Miniature Pneumatics Market to hit US$ 2,725.7 Million, Globally, by 2027 at 4.9% CAGR: The Insight Partners
The Insight Partners
Rising Adoption of Miniature Pneumatics in Healthcare Driving Growth of Miniature Pneumatics Market
NEW YORK, UNITED STATES, March 8, 2023 /EINPresswire.com/ -- According to the new research report titled “Miniature Pneumatics Market1 Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 2,725.7 million by 2027, registering a CAGR of 4.9% from 2020 to 2027.
Miniature Pneumatics Market - Strategic Insights
Report Coverage Details
Market Size Value in US$ 1,856.0 Million in 2019
Market Size Value by US$ 2,725.7 Million by 2027
Growth rate CAGR of 4.9% from 2020-2027
Forecast Period 2020-2027
Base Year 2020
No. of Pages 152
No. of Tables 56
No. of Charts & Figures 77
Historical data available Yes
Segments Covered Type and Application
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Animatronics is the process of manufacturing and operating lifelike robots that are used for entertainment or films; whereas, robotics is the process of designing, constructing, and operating robots. Miniature pneumatics offer numerous benefits such as smooth movement of robots, enhanced safety, greater precision, and customized designs. The growing adoption of robots and animatronics among various industries such as automobile, entertainment, manufacturing, agriculture, and aerospace and defense is driving the growth of miniature pneumatics market. Further, increasing product launches by prominent miniature pneumatic component providers is expected to drive the growth of the market during the forecast period. For example, in 2019, SMC Pneumatics (UK) Ltd launched integrated wireless valve manifold system – EX600W. The system provides wireless communication by eliminating the need for network cabling, whis, in turn, is throttling the growth of the miniature pneumatics market.
Miniature pneumatics offers numerous benefits such as efficiency and customization to the healthcare industry. Moreover, due to the ongoing COVID-19 pandemic, the demand for medical instruments such as ventilators, diagnostic equipment, and other critical care devices has increased across the world. Therefore, prominent miniature pneumatics companies—such as Clippard—are increasing their workforce. Additionally, increasing product launches by companies—such as Festo—for the healthcare industry is expected to provide growth opportunities for the market during 2020–2027. Japan, China, India, and Australia are among the key markets for miniature pneumatics market. APAC is anticipated to register the highest CAGR during the forecast period.
The manufacturing industries are highly inclined toward using miniature pneumatic components in varied applications due to the aforementioned features. For instance, ASCO, Beswick Engineering, Clippard, Industrial Specialties MFG, Kendrion, and Norgren Limited are among the top market players operating in the miniature pneumatics market. Miniature pneumatics has quickly gained prominence and resulted in wider adoption by several automotive OEMs globally. Automotive manufacturers in Asia and Europe are also adopting miniature pneumatics in their car models owing to its rising popularity among customers across different economic sections.
However, The adoption of miniature pneumatics has increased across numerous industrial applications owing to the advantages such as lightweight, greater equipment design flexibility, and scope of customization. Further, they enhance the overall functioning of the system and help in advancing manufacturing developments, thereby offering lucrative opportunities for market growth. Miniature pneumatics offer other benefits such as low friction, easy availability, and great power-to-weight ratio, which is anticipated to boost the miniature pneumatics market growth during the forecast period.
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Key Findings of Study:
The global miniature pneumatics market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). In North America, the semiconductor industry has undergone drastic evolution in the last few years. With the growing demand for electronic components in automotive, consumer electronics, and medical devices, the fabrication of components in electronics and semiconductors is broadening. With the increasing production of electronic components coupled with the growing trend of miniature components, the scope of establishing more semiconductor fabrication units would also increase. For instance, Taiwan Semiconductor Manufacturing Company is planning to build and run an advanced semiconductor fabrication unit in the US with support from the State of Arizona and the US federal government. Construction of this unit would start in 2021. The facility would be manufacturing 20,000 semiconductor wafers monthly. Owing to the establishment of semiconductor manufacturing units and the rise in the trend of miniaturization of components, the scope of manufacturing miniature pneumatic components is expected to rise.
Significant strategic initiatives by several industry players are observed in the miniature pneumatics market. For instance, in 2020, Emerson Electric Co. (ASCO) launched a new shutoff valve - ASCO series 158 gas valve and series 159 motorized actuator that enhances safety and reliability of combustion systems. Simiarly, in the same year, McMaster-Carr planned major HQ expansion. It includes a 460,000-square-foot warehouse expansion that calls for a 66-foot-high roof.
Miniature Pneumatics Market: Competitive Landscape and Key Developments
A few major players operating in the global miniature pneumatics market are Emerson Electric Co. (ASCO); Beswick Engineering Co., Inc.; Clippard Instrument Laboratory, Inc.; Industrial Specialties Mfg. (ISM); Kendrion N.V.; NORGREN LIMITED; MCMASTER-CARR; Parker Hannifin Corporation; Pneumadyne; and ROSS CONTROLS.
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