Report : Asia-Pacific Miniature Pneumatics Market Forecast to 2027 - COVID-19 Impact and Analysis - by Type (Valves, Cylinder, Manifolds and Tubing, Specialized Components, and Others) and Application (Semiconductor, HVAC Systems, Aerospace, Medical Instrument, Test/Analytics Equipment, Automotive, and Others)
Aerospace Segment is Expected to be Fastest Growing During Forecast Period for APAC Region
According to a new market research study on “APAC Miniature Pneumatics Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 588.76 million by 2027 from US$ 323.03 million in 2019. The market is estimated to grow at a CAGR of 7.8% from 2020 to 2027. The report provides trends prevailing in the APAC miniature pneumatics market along with the drivers and restraints pertaining to the market growth. Accelerating miniature pneumatics implementation in healthcare is the major factor driving the growth of the APAC miniature pneumatics market. However, issues associated with service and safety expenses hinders the growth of APAC miniature pneumatics market.
The APAC miniature pneumatics market is segmented based on type and application. Based on type, the miniature pneumatics market is segmented into valves, cylinder, manifolds and tubing, specialized components, and others. Valves segment held the largest market share of APAC miniature pneumatics market in 2019. Based on application, the APAC miniature pneumatics market is segmented into semiconductor, HVAC systems, aerospace, medical instrument, test/analytics equipment, automotive, and others. Semiconductor segment held the largest market share of APAC miniature pneumatics market in 2019.
The COVID-19 pandemic has negatively affected the APAC region. APAC is one of the crucial regions for the future growth of the market, owing to many developing countries such as China, Japan, and India. These countries have a high industrial presence, a positive economic outlook, and favorable government policies, which provide immense growth opportunities for the miniature pneumatics market. However, the ongoing COVID-19 outbreak has caused massive disruptions in the growth of various sectors of the APAC region. For instance, according to the National Statistical Office (NSO) data, the manufacturing sector output declined by 20.6% in May 2020 compared to a growth of 3.1 % in May 2019 due to travel restrictions, closing of manufacturing plants, unavailability of raw materials, and workforce. However, with the increasing focus of the Indian government on healthcare infrastructure and services, the healthcare industry's adoption of miniature pneumatics for manufacturing medical instruments and pharmaceuticals is expected to provide growth opportunities to the market. Whereas Japan, South Korea, and Australia are still combating the virus, impacting their respective industrial economy. This factor will adversely influence the market growth.
Beswick Engineering; Clippard Instrument Laboratory, Inc.; Emerson Electric Co.; Kendrion N.V.; Norgren; PARKER HANNIFIN CORP are among the leading companies in the APAC miniature pneumatics market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Beswick Engineering Co., Inc. had launched RV-MLS ultra-miniature relief valve. The RV-MLS is available with a variety of seal materials and porting options. The miniature high purity stainless steel relief valve is designed for applications that required a safety device to prevent over-pressurization of a system.
The report segments the APAC Miniature Pneumatics Market follows:
APAC Miniature Pneumatics Market – By Type
- Manifolds and Tubing
- Specialized Components
APAC Miniature Pneumatics Market – By Application
- HVAC Systems
- Medical Instrument, Test/Analytics Equipment
APAC Miniature Pneumatics Market – By Country
- South Korea
- Rest of APAC
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