Automation Components Market Expected to Reach $296.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Automation Components Market," The Automation Components Market size was valued at $116.7 billion in 2021, and is estimated to reach $296.8 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031.

The ability of the machinery is increased by using automation components to make it smarter. To make machines smarter, components such as sensors, motors, and actuators are useful. The steel and metal, electrical, medical, aerospace, defense, and manufacturing industries are just a few of the industries that can use automation components. The demand for basic goods such as 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.

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. 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 industry.

The increase in pace of technological advancement, the necessity for industrial providers to adapt to new technology infrastructures and improve their operations and business processes, and the difficulty for businesses in this fiercely competitive market to plan, develop, and implement new infrastructures while simultaneously focusing on their core strengths are the main factors limiting the growth of the market for automation components. 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 addition, the outbreak of COVID-19 has led to a halt in logistic and manufacturing activities across the globe, which, in turn, has led to the interruption of the supply chain, thereby hindering the automation components market growth. However, this situation is expected to improve as the government is relaxing norms around the world for resuming business activities.

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 components market share in manufacturing, aerospace, and other industries. Moreover, key market players are focused on the development of new products to strengthen their product portfolio. For instance, in May 2021, IQ Motion Control, an electric motors and controller manufacturer, launched a new range of servo motors for robotics and industrial applications.

In addition, in March 2023, Rockwell Automation, Inc. acquired Knowledge Lens by means of this acquisition it offers services and solutions provider that delivers actionable business insights from enterprise data, combining digital technologies with deep data science, artificial intelligence (AI), and engineering expertise. Knowledge Lens will join Rockwell’s premier digital services business, Kalypso, to accelerate transformational outcomes for more manufacturers around the world. Such launches in automation components are expected to offer lucrative opportunities for the expansion of the market during the forecast period. 

The automation components market is segmented on the basis of component, end user industry and region. By component, the market is divided into linear shafts, bushings, linear guides, locating pins, bearings, gears, couplings, actuators, motors, sensors, screws, rollers, and stages. By end user industry, the market is divided into automotive, consumer electronics, pharmaceuticals, food and beverage, packaging, 3D printing, semiconductors, and chemicals. 

Region-wise, the automation components market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (France, Germany, UK, Italy, Switzerland, Austria, Belgium, Luxembourg, Netherlands, Czech Republic, Poland, Hungary, Slovakia, Romania, Sweden, Denmark, Norway, Finland, Spain, Portugal and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).   

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.

 KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging global automation components market trends and dynamics. 
• Based on component, the motor segment dominated the market in 2021.
• Based on end user industry, the automotive segment dominated the market in 2021.
• Region-wise, Europe dominated the market in 2021. And Asia-Pacific is anticipated to dominate the global automation components market exhibiting the highest CAGR during the forecast period.
• The report provides an extensive analysis of the global automation components market opportunities of the market. 
• The global automation components market forecast analysis from 2021 to 2031 is included in the report.