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Industrial Automation Spares Market Set to Reach a Valuation of $16.54 Billion by 2029, Forecasts Meticulous Research
Anticipated to register a robust CAGR of 5.7% from 2022, the industrial automation spare part components market is poised to achieve a valuation of $16.54 billion by 2029. This growth is steered by escalating investments and the metamorphosis of traditional manufacturing facilities into digitized systems, fostering the demand for automation systems and the requisite spare part components. The burgeoning number of SMEs, coupled with an imperative to enhance production process safety, is expected to unlock abundant opportunities for market players.
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Despite these prospects, challenges lie in the high procurement costs and competition from low-cost alternatives, posing hurdles to market expansion.
Segmented by type, the industrial automation spare parts market includes electrical components, electronic components, pneumatic and hydraulic components, mechanical components, connectors, structural machine parts, cable and harnesses, and industrial safety components. In 2022, the electrical components segment is projected to dominate the market, fueled by its pivotal role in regulating power supply and averting system failures.
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Examining end-users, the industrial automation spares market encompasses oil & gas, automotive, food & beverage, semiconductor & electronics, chemical & materials, consumer goods, mining & metals, power, pharmaceutical & biotech, machine & tools, paper & pulp, aerospace & defense, and other sectors. The oil & gas segment is expected to hold the largest share in 2022, driven by the advantages of automation technologies in exploration activities, leading to improved decision-making, troubleshooting, and performance efficiency.
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From a geographic perspective, Asia-Pacific is anticipated to claim the lion's share of the global industrial automation spares market in 2022. This dominance is attributed to rapid population growth, urbanization, economic development, increasing wages, and the cost-effectiveness offered by automation in the region.
Key Players:
The key players profiled in the industrial automation spare part components market include ABB Limited (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Rockwell Automation (U.S.), Baumer Ltd (Switzerland), Encoder Products Company, Inc (U.S.), Fuji Electric Co. Ltd. (Japan), Delta Electronics, Inc (Taiwan), Emerson Electric (U.S.), Omron Corporation (Japan), Panasonic Corporation (Japan), Baumuller Holding GmbH & Co. KG (Germany), Balluff GmbH (Germany), Sensata Technologies, Inc (U.S.), Festo Corporation (Germany), Parker-Hannifin Corporation (U.S.), SMC Corporation (Japan), DESTACO (U.S.), SWISS Automation, Inc (U.S.), and Mitsubishi Electric Corporation (Japan).
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