PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536685
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536685
Automation Components Market size was valued at USD 127,897.12 million in 2023, expanding at a CAGR of 9.6% from 2024 to 2032.
The Automation Components Market encompasses essential hardware and software elements that enable automated processes across various industries. Increasing demand for efficiency and precision in manufacturing and other sectors boosts market growth, with companies like Siemens and ABB leading innovations in automation technology. For instance, the International Federation of Robotics highlights a surge in robotic installations, reflecting the trend towards automation. However, high initial investment costs and the complexity of integrating automation components into existing systems pose challenges. Market opportunities lie in developing affordable solutions and expanding into emerging markets where industrial automation is rapidly gaining traction. Furthermore, advancements in AI and IoT technologies offer significant potential for enhancing automation capabilities and driving market expansion.
Automation Components Market- Market Dynamics
Advancements in AI and IoT Technologies Propel Automation Components Market Growth
Advancements in AI and IoT technologies are significantly propelling the Automation Components Market. For instance, the International Federation of Robotics reports a notable increase in robotic installations, indicating a growing trend toward automation. Companies like Siemens and ABB are at the forefront, integrating AI and IoT into their automation solutions to enhance efficiency and precision. The U.S. National Institute of Standards and Technology (NIST) emphasizes the importance of AI-driven automation for improving manufacturing processes. Meanwhile, the European Union's Horizon 2020 initiative supports IoT advancements, facilitating the development of smart factories. These technological advancements drive market growth by enabling more sophisticated and interconnected automation systems, despite challenges like high initial costs and integration complexities.
Automation Components Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 9.6% over the forecast period (2024-2032)
Based on Component Type segmentation, Sensors were predicted to show maximum market share in the year 2023
Based on Automation Type segmentation, Programmable Automation was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Automation Components Market is segmented based on Component Type, Automation Type, Function, End-User, and Region.
The market is divided into five categories based on Component Type: Sensors, Actuators, Controllers, Switches & Relays, and Drives. Sensors led the segment due to their critical role in data collection and process monitoring, followed by Controllers that manage and regulate system operations. Actuators, Switches & Relays, and Drives follow in importance.
The market is divided into three categories based on Automation Type: Fixed Automation, Programmable Automation, and Flexible Automation. Programmable Automation leads due to its versatility and adaptability in various applications, followed by Fixed Automation, which is essential for repetitive, high-volume tasks. Flexible Automation ranks third, offering customizable solutions for changing production needs.
Automation Components Market- Geographical Insights
The market is thriving in North America due to substantial investments in smart manufacturing and the adoption of advanced automation technologies, particularly in the U.S. and Canada. Europe follows closely, with Germany and France leading through Industry 4.0 initiatives that emphasize the integration of AI and IoT in industrial automation. The Asia-Pacific region, particularly China and Japan, is experiencing rapid expansion due to large-scale manufacturing and the increasing adoption of automation to enhance production efficiency and reduce labor costs. Emerging markets in Latin America and the Middle East are gradually adopting automation components, driven by growing industrialization and the need for modernization.
Major companies like Siemens, ABB, and Schneider Electric lead the market, offering a broad range of automation components integrated with advanced AI and IoT technologies. Siemens focuses on digitalization and automation solutions that enhance operational efficiency. ABB is known for its robotics and motion solutions that cater to various industrial applications. Schneider Electric excels in energy management and automation, providing comprehensive solutions for smart manufacturing. Emerging companies like Rockwell Automation and Honeywell are also making significant strides with their innovative products and strategic acquisitions. The competitive landscape is marked by continuous R&D efforts, strategic partnerships, and expansions into emerging markets to capitalize on the growing demand for automation. Companies are also focusing on sustainability and energy efficiency, aligning their products with global environmental goals to appeal to a broader customer base.
In July 2024, OEM Automatic launched IATech, the Industrial Automation Technology Expo, aimed at showcasing innovations in automation. The event will feature industry leaders and provide insights into the latest technologies, trends, and solutions in industrial automation and manufacturing processes.
In September 2023, RS Pro significantly expanded its industrial automation product range, introducing over 1,500 new items. This expansion includes sensors, connectors, and control systems, enhancing their offerings for customers in various sectors, including manufacturing and process automation.
GLOBAL AUTOMATION COMPONENTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ABB Ltd.
Beckhoff Automation GmbH & Co. KG
Bosch Rexroth AG
Emerson Electric Co.
Festo AG & Co. KG
Fuji Electric Co., Ltd.
General Electric Company
Honeywell International Inc.
Mitsubishi Electric Corporation
Omron Corporation
Parker Hannifin Corporation
Rockwell Automation, Inc.
Schneider Electric SE
Siemens AG
Toshiba Corporation
Yokogawa Electric Corporation
Others