart pneumatics in the automotive industry. Smart pneumatics has also found its application in software and services component at a high rate.
The key players in the smart pneumatics market are identified across all the major regions based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. Some of them are Emerson Electric Co. (US), Festo Corporation (US), Parker Hannifin Corporation (US), Bimba Manufacturing Co. (US), Rotork PLC (UK), Rotex Automation Limited (India), Thomson Industries Inc. (US), Aventics GmbH (Germany), Cypress EnviroSystems Corp (US), Ningbo Smart Pneumatic Co. Ltd (China).
With respect to geography, the global smart pneumatics market has covered North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Among these regions, Asia Pacific is expected to lead smart pneumatics market over the projected period. Increasing adoption of smart manufacturing or Industry 4.0 in various industries has created huge growth opportunity in this market. Moreover, stringent government regulations for workplace and personal safety, rising focus on optimum asset utilization, and tight quality control in the chemicals, semiconductor, automotive, and food & beverages industries are accelerating the growth for smart pneumatic systems in this region. On the other hand, North America is also expected to create potential growth in this market, as there is significant use in advanced automation technologies and manufacturing techniques.