Market Trends of Smart Pneumatics Industry
This section covers the major market trends shaping the Smart Pneumatics Market according to our research experts:
Oil & Gas in Industrial Segment Holds the Significant Share
- With an increasing demand for energy in the long term but quite unstable in the short term, the oil and gas industry is facing many challenges in its complete value chain and there is a need for major “technological revolution” or massive investment to improve safety, efficiency and competitiveness. Process instrumentation is an integral portion of any process industry as it allows real-time measurement and control of process variables such as levels, flow, pressure, temperature, pH, and humidity.
- Moreover, the Industrial Internet of Things (IIoT) plays a role, where electric actuators equipped with powerful electronics serve as information hubs, providing direct access to a wide variety of both process and diagnostics data for preventative maintenance. Modulating actuators provide enhanced positioning accuracy for control valves to precisely modulate the flow within pipes. In the upstream segment, this is for the flow of crude oil and natural gas; in the midstream segment, it’s for the storage and transportation of resources. In the downstream segment, this is for the refining process of crude oil.
- Due to the criticalness of flow measurements, manufacturers are continuously developing new features for hard and severe applications. One type of flowmeter used in a wide range of industry sectors is the smart Coriolis mass-flowmeter, where multiple process variables such as mass flow, density, and temperature are simultaneously measured, leading to accurate information about other process parameters such as volume flow, concentration, etc.
- With the increasing demand for oil and gas equipment, the demand for pneumatic components and its measuring tools are high and Japan holds major contributions in supplying and the expected demand is towards smart pneumatics components such as smart pneumatic valves and actuators which may hold a significant revenue under this category.
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Asia-Pacific Account for Significant Market Growth
- The expanding population, increasing industrialization, and rapid urbanization in Asia-Pacific region, especially in developing countries, such as China and India will lead to the increasing demand for agricultural products, food, and chemicals, which use pneumatic equipment in their manufacturing plants.
- Increased investments in new plants such as in oil and gas, steel, power, and petrochemicals, and rising adoption of international safety standards and practices are predicted to hold the market growth. This is the only region to register an oil and gas capacity growth in recent years and about four new refineries were added in the region, which has added about 750,000 barrels per day, to the global crude oil production.
- Also,the Combodia government signed an agreement with the Japanese International Cooperation Agency to build wastewater treatment plant in Dangkor district. The project focused to improve the drainage system in the district for wastewater to flow straight to the plant rather than river by investing USD 25 million. Such projects across this region is estimated to drive the market for smart valves and actuators.
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