Global Automation Components Market Overview 2024: Size, Growth Rate, and Segments

The automation components global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Automation Components Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
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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Scope Of Automation Components Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Automation Components Market Overview

Market Drivers -
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.

Market Trends -
Major companies in the automation components market are developing advanced solutions such as sensor experience kits tailor-made for IoT engineering to meet the growing demand for integrated and scalable IoT solutions. This kit typically includes a variety of sensors, development boards, connectivity modules, and software tools designed to facilitate the rapid prototyping and development of IoT applications. For instance, in February 2023, Henkel AG & Co. KGaA, a Germany-based manufacturing company, launched the Sensor INKxperience Kit for IoT engineering. This kit offers four printed electronics technologies pre-configured with hardware and software, allowing professional engineers to explore and experiment with printed sensor technologies for IoT applications. The kit includes a leak detection sensor, a non-contact liquid level sensor, a positive temperature coefficient (PTC) heater, and single and multi-zone force sensitive resistor (FSR) sensors, enabling engineers to prototype and test sensor solutions quickly.

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

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Regional Insights -
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.

Key Companies -
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

Table of Contents
1. Executive Summary
2. Automation Components Market Report Structure
3. Automation Components Market Trends And Strategies
4. Automation Components Market – Macro Economic Scenario
5. Automation Components Market Size And Growth
…..
27. Automation Components Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix