Pneumatic Actuator Market to See 5% CAGR Growth by 2031
Demand for pneumatic actuator grew steadily over the past years owing to the rise in demand for rack and pinion and scotch yoke pneumatic actuator. While the outbreak of the COVID-19 pandemic temporarily affected the market growth, the recovery in the key application segments are forecast to aid in the growth of pneumatic actuator suppliers further in the coming years.
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The latest revised edition of the report on ‘pneumatic actuator’ market study offers a holistic overview of the growth & restraining factors, and demand-supply trajectories of the global market while focusing on the leading regions such as North America, Europe, Latin America, and Asia Pacific. According to the report, application in industrial automation will account for the major chunk of market growth while requirement in transportation, mining, and other key application sectors is set to further aid in the growth of market players.
Key Takeaways from Market Study
- The global pneumatic actuator market is forecast to grow at over 5% CAGR through 2031
- High demand for rack & pinion product type to augment sales
- Light duty segment is expected to maintain its lead in terms of capacity
- By operation, double acting type segment will fuel the sales
- Application in industrial automation to spur the growth of manufacturers
- The United States remains the epicenter of North America pneumatic actuator market
- Germany to emerge heavyweight in Europe pneumatic actuator market
- Asia Pacific to register the fastest growth throughout the forecast period
- China, the United Kingdom, Japan, India, France, Canada, and a few other countries to maintain positive market outlook
“With key application sectors getting back to the track, the global pneumatic actuator market is set to exhibit impressive growth throughout the forecast period. Furthermore, advancements in manufacturing units coupled with a flurry of inventions for diverse sectors such as offshore, mining, and transportation is predicted to raise the market revenue significantly,” says an FMI analyst.
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How is the Demand from Industrial Automation Sector Boosting the Sales of Pneumatic Actuator?
Pneumatic actuators are highly efficient in converting energy into mechanical motion and hence extensively used in industrial automation sector. With the advancement in industrial automation sector, demand for pneumatic actuators is forecast to rise further, creating new avenues for key players.
A report titled “Robots and the Economy- the Role of Automation in Driving Productivity Growth” published by the SelectUSA in 2020, the industry with the highest industrial robot density in the world was the automotive and other transportation manufacturing industry, with 29.3 industrial robots per million hours worked in 2017. As stated in the report, from 2003 to 2017, the largest change in industrial robot density occurred in the automotive and other transportation manufacturing industry, with an increase of 15.1 industrial robots per million hours worked. With these figures set to grow further, demand for pneumatic actuators is likely to surge further creating lucrative growth scope for suppliers.
Who is Winning in this Space?
With the competition getting tougher, players in the pneumatic actuator market are emphasizing on diversifying their products. For instance,
- SMC Corporation recently launched its new ISO Standard Air Cylinder, Polyurethane Tubing TU, Refrigerated Air Dryer, and others in order to target diverse end users
- ABB Ltd. launched its new Improved Valve & Damper Control Solutions for various industries a couple of years back
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