Attractive Opportunities in Global Smart Pneumatics Market: Rise of Industrial IoT & Industry 4.0

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MarketsandMarkets Presents

Attractive Opportunities in Global Smart
Pneumatics Market Rise of Industrial IoT
Industry 4.0 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 https//www.marketsandma
rkets.com/Market-Reports/smart-pneumatics-market-1
13755556.html
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The overall smart pneumatics market is estimated
to grow from USD 3.3 billion in 2018 to USD 4.6
billion by 2023, at a CAGR of 6.7 from 2018 to
2023. The growth of this market will be propelled
by growing awareness about predictive
maintenance, penetration of digitization and
IIoT, and need for wireless infrastructure to
maintain/monitor equipment in plants. The use
of IIoT for condition monitoring and predictive
maintenance can help ensure high uptime of
critical assets, particularly those that have
random failure patterns. Browse 30 market data
Tables and 38 Figures spread through 114 Pages
and in-depth TOC on "Smart Pneumatics Market -
Global Forecast to 2023" Key Market
Players Emerson Electric Co. (US), Festo AG Co.
KG (Germany), Parker Hannifin Corporation (US),
Bimba Manufacturing Co. (US), Rotork plc (UK),
Metso Corporation (Finland), and Thomson
Industries, Inc. (US). are the major players
operating in this market.
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Market for smart pneumatic actuators is expected
to grow at a higher rate during the forecast
period The report covers the smart pneumatics
market segmented by component, type, industry,
and geographic region. The smart pneumatic
actuators segment is expected to hold the largest
share of the market by 2023. Smart pneumatic
actuators use sensors and other electronics to
provide operational feedback (such as speed,
force, end-of-travel, stroke length, and cycle
time) to controllers. The collected data enable
condition monitoring to determine if an actuator
is performing as intended. Beside pneumatic
valves and actuators, the market also includes
modules or platforms that are used to monitor the
operation and efficiency of a system. Ask PDF
Brochure https//www.marketsandmarkets.com/pdfdow
nloadNew.asp?id113755556 Software and services
component to witness the highest CAGR during the
forecast period In the smart pneumatics market,
the software and services segment is expected to
grow at the highest growth rate during the
forecast period. Software is an essential part of
a smart pneumatic 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.
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Automotive industry accounted for the largest
market share during forecast period The
automotive industry accounted for the largest
share of the smart pneumatics market in 2018. The
global automotive industry is witnessing
significant growth in the number of units
produced per day. The machinery on the production
floor needs proper maintenance to shorten
production cycles and increase production output.
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. Speak to Research Analysts https//www
.marketsandmarkets.com/speaktoanalystNew.asp?id11
3755556 APAC to dominate the smart pneumatics
market during forecast period APAC held the
largest share of the smart pneumatics market in
2018. 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. Besides, North America
is a mature market for industrial automation. The
region leads in terms of advanced automation
technology and the use of advanced manufacturing
techniques. These factors contribute to the
growth of the market in this region.
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