Pneumatic Components Market Size, Share, Growth Analysis, By Type(Air Treatment Components, Pneumatic Valves, and Pneumatic Cylinders), By Application(Electronics, Chemicals, Machinery, and Others), By Region - Industry Forecast 2024-2031

Drivers

Rapid Industrialization

• Growing demand for different products around the world has resulted in a rapid surge in industrial activity on a global level and this trend is slated to boost the demand for pneumatic components across the forecast period and beyond.

Advancements in Pneumatic Technology

• As pneumatic technology advances, it has resulted in efficient pneumatic components, which are projected to witness high demand from different industry verticals. These new energy-efficient components are also compliant with modern sustainability mandates that are gaining prominence around the world.

Restraints

Availability of Electromechanical Solutions

• Adoption of electromechanical components owing to their benefits of pneumatic components is projected to significantly slow down the market growth over the coming years. Growing penetration of automation technologies is also estimated to favor the demand for electromechanical components and hurt sales of pneumatic components going forward.

Competitive Pricing

• Pneumatic components are being manufactured by domestic as well as international companies, but the localization of manufacturing allows domestic companies to price their products much lower than international players. This competitiveness in pricing negatively impacts profit margins on leading market players and slows down market growth potential as well.