Unveiling the Global Growth of the Automation Components Market 2023: Revolutionizing Industry

In a recent report released by Allied Market Research, titled "Automation Components Market," the market has showcased remarkable growth, surging from $116.7 billion in 2021 to an estimated $296.8 billion by 2031, boasting a robust CAGR of 9.6% from 2022 to 2031.

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Automation components, integral to enhancing machinery capabilities, encompass elements such as sensors, motors, and actuators, making machines smarter. Industries spanning steel, metal, electrical, medical, aerospace, defense, and manufacturing leverage these components. The surge in global population has amplified the demand for basic goods, propelling industries like electronics, home care, food, beverages, and pharmaceuticals. This burgeoning demand has, in turn, fueled the need for manufacturing equipment, driving the adoption of automation components in machine production and maintenance.

Major players in the industry, including Bosch Rexroth, Emerson Electric Co., Nidec Corporation, and Parker Hannifin Corporation, are pivotal contributors, offering automation components tailored for small- and large-scale industries. The dynamic landscape and continuous innovation are anticipated to propel the automation components industry forward.

Despite the industry's remarkable growth, challenges persist. The rapid pace of technological advancement, coupled with the need for industrial providers to adapt to new technology infrastructures, poses difficulties for businesses to plan, develop, and implement new infrastructures while focusing on their core strengths. Barriers include a lack of technical expertise, limited knowledge of the benefits of automated operations, and ongoing challenges in manufacturing process innovation.

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The outbreak of COVID-19 has further disrupted the automation components market, leading to a halt in logistics and manufacturing activities globally, resulting in supply chain interruptions. However, as governments around the world relax norms for resuming business activities, this situation is expected to improve.

In the past five years, global internet penetration has witnessed a significant surge, catalyzing the growth of the automation components market. The emergence of the Internet of Things (IoT) and smart applications platforms has played a pivotal role in sectors such as manufacturing and aerospace. Key market players are actively involved in product development to fortify their portfolios. For instance, IQ Motion Control launched a new range of servo motors for robotics and industrial applications in May 2021, while Rockwell Automation, Inc. acquired Knowledge Lens in March 2023 to enhance its digital services.

The automation components market is meticulously segmented based on components, end-user industries, and regions. Components include linear shafts, bushings, gears, motors, sensors, and more, catering to diverse industries such as automotive, consumer electronics, pharmaceuticals, food and beverage, and chemicals.

Region-wise, Europe dominated the market in 2021, with Asia-Pacific projected to exhibit the highest CAGR during the forecast period. The report also delves into competition analysis, featuring major players like Bosch Rexroth, Emerson Electric Co., Nidec Corporation, and Parker Hannifin Corporation.

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Key Findings of The Study:

The motor segment led the market in 2021 based on components.

The automotive segment dominated the market in 2021 among end-user industries.

Europe led the market in 2021, with Asia-Pacific anticipated to dominate and exhibit the highest CAGR during the forecast period.

The report offers an in-depth analysis of global automation components market trends, dynamics, and opportunities.

A comprehensive forecast analysis from 2021 to 2031 is included in the report.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Delaware. 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.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.