World Smart Pneumatics Market Outlook to 2024 - Key Players are Emerson Electric, Parker Hannifin & Festo - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 13, 2019--
The “Smart Pneumatics Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The smart pneumatics market is estimated to grow at a CAGR of 6.9% during the forecast period 2019 to 2024.
One of the key theories driving the future of pneumatics is its overall equipment effectiveness, which is improved with a boosted understanding of machine systems and processes. While the focus is very much on the electronic and digital control of automated systems, this doesn’t necessarily prevent a future for pneumatics, as many material elements of the pneumatic system are able to adapt their designs and processes to incorporate IIoT factors into their operation. Researchers are looking at advanced electronic data collection systems; for example, using thin foils. These foils could be attached as labels to a pneumatic cylinder, where they would gather usage and sensory data and transmit it wirelessly to a control network.
Growing awareness toward predictive maintenance is driving the market, due to the emergence of industry 4.0 and sophisticated smarter’ technologies. According to Accenture, predictive maintenance of assets is one matching area of focus, which saves up to 12 percent over scheduled repairs, reducing overall maintenance costs up to 30%, and eliminate breakdowns up to 70 percent. For fluid power systems, it means a whole new level of condition and remote monitoring, to the extent that maintenance personnel can determine whether some obstacles has occurred or not.
The penetration of digitization and IIoT is driving the market. According to vXchnge Holdings Inc., over 80% of industrial manufacturing companies are using or planning to use IoT devices for better energy efficiency, and higher overall levels of production uptime. This enhances the demand of smart pneumatics in the coming years. Recently in May 2019, Emerson has released a new tool to help pneumatic system users conveniently and easily see the potential benefits of integrating IIoT. By connecting the new AVENTICS Smart Pneumatics Analyzer to the pressurized air supply on a present machine, users will have instantaneous analysis options for key machine characteristics such as compressed air consumption and possible leakages.
Lack of common platform for Ethernet, ZigBee and Profibus is restraining the market to grow as these devices can easily be integrated into wireless systems across the IoT industry via these gateways and due to lack of integration at industrial and manufacturing sector the market for smart pneumatics is challenging to grow.
Key Market Trends
Oil & Gas in Industrial Segment Holds the Significant Share
Asia-Pacific to Account for Significant Market Growth
The market for smart pneumatics is presently in mid of fragmented and consolidated due to the presence of low players in the market and various other companies are extensively investing in offering a wide range of technologies to the customers for application across the industries. Moreover, these companies are continuously investing in adopting advanced technologies for developing valves and actuators. Key players are Emerson Electric Co, Parker Hannifin Corporation, Festo, etc.
Recent developments in the market are:
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Awareness Toward Predictive Maintenance
4.3.2 Penetration of Digitization and IIoT
4.4 Market Restraints
4.4.1 Lack of Common Platform for Zigbee, Profibus, and Ethernet
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 By End-user
5.1.4 Other End-users
5.2.1 North America
5.2.4 Latin America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Emerson Electric Co.
6.1.3 Thomson Industries Inc.
6.1.4 Metso Corporation
6.1.5 Parker Hannifin
6.1.6 Rotork plc
6.1.7 Ham-Let Group
6.1.8 Solution Control & Engineering Co.
6.1.10 The Smart Actuator Company
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/3zq4jn
View source version on businesswire.com:https://www.businesswire.com/news/home/20191113005592/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
INDUSTRY KEYWORD: TECHNOLOGY ENERGY HARDWARE OIL/GAS
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 11/13/2019 10:42 AM/DISC: 11/13/2019 10:42 AM