Press release
Smart Pneumatics Market Research, Size, Forecast to 2033: A Comprehensive Analysis
Smart Pneumatics Market
The smart pneumatics market size is expected to see strong growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing healthcare expenditure, rise in geriatric population, growing healthcare infrastructure, precision and durability. Major trends in the forecast period include artificial intelligence (ai) integration, edge computing integration, cloud-based solutions, cybersecurity measures, predictive diagnostics and health monitoring.
Market Overview -
Smart pneumatics is the combination of pneumatic systems with digital technologies to improve their operation, monitoring, and control of overall equipment performance. Pneumatics uses compressed gas or air to move power and regulate physical motion in various industrial applications.
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Rising Commercial Vehicle Production Fuels Expansion Of The Smart Pneumatics Market
Increased production of commercial vehicles is expected to propel the growth of the smart pneumatics market. A commercial vehicle is permitted to transport materials or goods rather than passengers. Commercial vehicles utilize smart pneumatics in their braking, suspension, and gearbox systems to play a significant role in predictive maintenance, monitoring, and improving overall equipment effectiveness (OEE). For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based major automotive industry establishing standards and lobbying organization, commercial vehicle counts in the European Union climbed from 36 million in 2020 to 36.7 million in 2021. Therefore, the increased production of commercial vehicles is driving the growth of the smart pneumatics market.
Competitive Landscape -
Major companies operating in the smart pneumatics market report are Cypress Envirosystems Inc., Siemens AG, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Eaton Corporation plc, Emerson Electric Co., Parker Hannifin Corporation, Rockwell Automation Inc., Bosch Rexroth AG, SMC Corporation, Makita Corporation, Festo Inc., IMI Precision Engineering Ltd., SICK AG, AirTAC International Group, Rotork plc, Camozzi Automation Spa, Ham-Let Group, CKD Corporation, Basso Industry Corp, Norgren Inc., Chicago Pneumatic Tool Co, Thomson Industries Inc., Clippard Instrument Laboratory Inc., Bimba Manufacturing Company, Advanced Pneumatics Inc.
Innovative Product Developments Driving Transformation In The Smart Pneumatics Market
Product innovation is a key trend gaining traction in the smart pneumatics market. Major companies operating in the smart pneumatics market are developing innovative products to sustain their position in the market. For instance, in January 2021, Graco Inc., a US-based producer of fluid handling goods and systems, launched Intelligent Paint Kitchen (IPK) control for agitators and pumped with pneumatic motors. The Intelligent Paint Kitchen is an innovative network of sensors, actuators, and automation modules that can interact with one another to enhance paint accessibility and circulation. IPK's capability of monitoring and controlling pump flow, pressure rates, and stirrer speed can help numerous industries operate efficiently, utilize less compressed air, and save energy costs.
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Key Segments -
The smart pneumatics market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Distribution Channel: Direct, Indirect
3) By Industry: Oil And Gas, Energy And Power, Water And Wastewater, Automotive, Semiconductor, Food And Beverage
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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