According to a report by Allied Market Research titled “Automation Components Market,” the market was valued at $116.7 billion in 2021 and is projected to reach $296.8 billion by 2031, registering a robust compound annual growth rate (CAGR) of 9.6% from 2022 to 2031. Automation components, such as sensors, motors, actuators, and gears, enhance machinery intelligence across industries like automotive, consumer electronics, pharmaceuticals, and manufacturing, driven by rising demand for consumer goods, technological advancements, and IoT integration.
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Market Overview
Automation components are integral to modernizing industrial processes, enabling smarter and more efficient machinery. These components, including linear shafts, bearings, sensors, and motors, support automation and robotics in production lines across diverse sectors. The market is propelled by population growth, increasing consumer goods demand, and technological innovations. However, challenges such as high implementation costs, lack of technical expertise, and supply chain disruptions pose hurdles. Emerging opportunities in IoT and new product development signal a strong growth trajectory.
Key Drivers of Market Growth
Rising Demand for Consumer Goods
Exponential population growth in developing countries like India, China, and parts of Africa has surged demand for consumer goods, including electronics, home care products, food, beverages, and pharmaceuticals. This demand drives the need for advanced manufacturing equipment, which relies heavily on automation components like motors, sensors, and actuators. The expansion of production lines to meet consumer needs fuels market growth, as industries invest in automation to enhance efficiency and output.
Technological Advancements
Rapid technological advancements are reshaping industrial operations, necessitating automation components to improve machinery performance. The integration of the Internet of Things (IoT) and smart applications enhances real-time monitoring and control, boosting operational efficiency. For instance, IoT-enabled sensors allow predictive maintenance, reducing downtime. Companies like Bosch Rexroth and Emerson Electric Co. are developing advanced components tailored for small- and large-scale industries, further driving market expansion.
Industry Adoption of Automation and Robotics
The widespread adoption of automation and robotics across industries, including automotive, aerospace, and consumer electronics, increases demand for components like gears, screws, and actuators. These components are critical for precise and efficient production processes. For example, in May 2021, IQ Motion Control launched a new range of servo motors for robotics and industrial applications, showcasing the industry’s focus on innovation to meet evolving needs.
Strategic Acquisitions and Product Development
Key market players are strengthening their portfolios through acquisitions and new product launches. In March 2023, Rockwell Automation, Inc. acquired Knowledge Lens, a provider of AI-driven data insights, to enhance its digital services under Kalypso. Such moves accelerate the development of transformative solutions, creating opportunities for market growth by addressing industry demands for smarter automation systems.
Growth in Emerging Markets
Developing regions, particularly Asia-Pacific, are witnessing rapid industrialization and urbanization, driving demand for automation components. The region’s expanding manufacturing, pharmaceutical, and electronics sectors require advanced machinery, boosting the need for components like linear guides and bearings. Government initiatives to modernize industrial infrastructure further support market growth in these regions.
Market Challenges
High Implementation Costs
The adoption of automation components requires significant investment in infrastructure and integration, posing a barrier for businesses, especially small and medium-sized enterprises (SMEs). The complexity of developing and implementing new automation systems while maintaining core operations adds to costs, limiting market growth in cost-sensitive regions.
Lack of Technical Expertise
A shortage of skilled professionals with expertise in automated systems restricts market expansion. Many businesses lack the knowledge to fully leverage automation benefits, and ongoing innovations in manufacturing processes require continuous learning. This gap in technical know-how hinders adoption, particularly in less developed markets.
Supply Chain Disruptions
The COVID-19 pandemic disrupted global supply chains, halting logistics and manufacturing activities and impacting the availability of automation components. While recovery is underway as governments relax restrictions, these disruptions temporarily slowed market growth, highlighting vulnerabilities in global supply networks.
Full Report with TOC: https://www.alliedmarketresearch.com/automation-components-market-A53722
Market Segmentation
The automation components market is segmented by component, end-user industry, and region:
Component: Includes linear shafts, bushings, linear guides, locating pins, bearings, gears, couplings, actuators, motors, sensors, screws, rollers, and stages. The motor segment dominated in 2021 due to its critical role in automation systems.
End-User Industry: Encompasses automotive, consumer electronics, pharmaceuticals, food and beverage, packaging, 3D printing, semiconductors, and chemicals. The automotive sector led in 2021, driven by high automation adoption in vehicle manufacturing.
Region: Analyzed across North America (U.S., Canada, Mexico), Europe (France, Germany, UK, Italy, Switzerland, Austria, Belgium, Luxembourg, Netherlands, Czech Republic, Poland, Hungary, Slovakia, Romania, Sweden, Denmark, Norway, Finland, Spain, Portugal, rest of Europe), Asia-Pacific (China, Japan, India, South Korea, rest of Asia-Pacific), and LAMEA (Latin America, Middle East, Africa). Europe led in 2021, while Asia-Pacific is projected to exhibit the highest CAGR through 2031.
Regional Insights
Europe held the largest market share in 2021, driven by its advanced industrial base and adoption of automation in automotive and manufacturing sectors. Asia-Pacific is expected to grow at the highest CAGR, fueled by rapid industrialization in China, India, and South Korea, supported by government initiatives and rising consumer goods demand. North America and LAMEA also contribute, with growth in automotive and chemical industries.
Competitive Landscape
Major players, including 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, are focusing on product innovation and acquisitions. These strategies enhance their offerings and strengthen market presence, addressing diverse industry needs.
Key Findings
The motor segment led in revenue in 2021.
The automotive industry dominated end-user segments in 2021.
Europe held the largest market share in 2021.
Asia-Pacific is projected to exhibit the highest CAGR through 2031.
Supply chain disruptions and lack of expertise are key challenges.
IoT integration and new product launches offer growth opportunities.
Opportunities for Growth
The integration of IoT and AI in automation components presents significant opportunities, enabling smarter and more efficient systems. Emerging markets, particularly in Asia-Pacific, offer growth potential due to industrialization and government support. Continued product innovation, such as advanced servo motors and sensors, will further drive market expansion.
The automation components market is set for robust growth through 2031, driven by rising consumer goods demand, technological advancements, and industrialization in emerging markets. Despite challenges like high costs and supply chain disruptions, opportunities in IoT, AI, and new product development ensure a positive outlook. With Asia-Pacific poised for rapid growth and key players innovating, the market is well-positioned to support the global shift toward smarter industrial processes.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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