The global pneumatic actuator market is projected to expand at 5% CAGR for the forecast period of 2021-2031. Soaring popularity of double acting type pneumatic actuators in transportation sector is boosting the market. Digital and technical advancement in the field of automation has led to integration of pneumatic actuators with artificial intelligence. This merger has leading to rapid expansion of pneumatic actuators market, evaluates ESOMAR-certified consulting firm Future Market Insights (FMI) in this study.
COVID-19 temporarily slowed the pneumatic actuator market growth. The pandemic led to closure of the major manufacturing hubs and limited the application of pneumatic actuators in industrial automation and transportation sectors. Unavailability of skilled labor and scarcity of raw materials due to closing of trading routes and lockdown hampered the market growth. With relaxation in lockdown and steady efforts from market players to overcome financial crisis, a speedy recovery can be expected in near future.
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“Growing requirement of pneumatic actuators especially in transportation sector owing to its smooth workability and low maintenance will provide a favorable environment for pneumatic actuator market growth,” remarks the FMI analyst.
The U.S. is anticipated to remain dominant in pneumatic actuator market during the forecast period on the back of high production of industrial automation equipment along with presence of modern and developed transportation and offshore sectors.
Increasing investment from European Commission to develop the transportation industry in 2020 will provide lucrative growth opportunity in Germany.
Presence of highly advance and modern manufacturing facilities along with surging demand for pneumatic actuators from automation industry will drive the market growth in China.
Expansion of the transportation industry in India coupled with availability of raw materials and cheap labor will be the key growth drivers for pneumatic actuators market in India.
Growing global demand for light-weight and durable pneumatic actuators in robotics will boost the pneumatic actuator market sales.
Rising demand of processed metals and mineral products and versatility of pneumatic actuators in terms of applicability are the key drivers for the global pneumatic actuators market.
Growing industrialization in mining and automotive sector is expected to drive the pneumatic actuator market growth.
Development of advance pneumatic actuator for automotive applications in order to improve the fuel efficiency is expected to boost the market demand.
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High maintenance and operation cost associated with scotch yoke pneumatic actuator hampers the market growth.
High production cost of rack and pinion type pneumatic actuator restricts the market growth.
Complex product lifecycle procedures especially during early phase of product development negatively affect the market demand.
Leading players profiled by FMI operating in pneumatic actuator market include
SMC Corporation, Elfor Controls Srl, Johnson Controls Inc., Metal Works SPA, Camozzi SPA, Flowserve Corporation, Air Torque S.P.A, Actreg S.A., Enoglass Bonomi S.P.A., Festo AG & Co. KG, ABB Ltd., Habonim Industrial Valves & Actuators Ltd., Parker Hannifin Corp, IMI Precision- Norgren, Bosch Rexroth AG, Omal S.P.A, Emerson Electric Co. Ltd., Bray International Inc., Metalurgica Varb, Rotark Plc.
According to FMI, in order to capitalize on new opportunities key market players are expanding in emerging economies to solidify their market position. Innovation is also important area of focus among the leading players. They are developing new products and launching them on a regular basis to grow in this high competitive market segment.
For instance, a new range of brass and stainless steel trim globe valves was recently launched by Johnson Controls Inc. Similarly, a new range of flexible NFPA cylinder and non rotating pneumatic actuators was launched by Parker Hannifin Corp.
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More Insights on FMI’s Pneumatic actuator market
The latest market study on global pneumatic actuator market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of product type (rack and pinion pneumatic actuator, scotch yoke pneumatic actuator), capacity (light duty pneumatic actuator, heavy duty pneumatic actuator), operation (double acting type pneumatic actuator, spring return type pneumatic actuator), application (industrial automation, transportation, mining, offshore, others), and across major regions (North America, Latin America, Europe, Middle East & Africa, East Asia, South Asia and Oceania).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 89019305