Overview and Scope
An automation component refers to a part or element within an automated system or process that performs a specific function to automate tasks or operations. These components can vary depending on the type of automation system but generally include hardware, software, or a combination of both designed to perform tasks with minimal human intervention.
Sizing and Forecast
The automation component market size has grown rapidly in recent years. It will grow from $145.95 billion in 2023 to $163.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to demand for customized solutions, cost reduction pressures, increasing demand for efficiency, labor shortages, and regulatory compliance.
The automation component market size is expected to see rapid growth in the next few years. It will grow to $262.35 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to sustainability initiatives, digitalization trends, emergence of Industry 4.0, adoption of artificial intelligence, and supply chain resilience. Major trends in the forecast period include edge computing integration, growth of collaborative robots (cobots), adoption of predictive maintenance solutions, expansion of industrial internet of things (IIoT) applications, and additive manufacturing for custom components.
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Segmentation & Regional Insights
The automation components market covered in this report is segmented –
1) By Components: Rollers, Stages, Linear Shafts, Bushings, Linear Guides, Locating Pins, Bearings, Gears, Couplings, Other Components
2) By Solution: Supervisory Control And Data Acquisition, Programmable Logic Controller, Distributed Control System, Plant Asset Management, Functional Safety, Product Lifecycle Management, Manufacturing Execution System
3) By End User Industry: Automotive, Consumer Electronics, Pharmaceuticals, Food and Beverage, Packaging, 3D Printing, Semiconductors, Chemical, Other End-User Industries
Europe was the largest region in the automation component market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automation components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for industrial robots in manufacturing processes is expected to propel the automation component market going forward. Industrial robots are programmable mechanical devices used for automation tasks in manufacturing processes, such as assembly, welding, painting, and material handling. The growing demand for industrial robots in manufacturing processes is driven by their ability to improve efficiency, precision, and productivity while reducing labor costs and enhancing safety. The automation component enhances the efficiency and functionality of industrial robots, streamlining manufacturing processes. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based professional non-profit organization, 2021 witnessed a historic peak in the installation of industrial robots in factories worldwide, reaching 517,385 units, marking a 31% surge compared to 2020. This surge elevates the total operational stock of robots globally to approximately 3.5 million units. Therefore, the growing demand for industrial robots in manufacturing processes is driving the growth of the automation component market.
Key Industry Players
Major companies operating in the automation components market are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Eaton Corporation, Nidec Corporation, TE Connectivity Ltd., Parker Hannifin Corporation, Emerson Electric Co., Svenska Kullagerfabriken, Rockwell Automation Inc., Danfoss, Omron Corporation, Bosch Rexroth AG, FANUC Corporation, SMC Corporation, Keyence Corporation, Yaskawa Electric Corporation, Festo AG & Co. KG, KUKA AG, Yokogawa Electric Corporation, National Instruments Corporation, Automotion Components Ltd
The automation components market report table of contents includes:
1. Executive Summary
2. Automation Components Market Characteristics
3. Automation Components Market Trends And Strategies
4. Automation Components Market – Macro Economic Scenario
5. Global Automation Components Market Size and Growth
…
32. Global Automation Components Market Competitive Benchmarking
33. Global Automation Components Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automation Components Market
35.Automation Components Market Future Outlook and Potential Analysis
36. Appendix
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