The global pneumatic components market is expected to experience rapid growth attributed to the rise in demand for pneumatic components to ensure safe and precise procedures. Furthermore, the demand for machine safety and operational optimization fosters the market expansion. Pneumatics technology is gaining a lot of attraction and becoming increasingly functional and commercial with the growing adoption of the Industrial Internet of Things (IIoT), providing significant insights into machine operation and device performance owing to its capabilities in tracking and measurement. Cost effectiveness, easy storage, simplicity of use and set up, and non-hazardous to the environment are some of the characteristics expected to boost its demand in the near future.
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Market Trends
- Automation experts from Esslingen Resolto Informatik, a data science firm, has been bought by Festo. Festo’s smart factory application portfolio is projected to be strengthened by the acquisition of Resolto, a leading company in AI for industrial applications.
- Bimba, a market-leading developer of pneumatic, hydraulic, and electric motion solutions with a large distribution network for the North American Industrial Automation industry, has been acquired by IMI. Bimba has become an important element of IMI Precision Engineering, and the acquisition is a significant strategic move for the company.
- CKD USA Corporation has purchased a 50,000-square-foot industrial building in Austin. CDK USA is a wholly owned subsidiary of CKD Corporation, a Japanese company based in Komaki.
- LORD Corporation, a prominent manufacturer of advanced adhesives and coatings, has been bought by Parker Hannifin Corporation, a global leader in motion and control technologies. The strategic acquisition creates a highly complementary business with excellent materials science expertise, electrification, and aerospace product lines.
Key Market Players
- Festo SE and Co. KG
- Bosch Rexroth Ag
- SMC Corporation
- Airtac International Group
- Norgren, Inc
- Ckd Corp
- Parker Hannifin Corporation
- JELPC (Ningbo Jiaerling Pneumatic Machinery Co., Ltd.)
- Fenghua Yaguang Pneumatic Element Co, Ltd.
- Zhaoqing Fangda pneumatic Co. Ltd.
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Key Benefits of the Report
- This study presents the analytical depiction of the Pneumatic components’ industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Pneumatic components market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the Pneumatic components market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Pneumatic components market analysis based on competitive intensity and how the competition will take shape in coming years
COVID-19 Impact analysis
- COVID-19 has developed as a global pandemic that has spread throughout the globe and impacted a variety of sectors. The pneumatic components market has been negatively impacted by a steep drop in demand from end-user sectors such as electronics, chemical industry, manufacturing, and oil & gas.
- There has been a decline in the demand for pneumatic components among the customers due to the reduction of manufacturing output because of the COVID-19 pandemic. The average profit margins have been reduced due to overcapacity induced by lower demand from the customers.
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