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Smart Pneumatics Global Market 2024 - Increasing Demand, Emerging Trends, Growth Opportunity And Outlook 2033
Smart Pneumatics Global Market
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According to The Business Research Company's, The smart pneumatics market size has grown strongly in recent years. It will grow from $4.42 billion in 2023 to $4.75 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to industrial automation demand, energy efficiency, demand for predictive maintenance, cost-effective solutions, rise of digital twins.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Smart Pneumatics Market 2024 Key Insights:
• 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%.
• Rising Commercial Vehicle Production Fuels Expansion Of The Smart Pneumatics Market
• Innovative Product Developments Driving Transformation In The Smart Pneumatics Market
• Asia-Pacific was the largest region in the smart pneumatics market in 2023 and is expected to be the fastest-growing region in the smart pneumatics market report forecast period
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