The latest analysis of the pneumatic valves and actuators market from Frost & Sullivan found that Industrial Internet of Things (IIoT) adoption is expected to increase significantly due to rising energy costs and end-user demand for lower product costs, improved operational efficiency, and increased machine up-time.
Frost & Sullivan predicts that heightened investment in Asia-Pacific, coupled with uptake in smart solutions such as wireless connectivity, remote monitoring, and predictive analytics, will augment growth opportunities.
Frost & Sullivan’s recent analysis, Global Pneumatic Valves and Actuators Market, Forecast to 2022, provides a strategic overview of growth drivers, restraints, product segments, and end-user industries. Market share and competitive analytics of key players such as SMC Corporation, Festo AG, Parker-Hannifin Corporation, IMI Precision Engineering, and Aventics GmbH are also given.
“The increased price pressure on manufacturers stemming from intense competition from low-cost pneumatic equipment manufacturers, while challenging, should be viewed as an opportunity to enhance technical capabilities, adopt lean manufacturing techniques, and increase product diversity, especially through the development and promotion of energy-efficient and smart IIoT-compatible products and services,” said Varun Raman, Mechanical Power Transmission Industry Analyst at Frost & Sullivan. “While IIoT adoption rates will differ based on the region and scope of the end user, the benefit in terms of improved energy and operational efficiency will remain an attractive proposition for all end users.”
Raman recommends that manufacturers focus new product development strategies on reducing air and energy consumption since compressor air costs account for the majority of operating costs, and lower energy costs reduce the total cost of ownership.
Further strategic imperatives for growth in the pneumatic valves and actuators market include:
“By increasing electronic integration in pneumatic valves and actuators, manufacturers can slow down the trend toward electrification,” noted Raman. “The development of IIoT-compatible products with greater intelligence built into the valves and actuators can also reduce electric systems migration.”