The pneumatic components market is garnering substantial traction. The market growth attributes to the increasing usages of industrial valves across burgeoning sectors. Besides, the rise in industrial automation substantiates the pneumatic components market value. With rising efforts to further valve technology developments, the market is estimated to garner substantial traction in the next few years.
Additionally, the rising focus to capture additional functions within products ranging from control to diagnostics and predictive maintenance process substantiates the market shares. The pneumatic components market continues to witness the growing demand for better products. Increasing investments in developing pneumatic components boost the market size.
Managing the cost of raw materials is a top priority for manufacturers. To counter this challenge, firms seek new ways to mitigate risks associated with raw materials instability. On the other hand, fluctuating prices and the demand-supply gap in raw materials required for production are the major factors likely to impede market growth. Nevertheless, ongoing industrialization in developing countries and continued advancement to increase output in manufacturing units would support the market throughout the assessment period.
Pneumatic Components Market – Segments
The analysis is segmented into types, applications, and regions. The type segment is bifurcated into pneumatic valves, air treatment components, pneumatic cylinders, and others. The application segment is sub-segmented into the chemical industry, electronics, machinery, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Pneumatic Components Market – Geographical Analysis
The Asia Pacific region accounts for the leading pneumatic components market share globally. The largest market share attributes to increasing efforts and investments by manufacturers in developing electronics and other major applications. Besides, rapid industrialization and growing investments in electronics, chemical, and machinery industries in the region drive the pneumatic components market growth.
Furthermore, the regulatory and industrial reforms boost market growth, making it more attractive for private investors and plans to foster public-private partnerships. Also, the rapid economic growth in the region propels the pneumatic components market size. The APAC pneumatic components market is poised to retain its dominance throughout the forecast period.
Global Pneumatic Components Market – Competitive Analysis
Highly competitive, the global pneumatic components market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product or technology launch. Manufacturers invest in R&D to develop technology, brand building, and expand their reach to support their competitive position.
Major Players:
Players leading the global pneumatic components market include Festo SE & Co. KG, Bosch Rexroth AG, Norgren, Inc. (a subsidiary of IMI, Plc.), SMC Corporation, CKD Corp., Airtac International Group, JELPC (Ningbo Jiaerling Pneumatic Machinery Co., Ltd.), Fenghua Yaguang Pneumatic Element Co, Ltd., Parker Hannifin Corporation, Camozzi Group, Wuxi Huatong Pneumatic Manufacture Co. Ltd., Zhaoqing Fangda pneumatic Co. Ltd., CNSNS, and Easun Pneumatic Science & technology, among others.
Industry/ Innovation /Related News:
Sep. 07, 2021 --- GEA launched new valve control tops - GEA T.VIS M-20 for process automation boosting operational safety. T.VIS M-20 controls and monitors process and CIP operations. It can be deployable as standard in most hygienic applications in the food & beverage, dairy, and pharmaceutical industries, accommodating the rapid rise in plant automation.
The company is already bringing elements of the future valves to fruition to simplify automatic setup installation and reuse of valves in the process. This helps operators ensure plant availability & quality through automatic, self-learning, and reproducible process controls. This reflects the growing demand among manufacturers for connectivity, handling, and process diagnostics across their entire product lines.
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