Smart Pneumatics Market in Automotive Industry is expected to grow at a Higher Rate during 2018-2023

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MarketsandMarkets Presents

Smart Pneumatics Market in Automotive Industry is
expected to grow at a Higher Rate during
2018-2023 Smart Pneumatics Market by Component
(Hardware, Software, and Services), Type (Valves,
Actuators, and Modules), Industries (Automotive,
Semiconductor, Food Beverage, Water
Wastewater, Oil Gas), and Geography - Global
Forecast to 2023 https//www.marketsandmarkets.c
om/Market-Reports/smart-pneumatics-market-11375555
6.html
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According to the new market research report
"Smart Pneumatics Market by Component (Hardware,
Software, and Services), Type (Valves, Actuators,
and Modules), Industries (Automotive, Beverage,
Water Wastewater, Oil Gas), and Geography -
Global Forecast to 2023", The global smart
pneumatics market as  valued at USD 3.3 billion
in 2018 and is projected to reach USD 4.6 billion
by  2023, at a CAGR of 6.7 from 2018 to 2023. 
The growth of this market can be attributed to
the penetration of digitization and IIoT. The
integration of IIoT enables companies to connect
sensors used for monitoring parameters, such as
vibration, temperature, and noise, to the
Internet and monitor their pneumatic systems in
real time. IIoT offers a single platform where
companies can integrate all the data, and process
them as required. Moreover, the use of IIoT for
condition monitoring and predictive maintenance
can help ensure high uptime of critical assets,
particularly those that have random failure
patterns. The increase in the adoption of IIoT
presents an opportunity for the smart pneumatics
market. Browse 30 market data Tables and 38
Figures spread through 114 Pages and in-depth TOC
on "Smart Pneumatics Market - Global Forecast to
2023"
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Smart Valves held largest share of smart
pneumatics market in 2018 The smart pneumatics
market, based on type, is led by the smart
pneumatic valves segment (in terms of size).
Smart valves incorporate sensors and other
electronics to provide operational feedback to a
controller. Beside energy efficiency, smart
valves also promise enhanced connectivity.
Condition monitoring provides useful feedback
about valve functionality, and users can take
action if a valve is not performing as intended.
However, the real benefit of smart valves is that
they enable predictive maintenance. These systems
have witnessed significant adoption across food
beverages, automotive, semiconductor, and water
and wastewater industries as they strive to
reduce energy costs. Ask PDF Brochure https//ww
w.marketsandmarkets.com/pdfdownloadNew.asp?id1137
55556 Market for automotive industry is likely
to grow at higher CAGR during forecast period The
market for the automotive industry is expected to
witness the highest CAGR during the forecast
period. A rising automobiles demand has
encouraged manufacturers to monitor their plant
machinery health effectively to ensure smooth
production line operations. Smart pneumatic
systems play a crucial role in ensuring efficient
manufacturing processes. Automotive manufacturers
are also adopting IIoT systems to increase energy
efficiency and monitor asset condition. This is
creating a huge potential for smart pneumatics in
the automotive industry.
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APAC accounts for largest market size during
forecast period APAC held the largest share of
the smart pneumatics market in 2018, followed by
North America and Europe. The growing adoption of
smart manufacturing or Industry 4.0 in various
industries is creating a huge demand for smart
pneumatics in the region. Besides, factors like
growing focus on optimum asset utilization
stringent government regulations for workplace
and personal safety and tight quality control in
the automotive, semiconductor, chemicals, and
food beverages industries are driving the
demand for smart pneumatic systems in APAC. The
region is a preferred manufacturing hub for
global automotive companies, such as Volkswagen
(Germany), Toyota (Japan), Renault-Nissan
(Netherlands), and Daimler (Germany), as well as
local manufacturers, such as Tata Motors (India)
and Mahindra Mahindra (India). Request Free
Sample Pages https//www.marketsandmarkets.com/re
questsampleNew.asp?id113755556 Emerson Electric
Co. (US), Festo AG Co. KG (Germany), Parker
Hannifin Corporation (US), Bimba Manufacturing
Co. (US), Rotork plc (UK), Metso Corporation
(Finland), and Thomson Industries, Inc. (US). are
the major players operating in this market.
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