Pneumatics is a well-established technology that is preferred for a wide variety of applications owing to its inherent simplicity, reliability, and safety. With the increasing popularity of Industry 4.0, pneumatic systems manufacturers are leveraging IoT to build smart systems. Smart pneumatics can be defined as any pneumatic equipment that incorporates sensors and communications technology to provide operational feedback to controller units. The global smart pneumatics market was valued at USD 3.3 billion in 2018 and is projected to reach USD 4.6 billion by 2023, at a CAGR of 6.7% from 2018 to 2023. Factors such as growing awareness toward predictive maintenance, penetration of digitization and IIoT, and need for wireless infrastructure to maintain/monitor equipment in plants are driving the growth of the smart pneumatics market.
Smart pneumatic actuators 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. Collected data enables 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.
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Software is an essential part of a smart pneumatics system; the raw data extracted via hardware components is collected, processed, and analyzed by software. A variety of software solutions are available in the market-working on different technologies but mostly featuring some common functions, such as data integration, diagnostic reporting, order tracking analysis, and parameter calculation. In smart pneumatic systems, software solutions are mostly integrated with hardware systems. Besides, manufacturers are focusing on offering monitoring services, in terms of extracting and analyzing the data. Thus, the software and services market is expected to grow at the highest CAGR during the forecast period.
The market for automotive industry applications is expected to grow at the highest CAGR from 2018 to 2023. The global automotive industry is witnessing significant growth in the number of units produced per day. A rising automobiles demand has encouraged manufacturers to monitor their plant machinery health effectively to ensure smooth production line operations. Smart pneumatic systems play a crucial role in ensuring efficient manufacturing processes. Automotive manufacturers are also adopting IIoT systems to increase energy efficiency and monitor asset condition. This is creating a huge potential for smart pneumatics in the automotive industry.
The smart pneumatics market in APAC is expected to grow at the highest CAGR during the forecast period. The growing adoption of smart manufacturing or Industry 4.0 in various industries is creating a huge demand for smart pneumatics in the region. Besides, factors like growing focus on optimum asset utilization; stringent government regulations for workplace and personal safety; and tight quality control in the automotive, semiconductor, chemicals, and food & beverages industries are driving the demand for smart pneumatic systems in APAC. China presents a huge potential for digital transformation of the manufacturing industry. The “Make in India” initiative aims to support the growth of manufacturing and warehousing sectors in India. These factors are propelling the growth of the smart pneumatics market in APAC.
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
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