Automation Components Market Expected to Reach USD 296.8 Bn by 2031

The global automation components market has experienced significant growth in the last decade, driven by expansion in infrastructure development and the chemical, manufacturing, and food & beverage sectors. Increased demand in manufacturing and automation has fueled the need for components like sensors and motors. Europe holds the largest market share due to large-scale production in countries like Germany, while Asia-Pacific is the fastest-growing region due to industrialization and urbanization in countries such as India and China.

According to Allied Market Research's Automation Components Market report, the market was valued at $116.7 billion in 2021 and is expected to reach $296.8 billion by 2031, growing at a CAGR of 9.6% from 2022 to 2031.

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Automation components enhance machine intelligence, using parts like sensors, motors, and actuators across diverse sectors, including steel, electronics, medical, and aerospace. Demand for consumer goods, particularly in developing regions, has driven growth in manufacturing equipment, boosting demand for automation components in production and maintenance. Additionally, the rise of automation and robotics in production lines across industries has increased the need for components such as gears, screws, and motors. Major industry players like Bosch Rexroth, Emerson Electric Co., and Nidec Corporation are serving this growing demand in small- and large-scale industries.

Technological advancements are driving the market, as industries adopt new technology infrastructures to improve processes. However, challenges include the complexity of updating infrastructure while maintaining core business strengths, as well as a shortage of technical expertise in automated operations. The COVID-19 pandemic also disrupted global logistics and manufacturing, slowing market growth, though recovery is underway as businesses resume.

Increased global internet penetration, along with the emergence of the Internet of Things (IoT) and smart applications, is a significant growth driver in automation across manufacturing, aerospace, and more. Key players are focusing on product innovation; for example, IQ Motion Control launched a new line of servo motors for robotics in May 2021. In March 2023, Rockwell Automation acquired Knowledge Lens, a company specializing in AI and data science-driven solutions, to enhance its digital services arm, Kalypso, and support manufacturers worldwide. These advancements are expected to create lucrative growth opportunities in the automation components market.

Market Segmentation and Regional Insights
The automation components market is segmented by component type, end-user industry, and region. Key components include linear shafts, bushings, bearings, sensors, and actuators. End-user industries encompass automotive, consumer electronics, pharmaceuticals, food & beverage, packaging, 3D printing, semiconductors, and chemicals.

Regional market analysis spans North America, Europe, Asia-Pacific, and LAMEA. Europe leads in market share, while Asia-Pacific is expected to see the highest growth due to rapid industrialization.

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Competitive Landscape
Major players in the automation components market include 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. These companies drive the market through strategic product development and acquisitions, responding to the increasing demand for advanced automation solutions across industries.

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