Pneumatic Actuator Market: Sustaining a 4.8% CAGR Momentum Through 2033, Driven by Expanding Applications – Insights from Future Market Insights
In 2023, it is projected that the market for pneumatic actuators will be worth US$16.64 billion. The market is expected to grow at a sluggish but consistent CAGR of 4.8% from 2023 to 2033. In 2033, this should lead to a market valuation of US$26.51 billion.
Over a period of time, the application of pneumatic
actuators grew exponentially across various sectors such as industrial
automation, offshore, and transportation among others. Despite some setbacks
faced by the market in 2020 amidst the Covid-19 period but steady recovery of
the key applications was witnessed in order to regain the momentum in the
market.
As per the Future Market Insights (FMI) report, the
United States, Germany, India, China, and a few other countries
will emerge as lucrative while 20+ countries will maintain a positive market
outlook throughout the forecast period.
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Key Takeaways From the Market Study:
- Sales
of pneumatic actuators surged rapidly over the past decade with the surge
in for rack & pinion and scotch yoke type of pneumatic actuators.
Various advancements in the manufacturing sector and the expansion of key
application sectors such as mining, transportation, and others further
propelled growth in the market.
- According
to FMI studies, the global pneumatic actuator market expanded at over 4%
CAGR during the last 5 years from 2016 to 2020. As the prominent
application sectors are gaining traction the demand for pneumatic
actuators is subject to see an opulent growth creating ample opportunities
for the key players.
- There
is a reasonable increase witnessed in the demand for double-acting type
pneumatic actuators which is further bolstering the growth of suppliers.
According to FMI, the global pneumatic actuator market is set to ascend at
over 5% CAGR through 2031.
- The
pneumatic actuators are basically mechanical devices that use compressed
air in order to convert energy into mechanical motion. Due to its
widespread application in the transportation sector, the accelerating
recovery in this sector is expected further push the demand-supply graph
for pneumatic actuators upward in the coming years.
Key Companies Profiled:
- SMC
Corporation
- ABB
Ltd.
- Elfor
Controls Srl.
- Habonim
Industrial Valves & Actuators Ltd.
- Johnson
Controls Inc.
- Parker
Hannifin Corp
- Metal
Works SPA
- IMI Precision-
Norgren
- Camozzi
SPA
- Bosch
Rexroth AG
- Flowserve
Corporation
- Omal
S.P.A
- Air
Torque S.P.A
- Emerson
Electric Co. Ltd.
- Actreg
S.A.
- Bray
International Inc.
- Enoglass
Bonomi S.P.A.
- Metalurgica
Varb
- Festo
AG & Co. KG
- Rotark
Plc.
The global pneumatic actuators market is highly competitive
and thriving on the revenues of the leading players. In order to capitalize on
the new opportunities, key pneumatic actuator market players are launching
quality products more frequently.
More Insights into the Pneumatic Actuator Market
The United States has emerged as a dominant market in
the North American region over the past decade and is expected to maintain its
dominance throughout the forecast period. Highly advanced industrial
automation, transportation, and offshore sectors are boosting the sales of
pneumatic actuators in the U.S.
The European market is anticipated to showcase bolstering
growth in the global pneumatic actuator market. Germany is likely to
lead over the forecast period. Surging demand for duty pneumatic actuators
coupled with the highly advanced transportation sector is fueling the sales of
pneumatic actuator in Germany.
China is expected to generate maximum growth in
the Asia Pacific accounting for the world’s fastest-growing pneumatic
actuator industry throughout the forecast period. Highly developed
manufacturing units and growing demand from the transportation and industrial
sectors are spearheading the growth of pneumatic actuator suppliers in China.
As per a report published by the Ministry of transport
of the People’s Republic of China in 2016, the Chinese Government
prioritized the transportation sector of China since 1992 by setting
a reformation goal.
Over the past few years, India came to be a
potential market for pneumatic actuators and is expected to grab onto the
position during the forecast period.
Pneumatic Actuator Market Segmentation by Category
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
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