“The global pneumatic actuator market is estimated to be valued at nearly US$ 12,430 Mn by 2017 end, and is projected to reach about US$ 19,801 Mn by the end of 2027, registering a CAGR of 4.8% over the forecast period.”— Analyst – Industrial Automation, Future Market Insights
Pneumatic actuators replacing manual gear in the APEJ region
Nowadays, many manufacturers are replacing manual levers with actuators as pneumatic actuators can be handled automatically without being physically present near the pipelines. Companies these days prefer actuators over manual gears due to better efficiency, reliability and faster work. Therefore, the demand for pneumatic actuators is expected to rise exponentially in the global market over the forecast period.
Low cost of pneumatic actuators as compared to hydraulic actuators
As compared to hydraulic actuators, pneumatic actuators are economical. Moreover, every manufacturer looks for an option to save extra cost. Pneumatic actuator technology is a matured technology and hence, the price of these devices is expected to further go down over the upcoming decade. Manufacturers still demand pneumatic actuators in their plants, which is driving revenue growth of the pneumatic actuator market.
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Electrical actuators replacing pneumatic actuators in the APEJ region, thus hampering market growth
As compared to electric actuators, pneumatic actuators are more affordable. However, they are still not a preferred technology for consumers. Electric actuators have grown five times over pneumatic actuators. Moreover, pneumatic actuators form a matured technology and their cost is likely to go down in the near future. Still, owing to IoT (Internet of Things), industries are moving towards sensors and remote controls in industrial equipment.
Rack and Pinion is the most preferred product type in China
Rack and Pinion is the most preferred product type over Scotch Yoke based pneumatic actuators. In future, Rack and Pinion actuators will hold more market share than Scotch Yoke based actuators owing to their functionality and major demand from China and India. In China, an increase in industrial automation coupled with growth in vehicle production has created opportunities for pneumatic actuator manufacturers.
Investment in the petrochemicals industry in the MEA region creating growth opportunities for pneumatic actuator market players
Ongoing and upcoming capacity expansion in countries such as Turkey and South Africa for petrochemicals is creating a demand for pneumatic actuators. Turkey’s oil production is conducted primarily by three companies – Royal Dutch, ExxonMobil and Turkish State Petroleum Company. The new petroleum market law introduced several incentives for oil exploration, distribution and retail in the energy sector.
Global Pneumatic Actuator Market Attractiveness Index by Application
Industrial automation in Latin America is in its growth stage, due to safety issues of workers and positive future growth for automation. Therefore, this segment will witness high demand for pneumatic actuators during the forecast period. Food & packaging and transportation application areas are gaining traction, due to strong demand from these sectors. These segments are estimated to collectively gain good demand between 2017 and 2027. Mining is the second among significant industries in which pneumatic actuators find applications. The segment is estimated to hold a considerable revenue share by the end of 2027.
Transportation will be an attractive market for pneumatic actuators
Though the demand from mining and oil & gas sectors for pneumatic actuators is increasing year on year, the growth in the upcoming years is expected to be on the slower side, owing to the higher installation rate of pneumatic actuators in the transportation industry. The automotive industry is growing rapidly in APEJ and Japan and OEMs are trying to increase their sales in these two prominent regions, owing to increasing demand from customers to own a vehicle. Also, the white goods and pharmaceutical industries are upcoming opportunities for pneumatic actuators. However, the demand for electric or pneumatic actuators purely depends on the specific demand in end user applications.