[302 pages Report] Global pneumatic actuator market is set to ascend at over 5% CAGR through 2031.Requirement for pneumatic actuator grew exponentially over the past years with the surge in application across various sectors such as industrial automation, transportation, and offshore, to name a few. Though the outbreak of the COVID-19 temporarily disrupted the pneumatic actuator market growth earlier in 2020, the steady recovery of the key application sectors is projected to enable the market regain momentum in the coming years.
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The recent revised edition of the report on ‘pneumatic actuator’ market study by Future Market Insights (FMI) provides a thorough analysis of the global pneumatic actuator market potential, growth & restraining factors, while emphasizing on the new trends in the leading regions such as North America, Europe, and Asia Pacific during the forecast period of 2021 to 2031.
According to the report, the United States, Germany, India, China, and a few other countries will emerge lucrative while 20+ countries will maintain positive market outlook throughout the forecast period.
How Future Outlook on Pneumatic Actuator Market Compares with Historical Sales?
Sales of pneumatic actuators increased steadily over the past decade with the increase in demand for rack & pinion and scotch yoke type of pneumatic actuator. Advancements in manufacturing sector and expansion of key application sectors such as mining, transportation, and others further propelled the growth, apart from a temporary decline in 2020. According to FMI, the global pneumatic actuator market expanded at over 4% CAGR during the last 5 years from 2016 to 2020.
As the key application sectors are regaining traction and are getting over the effect of the pandemic, the demand for pneumatic actuators are subject to rise again creating ample of opportunities for the key players. Additionally, the surge in demand for double acting type pneumatic actuator 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.
How is the Rise in Demand in Transportation Sector Augmenting the Growth of Pneumatic Actuator Suppliers?
Pneumatic actuators are mechanical devices which use compressed air to convert energy into mechanical motion. As it has extensive application in transportation sector, the recovery in this sector is expected further push the demand-supply graph for pneumatic actuator upward in the coming years.
According to a report, titled “logistics & Transportation Industry” published by the SelectUSA, the logistics & transportation industry is one of the highly progressive industry in the world. As stated in the report, the United States business logistics costs reached US$ 1.6 Trillion in 2018, representing 8% of the Gross Domestic Product (GDP) in that year, while the Foreign Direct Investment (FDI) in the industry totaled US$ 1.5 Billion. This gives a glimpse of the growing opportunities for pneumatic actuator manufacturers in transportation sector.
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Pneumatic Actuator Market Category-Wise Insights
Which Product Type is Dominating in the Pneumatic Actuator Industry?
Presently, rack and pinion segment is leading in the global pneumatic actuator market and expected to exhibit hegemony throughout the forecast period in terms of product type. This type of pneumatic actuator is highly preferred in transportation sector as it provides with smooth driving experience by converting the rotational motion of the steering wheel into the linear motion needed to turn the wheels. Also, it provides with the gear reduction which makes it easier to turn the wheels.
Other key segment in terms of product type boosting the sales of pneumatic actuator suppliers is scotch yoke.
Which Capacity of Pneumatic Actuator is the Most Sought-After?
Currently, light duty pneumatic actuators are the dominating segment in terms of capacity type and is predicted to maintain its lead during the forecast period. This type of pneumatic actuators are light-weighted and cost-effective, making it highly required across diverse sectors.
Also, this capacity type has hassle-free maintenance and smoother operability which make is the most sought-after around the globe. Heavy duty pneumatic actuator is another key segment in terms of capacity which is further aiding in the growth of manufacturers.
Which Segment is Leading in the Pneumatic Actuator Market in Terms of Operation?
Double acting type is leading in the global pneumatic actuator market in terms of operation, followed by spring return type. This type of pneumatic actuator has higher efficiency and has more versatile application across various sectors, making it highly preferred by the pneumatic actuator market players.
It is extensively used in the applications where an external force is not available to retract the piston or high force is required in both directions of travel.
Which Application Segment is Fuelling the Sales of Pneumatic Actuator?
Presently, industrial automation segment is mostly fuelling the sales of pneumatic actuators in terms of application. Industrial automation is the use of various automated control systems such as robots, Artificial Intelligence, and others. With the technical and digital advancements, this sector is growing fast. This in turn is surging the demand for pneumatic actuators.
Other key segments in terms of application, which are augmenting the sales are transportation, mining offshore, and others.
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Pneumatic Actuator Market Competitive Landscape
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.
For instance,
Johnson Controls Inc. recently launched its new range of VG7000 Series Brass Trim Globe Valves, VG7000 Series Stainless Steel Trim Globe, and others
Parker Hannifin Corp launched its new range of Flexible NFPA Cylinder, 4MAJ- Rodlock Cylinder, 2MNR Series- Non Rotating Pneumatic Actuators, and others a couple of years back
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