Report : Europe Miniature Pneumatics Market Forecast to 2027 - COVID-19 Impact and Regional 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)
Semiconductor Segment to Dominate Europe Miniature Pneumatics Market during 2019–2027
According to a new market research study on “Europe Miniature Pneumatics Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 728.32 million by 2027 from US$ 523.80 million in 2019. The market is estimated to grow at a CAGR of 4.2% from 2020 to 2027. The report provides trends prevailing in the Europe miniature pneumatics market along with the drivers and restraints pertaining to the market growth. Miniature pneumatics offering various benefits is the major factor driving the growth of the Europe miniature pneumatics market. However, issues associated with precautionary and maintenance cost hinders the growth of Europe miniature pneumatics market.
The Europe 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 Europe miniature pneumatics market in 2019. Based on application, the Europe 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 Europe miniature pneumatics market in 2019.
Europe is adversely affected by the COVID-19 pandemic. In Europe, the UK is the hardest-hit country by the outbreak. Europe is expected to suffer an economic hit due to a lack of revenue from various industries, as countries such as the UK, Germany, and Italy recorded the highest number of COVID-19 cases. Additionally, the miniature pneumatics market is expected to get hampered with the outbreak of another variant of COVID-19 in the UK. The region is a significant manufacturing and industrial hub for various sectors such as aviation, manufacturing, automotive, energy and power, and others. However, due to the pandemic, many businesses in Europe are facing financial challenges as they had to reduce their activities substantially owing to government-imposed restrictions, lack of workforce, and decreasing sales. For example, in March 2020, BMW planned to close its factories in Europe and South Africa owing to declining sales. With reducing manufacturing businesses, mining activities, and production businesses during the first few months of 2020, the use of miniature pneumatics has also witnessed a decline.
Clippard Instrument Laboratory, Inc.; Emerson Electric Co.; Kendrion N.V.; Norgren; PARKER HANNIFIN CORP; ROSS CONTROLS are among the leading companies in the Europe 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 the Precision Fluidics Division of Parker Hannifin declared Parker LM-Pro linear motor proportional valve targeted at the respiratory and anesthesia markets.
The report segments the Europe Miniature Pneumatics Market follows:
Europe Miniature Pneumatics Market – By Type
- Manifolds and Tubing
- Specialized Components
Europe Miniature Pneumatics Market – By Application
- HVAC Systems
- Medical Instrument, Test/Analytics Equipment
Europe Miniature pneumatics Market – By Country
- Rest of Europe
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