PUBLISHER: The Business Research Company | PRODUCT CODE: 1428017
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428017
Smart pneumatics is the integration of pneumatic systems with digital technologies aimed at enhancing their operation, monitoring, and overall equipment control performance. Pneumatics utilizes compressed gas or air to generate power and regulate physical motion in various industrial applications.
The primary components of smart pneumatics include hardware, software, and services. Hardware refers to the tangible components or delivery systems that enable the storage and execution of written software instructions. In the context of smart pneumatics, hardware encompasses detecting, actuating, and regulating elements such as valves, actuators, and modules. These components are distributed through direct and indirect channels, serving industries such as oil and gas, energy and power, water and wastewater, automotive, semiconductor, and food and beverage.
The smart pneumatics research report is one of a series of new reports from The Business Research Company that provides smart pneumatics market statistics, including the smart pneumatics industry's global market size, regional shares, competitors with smart pneumatics market share, detailed smart pneumatics market segments, market trends and opportunities, and any further data you may need to thrive in the smart pneumatics industry. This smart pneumatics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart pneumatics market size has grown strongly in recent years. It will grow from $4.42 billion in 2023 to $4.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed in the historical period can be attributed to factors such as the demand for industrial automation, the emphasis on energy efficiency, the need for predictive maintenance solutions, the adoption of cost-effective technologies, and the rise of digital twins in the industrial sector.
The smart pneumatics market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period can be attributed to factors such as increasing healthcare expenditure, a rise in the geriatric population, the growth of healthcare infrastructure, and the emphasis on precision and durability in medical equipment. Key trends expected in the forecast period encompass the integration of artificial intelligence (AI), incorporation of edge computing, adoption of cloud-based solutions, implementation of cybersecurity measures, and the development of predictive diagnostics and health monitoring technologies.
The anticipated increase in the production of commercial vehicles is poised to drive the growth of the smart pneumatics market. Commercial vehicles, designed for transporting goods rather than passengers, incorporate smart pneumatics in essential systems such as braking, suspension, and gearboxes. This integration plays a crucial role in predictive maintenance, monitoring, and enhancing overall equipment effectiveness (OEE). Notably, the European Union witnessed a rise in commercial vehicle counts from 36 million in 2020 to 36.7 million in 2021, according to the European Automobile Manufacturers Association. Consequently, the heightened production of commercial vehicles propels the growth of the smart pneumatics market.
The growing adoption of the Internet of Things (IoT) is expected to be a driving force behind the smart pneumatics market. The IoT involves the integration of interconnected devices capable of collecting, exchanging, and utilizing data to enhance functionality and automate processes. In the context of smart pneumatics, IoT integration includes incorporating sensors and connectivity within pneumatic systems, enabling real-time monitoring, data analysis, and remote control. As per a report by Ericsson, global IoT connections reached 13.2 billion in 2022 and are projected to increase by 18% to 34.7 billion connections by 2028. Hence, the increasing adoption of IoT serves as a catalyst for the smart pneumatics market.
A notable trend in the smart pneumatics market is the emphasis on product innovation by major companies to maintain their market standing. For instance, in January 2021, Graco Inc., a US-based producer of fluid handling products, introduced the Intelligent Paint Kitchen (IPK) control for agitators and pumps with pneumatic motors. The IPK is a sophisticated network of sensors, actuators, and automation modules that collaborate to enhance paint accessibility and circulation. With features such as monitoring and controlling pump flow, pressure rates, and stirrer speed, IPK contributes to operational efficiency, reduced compressed air usage, and energy cost savings across various industries.
Major companies in the smart pneumatics market are directing their efforts towards technological advancements, particularly in IoT-integrated data communication devices, to improve control precision and optimize industrial automation processes. IoT-integrated data communication devices are interconnected smart devices capable of exchanging data over a network, facilitating seamless communication and information sharing. Emerson Electric Co., a US-based manufacturer of smart pneumatics monitors, introduced a new Class A IO-Link master in July 2022. This master unit enables digital data communication directly with the machine controller for pneumatic valve control, benefitting sectors such as automotive, tire manufacturing, food and beverage, packaging, and metalworking.
In March 2021, Ultra Clean Holdings Inc., a US-based semiconductor company, completed the acquisition of Ham-Let Ltd. for $351 million. This strategic acquisition enhances UCT's product offering by incorporating high-quality process instrumentation and flow control systems from Ham-Let Ltd., strengthening collaborative efforts to address challenges in the semiconductor industry. Ham-Let Ltd. is an Israel-based manufacturer in the hydraulics, pneumatics, pumps, and plumbing sector.
Major companies operating in the smart pneumatics market report are Cypress Envirosystems Inc., Siemens AG, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Eaton Corporation PLC, Emerson Electric Co., Parker Hannifin Corporation, Rockwell Automation Inc., Bosch Rexroth AG, SMC Corporation, Makita Corporation, Festo Inc., IMI Precision Engineering Ltd., SICK AG, AirTAC International Group, Rotork PLC, Camozzi Automation Spa, Ham-Let Group, CKD Corporation, Basso Industry Corp, Norgren Inc., Chicago Pneumatic Tool Co, Thomson Industries Inc., Clippard Instrument Laboratory Inc., Bimba Manufacturing Company, Advanced Pneumatics Inc.
Asia-Pacific was the largest region in the smart pneumatics market in 2023 and is expected to be the fastest-growing region in the smart pneumatics market report forecast period. The regions covered in the smart pneumatics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the smart pneumatics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart pneumatics market includes revenues earned by providing services such as remote monitoring, energy optimization, and performance optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart pneumatics market also includes sales of smart pressure regulators, smart pneumatic controllers, and smart pneumatic manifolds. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Pneumatics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart pneumatics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart pneumatics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart pneumatics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.