Dublin, July 10, 2023 (GLOBE NEWSWIRE) -- The "Automation Components Market By Components, By End User Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global automation components market was valued at $116.69 Billion in 2021 and is projected to reach $296.81 Billion by 2031, registering a CAGR of 9.6% from 2022 to 2031.
Mechanical equipment is engineered smarter by using automation components, which increase machines capability. The conversion of machinery to intelligent machinery is facilitated by components such as sensors, motors, and actuators which creates the demand for automation components.
Aerospace, defense, medical, steel & metal, electronic, and industrial industries are just a few of the industries that can use automation components. The demand for basic goods like electronics, home care, food, beverages, and medications has expanded dramatically in developing countries like India, China, and Africa due to the exponential growth in the world's population.
The demand for consumer goods is rising at the same time as manufacturing equipment is needed, which encourages the use of automation components in machine production and maintenance. Also, the need for automation components including motors, gears, screws, sensors, and other parts is being driven by the rise in automation and robotism across a wide range of industries in production lines and other activities.
Major players in the industry such as Bosch Rexroth, Emerson Electric Co., Nidec Corporation and Parker Hannifin Corporation are offering automation components for small- and large-scale industries. All such instances are expected to drive the automation components market.
The rise in innovation, the need for industrial providers to adapt to new technology infrastructures and enhance their operations and business processes, and the firms' difficulty in planning, building, and deploying new infrastructures while simultaneously focusing on their core strengths in this fiercely competitive market are acting as the main restraints on the growth of the market for automation components. Along with ongoing innovation in manufacturing processes, other factors that hinder the growth of the automation market include technical skill gaps and a lack of knowledge of the benefits of automated processes.
The emergence of the Internet of Things (IoT) and smart applications platform is an important factor for the overall growth of automation components market in the manufacturing, aerospace, and other industries. Moreover, key market players are focused on the development of new products to strengthen their product portfolio.
Market Dynamics
Drivers
- Growth of automotive industry.
- Development of different industries in emerging countries
Restraints
- Lack of technical proficiency and lack of awareness
Opportunities
- Integration of IoT in different manufacturing machinery
Competition analysis
The major players profiled in the automation components market include Automation Component Ltd, Bosch Rexroth, Emerson Electric Co., Fluid Power South Inc., Nidec Corporation, Parker Hannifin Corporation, Rockwell Automation Inc. SDP/SI Shanghai Kgg Robots Co, Ltd, and SKF. Major companies in the market have adopted product launch, acquisition and partnership as their key developmental strategies to offer better products and services to customers in the automation components market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the automation components market analysis from 2021 to 2031 to identify the prevailing automation components market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the automation components market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global automation components market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Components
- Rollers
- Stages
- Linear Shafts
- Bushings
- Linear Guides
- Locating Pins
- Bearings
- Gears
- Couplings
- Actuators
- Motors
- Sensors
- Screws
By End User Industry
- Automotive
- Consumer Electronics
- Pharmaceuticals
- Food and Beverage
- Packaging
- 3D Printing
- Semiconductors
- Chemical
- Others
For more information about this report visit https://www.researchandmarkets.com/r/6l2fm6
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