Global Smart Pneumatics Market to Soar at 4.20% CAGR between 2020 and 2027

October 30 03:10 2020
Global Smart Pneumatics Market to Soar at 4.20% CAGR between 2020 and 2027
GLOBAL SMART PNEUMATICS MARKET SIZE STUDY, BY COMPONENT (HARDWARE AND SOFTWARE & SERVICE), BY TYPE (SMART PNEUMATIC VALVES, SMART PNEUMATIC ACTUATORS AND SMART PNEUMATIC MODULES), BY INDUSTRY (OIL & GAS, ENERGY & POWER, WATER & WASTEWATER, AUTOMATIC, SEMICONDUCTOR, FOOD & BEVERAGE AND OTHERS) AND REGIONAL FORECASTS 2020-2027

Report Ocean has recently published a new research study on the global smart pneumatics market. According to the study, the market is expected to exhibit strong growth potential over the period from 2020 to 2027. The report is titled “Global Smart Pneumatics Market Size study, by Component (Hardware and software & service), by Type (Smart pneumatic valves, Smart pneumatic actuators and Smart pneumatic modules), by Industry (Oil & Gas, Energy & Power, Water & Wastewater, Automatic, Semiconductor, Food & Beverage and Others) and Regional Forecasts 2020-2027” and it has been prepared by carrying out an in-depth assessment of this market based on its past and current performance and future prospects.

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The global smart pneumatics market was valued approximately at US$2.19 bn in 2019. It is anticipated rise at a CAGR of more than 4.20% over the period of 2020-2027. The rapid rise in water and wastewater industries is the key factor behind the significant progress of this market. As per the International Wastewater association, wastewater flow rate is projected to reach 61,000 m3 per day in Aqaba by the end of 2030, tendering to expand the treatment capacity to about 70,000 m3 per day. In Bangkok, the wastewater treatment capacity of more than 12,000 m3 per day is initiated by 2030.

The increasing awareness about the benefits of a pneumatic system, such as low cost, more flexibility, and safe alternative to electric motors and actuators, has made smart pneumatics quite popular among consumers. The rising penetration of digitalization and the industrial Internet of Things (IoT) is projected to boost the market’s growth over the forthcoming years. However, the high initial investment in valve projects may hamper it in the near future.

The research report also presents a regional assessment of the global smart pneumatics market. As per the study, the market is distributed among Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America has been leading the global market and is projected to continue to lead over the next few years. The presence of stringent environmental and safety regulations in the energy industry is boosting the North America market for smart pneumatics. Among other regional markets, Asia Pacific is projected to witness high rise, thanks to augmenting awareness towards predictive maintenance over the next few years.

Impact of Covid 19 on Global Smart Pneumatics Market

The global smart pneumatics market has been hit hard by the global spread of Coronavirus. Many end-use industries, such as water and watershed, energy and power, and oil and gas, have stopped functioning for now, which has affected the demand for smart pneumatics and, in turn, reflected negatively on this market. However, with industries gradually coming back to work, the momentum in this market is also projected to return soon.

Key Findings:

  • North America has been leading the global market and is projected to continue to lead over the next few years.
  • Asia Pacific is projected to witness high rise, thanks to augmenting awareness towards predictive maintenance over the next few years.

The global smart pneumatics market is segmented into:

By Component

  • Hardware
  • Software and service

By Type

  • Smart pneumatic valves
  • Smart pneumatic actuators
  • Smart pneumatic modules

By Industry

  • Oil & gas
  • Energy & power
  • Water & wastewater
  • Automatic
  • Semiconductor
  • Food & beverage
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Rest of the World

Companies Mentioned in the Report

  • Emerson Electric
  • Festo
  • Parker Hannifin
  • Bimba Manufcatruing
  • Rotork
  • Mesto
  • Thomson Industries
  • Siemens Ltd.
  • General Electric
  • Metso Corporation

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