Pneumatic Equipment Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Pneumatic Equipment Market is expected to register a CAGR of 7.3% over the forecast period. A significant increase in demand from manufacturing industries, due to the execution of small and large projects and to improve the efficiency of a range of industrial projects, is poised to increase the adoption of pneumatic equipment over the forecast period. Moreover, there is a growing need across end-user verticals to improve process efficiency to minimize costs. This could be attained by ensuring the integration of the appropriate equipment with the system's demands. Equipment such as pneumatic actuator has considerable cost, size, and thrust advantages.
Key HighlightsThe Pneumatic Equipment Market is very competitive in nature. The market is moderately fragmented due to the presence of various small and large players. All the major players account for a large share of the market and are focusing on expanding their consumer base across the world. Some of the significant players in the market include Festo Inc., SMC Corporation of America, Janatics, Parker Hannifin Corp., Siemens AG, and Ingersoll Rand.
In September 2022, SMC Corporation of America updated the pneumatic system on the Boilermaker Special VII, the official mascot of Purdue University. To prepare for the project, a team of four SMC engineers collaborated with the Reamer Club to examine the state of the pneumatics on the train and design a new system. The update consisted of replacing the air preparation system that removes moisture and debris from the pressurized air, the valves and manifold that direct the air, and the tubing, wiring, and fittings that connect the entire system.
In February 2022, MassChallenge Switzerland, part of MassChallenge's global network of innovators, partnered with a leading manufacturer of pneumatic equipment and machine elements, SMC Corporation. SMC plays an essential role in the automation of various industries, from robots and other devices required in factory automation to automatic inspection equipment used for medical and semiconductor manufacturing equipment. According to MassChallenge Switzerland, SMC brings tremendous experience in automation technology, which will significantly benefit startups and partners, as pneumatic technology contributes to the production of almost every product of daily life.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook