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 actuators 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 has become a potential market for pneumatic actuators and is expected to grab onto the position during the forecast period.
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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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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