Smart Pneumatics Market Size, Share, Industry Outlook & Global Forecast to 2023

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MarketsandMarkets Presents

Smart Pneumatics Market Size, Share, Industry
Outlook Global Forecast to 2023 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.marketsandmarkets.co
m/Market-Reports/smart-pneumatics-market-113755556
.html
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According to the new market research
report "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", published by
MarketsandMarkets, 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. The growth of
this market can be attributed to the penetration
of digitization and IIoT. The integration of IIoT
enables companies to connect sensors used for
monitoring parameters, such as vibration,
temperature, and noise, to the Internet and
monitor their pneumatic systems in real time.
IIoT offers a single platform where companies can
integrate all the data, and process them as
required. Moreover, 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. The increase in the adoption of IIoT
presents an opportunity for the smart pneumatics
market. Browse 30 market data Tables and 38
Figures spread through 114 Pages and in-depth TOC
on "Smart Pneumatics Market - Global Forecast to
2023"
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Smart Valves held largest share of smart
pneumatics market in 2018  The smart pneumatics
market, based on type, is led by the "smart
pneumatic valves" segment (in terms of size).
Smart valves incorporate sensors and other
electronics to provide operational feedback to a
controller. Beside energy efficiency, smart
valves also promise enhanced connectivity.
Condition monitoring provides useful feedback
about valve functionality, and users can take
action if a valve is not performing as intended.
However, the real benefit of smart valves is that
they enable predictive maintenance. These systems
have witnessed significant adoption across food
beverages, automotive, semiconductor, and water
and wastewater industries as they strive to
reduce energy costs. Ask PDF Brochure https//ww
w.marketsandmarkets.com/pdfdownloadNew.asp?id1137
55556 Market for automotive industry is likely
to grow at higher CAGR during forecast
period  The market for the automotive industry is
expected to witness the highest CAGR during the
forecast period. 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.
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APAC accounts for largest market size during
forecast period  APAC held the largest share of
the smart pneumatics market in 2018, followed
by North America and Europe. 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. The
region is a preferred manufacturing hub for
global automotive companies, such as Volkswagen
(Germany), Toyota (Japan), Renault-Nissan
(Netherlands), and Daimler (Germany), as well as
local manufacturers, such as Tata Motors (India)
and Mahindra Mahindra (India). Request Free
Sample Pages https//www.marketsandmarkets.com/re
questsampleNew.asp?id113755556 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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