The Hardware Global Market Report 2023 by The Business Research Company, provides hardware market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Hardware Global Market Report 2023, the market size is expected to grow from $111.44 billion in 2022 to $121.34 billion in 2023 at a compound annual growth rate (CAGR) of 8.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global hardware market is expected to grow to $164.21 billion in 2027 at a CAGR of 7.9%.
Metal consumption by the aerospace sector is expected to increase during the forecast period, thus driving the hardware manufacturing market. This is mainly due to the rise in air travel is leading to increased demand for commercial aeroplanes.
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The hardware market is segmented:
1) By Type: Furniture Hardware, Motor Vehicle Hardware, Builder’s Hardware, Other Hardware
2) By End User: B2B, B2C
3) By Sales Channel: OEM, Aftermarket
Many hardware manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reducing potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating a rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to the KPMG report, 16% of executives of global metals companies have already invested in robotics for metal manufacturing, 31% of executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest in robotics shortly. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
Major Players:
The hardware market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Hardware Market Characteristics
4. Hardware Market Product Analysis
5. Hardware Market Supply Chain
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21. Key Mergers And Acquisitions In The Hardware Market
22. Market Background: Metal Products Market
23. Recommendations
24. Appendix
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