Automation components refer to a wide range of mechanical and electromechanical parts that are integral to automating industrial processes, machinery and systems. These components are essential in industries that seek to improve operational efficiency, productivity and precision by reducing the reliance on manual intervention.
The automation components market consists of sales, by entities (organizations, sole traders and partnerships), of automation components that are used across many industries to perform tasks that require consistent, repeatable actions or processes. These components are typically found in assembly lines, production systems, robotics and other machinery involved in automated manufacturing.
The global automation components market was valued at $97,518.70 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 8.00%.
Growth Of The Automotive Industry
The growth of the automotive industry drove the expansion of the automation components market during the historic period. As the automotive sector grew, the demand for precise, reliable and high-performance components like sensors, actuators and control systems increased. Automation components, known for their ability to enhance efficiency, accuracy and durability in manufacturing processes, became essential in improving the performance and longevity of automotive production systems. For instance, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based lobbying and standards group of the automobile industry in the European Union, the first three quarters of 2023 saw over nine million cars produced in the European Union (EU), a 14% increase over the same time in 2022. Additionally, in October 2023, according to the report published by the Society of Indian Automobile Manufacturers (SIAM), an India-based national body representing major vehicle and vehicular engine manufacturers, a total of 2,621,248 units of passenger cars, three-wheelers and two-wheelers were produced by the Indian auto industry. Automobiles sold 389,714 units, while the sales of three-wheelers and two-wheelers amounted to 76,940 and 189,579 units, respectively. These data show an impressive increase in sales annually. Therefore, growth of the automotive industry supported the growth of the automation components market.
New Manufacturing Plants For Factory Automation Components
Major companies operating in the automation components market are focusing on establishing new manufacturing plants to gain a competitive advantage and meet increasing demand. These plants are designed to produce advanced factory automation systems, including key components like sensors, inverters and controllers, which are critical for optimizing industrial processes. For instance, in April 2024, Mitsubishi Electric, a Japan-based manufacturer of electrical and electronic products, opened a new manufacturing plant for advanced factory automation systems in the Talegaon Industrial area of Maharashtra, India. This facility represents a significant investment of 2.2 billion INR ($26 million) and focuses on the production of inverters and other factory automation products. The plant also caters to industries like food and beverages, pharmaceuticals and textiles, while expanding into emerging sectors such as data centers and e-commerce, highlighting the growing diversity of automation applications.
The global automation components market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 22.73% of the total market in 2023.
Automation Components Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global automation components market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for automation components? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automation components market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider automation components market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by components, by solution and by end user industry.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the automation components market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by components, by solution and by end user industry in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for automation components providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Rollers; Stages; Linear Shafts; Bushings; Linear Guides; Locating Pins; Bearings; Gears; Couplings; Motors; Other Components
- 2) By Solution: Supervisory Control And Data Acquisition (SCADA); Programmable Logic Controller (PLC); Distributed Control System (Dcs); Plant Asset Management (PAM); Functional Safety; Product Lifecycle Management (PLM); Manufacturing Execution System (MES)
- 3) By End-User Industry: Automotive; Consumer Electronics; Pharmaceuticals; Food And Beverages; Packaging; 3D Printing; Semiconductors; Chemicals; Other Industries
- Companies Mentioned: Rockwell Automation Inc; Siemens AG; AB SKF; Schneider Electric SE; Bosch
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; automation components indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.