FMI Study States Global Pneumatic Actuator Market Size Projected to Surpass USD 26.51 Billion by 2033, With a 4.8% CAGR

The projected trajectory for the global pneumatic actuator market suggests substantial growth, with an anticipated value of USD 16.64 billion by 2023. Furthermore, from 2023 to 2033, an upward trend characterized by a gradual yet consistent compound annual growth rate (CAGR) of 4.8% is expected to propel the market forward. By 2033, this momentum is forecasted to culminate in a market valuation of USD 26.51 billion, reflecting the enduring demand and evolving landscape of pneumatic actuation technologies.

Pneumatic actuators have become more used in a range of areas, including industrial automation, offshore, and transportation. Despite the market's challenges in 2020 during the Covid-19 period, a gradual recovery of major applications was noticed in order to rebuild market momentum.

According to Future Market Insights (FMI), the United States, Germany, India, China, and a few other nations will emerge as profitable, while 20+ countries will have a positive market outlook during the forecast period.

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Key Takeaways:

Sales of pneumatic actuators surged rapidly over the past decade with the surge in for rack & pinion and scotch yoke type of pneumatic actuators. Various advancements in the manufacturing sector and expansion of key application sectors such as mining, transportation, and others further propelled growth in the market.

According to FMI studies, the global pneumatic actuator market expanded at over 3.1% CAGR during the last 5 years from 2018 to 2022. As the prominent application sectors are gaining traction the demand for pneumatic actuators is subject to see an opulent growth creating ample opportunities for the key players.

There is a reasonable increase witnessed in the demand for double-acting type pneumatic actuators which is further bolstering the growth of suppliers. According to FMI, the global pneumatic actuator market is set to ascend at over 4.8% CAGR through 2033.

The pneumatic actuators are basically mechanical devices that use compressed air in order to convert energy into mechanical motion. Due to its widespread application in the transportation sector, the accelerating recovery in this sector is expected further push the demand-supply graph for pneumatic actuators upward in the coming years.

Competitive Landscape:

SMC Corporation, ABB Ltd., Elfor Controls Srl, Habonim Industrial Valves & Actuators Ltd., Johnson Controls Inc., Parker Hannifin Corp, Metal Works SPA, IMI Precision- Norgren, Camozzi SPA, Bosch Rexroth AG, Flowserve Corporation, Omal S.P.A, Air Torque S.P.A, Emerson Electric Co. Ltd., Actreg S.A., Bray International Inc., Enoglass Bonomi S.P.A., Metalurgica Varb, Festo AG & Co. KG, Rotark Plc are some of the key companies profiled in the full version of the report.

The global pneumatic actuators market is highly competitive and thriving on the revenues of the leading players. In order to capitalize on the new opportunities, key pneumatic actuator market players are launching quality products more frequently.

More Insights into the Pneumatic Actuator Market:

The United States has emerged as a dominant market in the North American region over the past decade and is expected to maintain its dominance throughout the forecast period. Highly advanced industrial automation, transportation, and offshore sectors are boosting the sales of pneumatic actuators in the U.S.

The European market is anticipated to showcase bolstering growth in the global pneumatic actuator market. Germany is likely to lead over the forecast period. Surging demand for duty pneumatic actuators coupled with the highly advanced transportation sector is fueling the sales of the pneumatic actuator in Germany.

China is expected to generate maximum growth in the Asia Pacific accounting for the world's fastest-growing pneumatic actuator industry throughout the forecast period. Highly developed manufacturing units and growing demand from transportation and industrial sectors are spearheading the growth of pneumatic actuator suppliers in China.

As per a report published by the ministry of transport of the People's Republic of China in 2016, the Chinese Government prioritized the transportation sector of China since 1992 by setting a reformation goal.

Over the past few years, India came to be a potential market for pneumatic actuators and is expected to grab on to the position during the forecast period.

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Pneumatic Actuator Market by Category:

By Product Type:
Rack and Pinion Pneumatic Actuator
Scotch Yoke Pneumatic Actuator

By Capacity:
Light Duty Pneumatic Actuator
Heavy Duty Pneumatic Actuator

By Operation:
Double Acting Type Pneumatic Actuator
Spring Return Type Pneumatic Actuator

By Application:
Industrial Automation
Transportation
Mining
Offshore

By Region:
North America
Latin America
Europe
East Asia
South Asia and Pacific
Middle East and Africa

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Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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This release was published on openPR.