Portland,OR, April 06, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automation Component Market by Component (Linear Shafts, Bushings, Linear Guides, Locating Pins, Bearings, Gears, Couplings, Actuators, Motors, Sensors, Screws, Rollers, and Stages), by End User Industry (Automotive, Consumer Electronics, Pharmaceuticals, Food And Beverage, Packaging, 3D Printing, Semiconductors, and Chemicals): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global automation component industry generated $116,693.1 million in 2021, and is projected to reach $296,815.8 million by 2031, registering a CAGR of 9.6% from 2022 to 2031.
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Prime determinants of growth
This rise in consumer product demand has also increased the demand for manufacturing equipment, which in turn encourages the use of automation components in machine production and maintenance. Also, the need for automation components such as motors, gears, screws, sensors, and other parts is growing as automation and robots are used in a wide range of industries for production lines and other tasks. In addition, barriers to the growth of the automation market include a lack of technical expertise and knowledge of the benefits of automated operations, as well as ongoing manufacturing process innovation. In the past five years, a tremendous change has been observed in internet penetration globally. The emergence of the Internet of Things (IoT) and smart applications platform is an important factor for the overall growth of the automation component market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $116,693.1 million |
| Market Size in 2031 | $296,815.8 million |
| CAGR | 9.6% |
| No. of Pages in Report | 380 |
| Segments covered | Component, End user industry and Region. |
| Drivers | Growth of automotive industry Development of different industries in emerging countries |
| Opportunities | Integration of IoT in different manufacturing machinery |
| Restraints | Lack of technical proficiency and lack of awareness |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the automation component market faced a downturn as the production all over the world had declined.
- However, as the global situation started ameliorating, the demand for automation-based solutions was restored back. This, in turn, presented various growth opportunities for companies operating in the automation component market.
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The motors segment to maintain its leadership status throughout the forecast period
Based on component, the motors segment held the highest market share in 2021, accounting for more than one-fifth of the global automation component market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to a rise in the use of driving forces of machines or equipment. However, the sensors segment is projected to manifest the highest CAGR of 12.8% from 2022 to 2031, owing to increasing demand for voice, noise, visual, light, vibration, flow and other types of sensors to detect the automation processes.
The automotive segment to maintain its leadership status throughout the forecast period
Based on end user, the automotive segment held the highest market share in 2021, accounting for nearly one-fifth of the global automation component market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to rising demand for production process in manufacturing automobiles. However, the food and beverage segment is projected to manifest the highest CAGR of 10.7% from 2022 to 2031, owing to rising manufacturing of food and beverages without human interference to avoid contamination.
Asia-Pacific to dominate the market by 2031
Based on region, Europe and North America held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the global automation component market revenue. Asia-Pacific is expected to witness the fastest CAGR of 11.0% from 2022 to 2031, owing to rising adoption of automation in manufacturing sectors in developing countries such as India, China, and others.
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Leading Market Players: -
- Automation Component Ltd
- Bosch Rexroth
- Emerson Electric Co.
- Fluid Power South Inc.
- Nidec Corporation
- Parker Hannifin Corporation
- Rockwell Automation Inc
- SDP/S
- Shanghai KGG Robots Co, Ltd
- SKF
The report provides a detailed analysis of these key players of the global automation component market. These players have adopted different strategies such as new product launches, collaborations, expansion, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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