LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global air preparation units market to grow at a CAGR of over 3% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the growing adoption of Industry 4.0 as one of the key emerging trends driving the global air preparation units market. Control systems in industrial compressed air systems are able to upgrade from analog to digital owing to the advances in connected electronics and information relay technologies. The popularity of Industry 4.0 is also set to rise due to the growth of industrial automation and integration of IIoT technologies.
IIoT allows the collection of information from an entire process system, including actuation and motion control systems. The collected data is evaluated to improve the efficiency of the entire operation chain by optimizing process parameters. One of the early adopters of such technology is the oil and gas industry. Volatility in the oil and gas industry encouraged investments in IIoT and big data analytics to improve the process and operational efficiency.
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In this report, Technavio analysts highlight the growing adoption of industrial automation as a key factor contributing to the growth of the global air preparation units market:
Growing adoption of industrial automation
Over the past few decades, the growth in technology is driving advances in automation, prompting the adoption of robots and industrial automation. In the global economy, there is an increase in the usage of automation across all sectors. The rate of automation adoption is high, especially in the manufacturing sector, and is expected to become a driving force for the global air preparation units market during the forecast period.
According to a senior analyst at Technavio for tools and components, “Robots and automation equipment’s are frequently used in high-speed repetitive tasks in manufacturing and other industries. Development and research work on high precision automation techniques are being conducted in order to make robots more sophisticated for expanding their scope of application.”
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Global air preparation units market segmentation
This market research report segments the global air preparation units market into the following end-users, including oil and gas, food processing, pharmaceuticals, and automotive and key regions, including the Americas, APAC, and EMEA.
Of the four major end-users, the oil and gas segment held the largest market share in 2017, accounting for nearly 25% of the market. The market share for this end-user is expected to decrease by 2022. The fastest growing end-user is automotive, which will account for nearly 20% of the total market share by 2022.
EMEA was the leading region for the global air preparation units market in 2017, accounting for a market share of nearly 46%. By 2022, APAC is expected to register the highest growth rate.
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