Dublin, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The global smart pneumatics market was valued at USD 3.13 billion in 2017 and is projected to reach USD 4.59 billion by 2023, at a CAGR of 6.7% from 2018 to 2023.
The advent of the Internet of Things (IoT) has given rise to the prefix smart within the industrial world. Pneumatics is a well-established technology that will continue to be favored for a wide variety of applications owing to its inherent safety in hazardous applications, simplicity, and reliability. However, for all its benefits, the technology requires improvement with respect to energy efficiency, especially when compared to competing technologies such as hydraulic or electric technologies.
With the rise of IIoT and Industry 4.0, smart pneumatics has assumed a greater importance today. Energy efficiency is a major focus for manufacturers and end users as they strive to reduce energy costs amid a global initiative to reduce carbon footprint. Manufacturers have realized that developing smart pneumatic components is necessary to address the current demand for energy-efficient products and to remain competitive in the market.
Smart pneumatic products are also effective in slowing down migration toward electric equipment and are adopted in end-user industries like automotive, semiconductor, food & beverages, and packaging. Within the context of the present pneumatic equipment market, 2 of the products that come under the purview of smart products include pneumatic valves and pneumatic actuators.
The overall smart pneumatics market has been segmented into components (hardware, software, and services), types (valves, actuators, and modules), industries, and geographic regions. One of the important features offered by smart pneumatic systems is condition-based maintenance, which is gaining traction across various industries as the most effective maintenance strategy. Smart pneumatics systems are primarily used in automotive, semiconductor, food & beverages, water & wastewater, oil & gas, energy & power, and others (pharmaceuticals, chemicals, metal, and mining), to obtain increased visibility into machine operations.
The pneumatic systems market is the parent market of the smart pneumatics market, which is growing at a steady pace. The growing awareness toward predictive maintenance, penetration of digitization and IIoT, and need for wireless infrastructure to maintain/monitor equipment in plants are expected to drive the market's growth in the near future. Currently, APAC is the major market for smart pneumatics and is expected to grow at an impressive CAGR during the forecast period.
The value chain of the smart pneumatics market consists of 4 stages: R&D; component providers, manufacturers, system integrators, and distributors; end users; and post-sales services. The major value addition takes place during the component procuring and product manufacturing stages.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in Smart Pneumatics Market
4.2 Smart Pneumatics Market, By Type
4.3 Smart Pneumatics Market in North America, By Country and Industry
4.4 Smart Pneumatics Market, By Industry
4.5 Smart Pneumatics Market, By Country, 2018
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1 Growing Awareness Toward Predictive Maintenance
5.3.2 Penetration of Digitization and Iiot
5.3.3 Demand for Smart Pneumatics Due to Remote Monitoring Capabilities
5.3.4 Need for Wireless Infrastructure to Maintain/Monitor Equipment in Plants
5.3.5 Stringent Environmental and Safety Regulations in Energy Industry
5.4 Restraints
5.4.1 High Initial Investments in Valve Projects
5.4.2 Lack of Common Platform for Zigbee, Profibus, and Ethernet
5.4.3 Lack of Standardized Certifications and Government Policies
5.5 Opportunities
5.5.1 Technological Innovations With Improved Capabilities
5.5.2 Advent of Artificial Intelligence and Machine Learning
5.6 Challenges
5.6.1 High Cost of Fabrication
5.6.2 Duplication of Technology
5.6.3 Increasing Security Risks Associated With Cloud Platform
5.7 Industry Trends
5.7.1 Value Chain Analysis
6 Smart Pneumatics Market, By Component
6.1 Introduction
6.2 Hardware
6.2.1 Sensor
6.2.2 Communications Technology
6.3 Software and Services
6.3.1 Software
6.3.1.1 Data Integration
6.3.1.2 Diagnostic Reporting
6.3.1.3 Parameter Calculation
6.3.2 Services
7 Smart Pneumatics Market, By Type
7.1 Introduction
7.2 Smart Pneumatic Valves
7.3 Smart Pneumatic Actuators
7.4 Smart Pneumatic Modules
8 Smart Pneumatics Market, By Industry
8.1.1 Introduction
8.1.2 Oil & Gas
8.1.3 Energy & Power
8.1.4 Water & Wastewater
8.1.5 Automotive
8.1.6 Semiconductor
8.1.7 Food & Beverages
8.1.8 Others
8.1.9 Metal and Mining
8.1.10 Chemicals
8.1.11 Pharmaceuticals
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 France
9.3.4 Rest of Europe
9.4 APAC
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of APAC
9.5 RoW
9.5.1 Middle East
9.5.2 South America
9.5.3 Africa
10 Competitive Landscape
10.1 Overview
10.2 Ranking Analysis, 2017
10.3 Competitive Situations and Trends
10.3.1 Product Launches and Developments
10.3.2 Acquisition, Collaborations, and Partnerships
10.3.3 Contracts, and Expansions
11 Company Profiles
11.1 Introduction
11.1.1 Emerson Electric
11.1.1.1 Overview
11.1.1.2 Products Offered
11.1.1.3 Recent Developments
11.1.1.4 SWOT Analysis
11.1.1.5 MnM View
11.1.2 Festo
11.1.3 Parker Hannifin
11.1.4 Bimba Manufacturing
11.1.5 Rotork
11.1.6 Mesto
11.1.7 Thomson Industries
For more information about this report visit https://www.researchandmarkets.com/research/3sx65g/global_smart?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.