Press release
Global Lateral Flow Immunoassay (LFIA) Based Rapid Test Market To Reach $8.02 Billion By 2028 With A Growth Rate Of 7.34%
Lateral Flow Immunoassay (LFIA) Based Rapid Test Market
The global automation components market reached a value of nearly $145.95 billion in 2023, having grown at a compound annual growth rate (CAGR) of 8.40% since 2018. The market is expected to grow from $145.95 billion in 2023 to $245.93 billion in 2028 at a rate of 11.00%. The market is then expected to grow at a CAGR of 11.50% from 2028 and reach $423.82 billion in 2033.
What strategies are being adopted by key players in the automation components market?
The key players in the market are adopting extensive strategies in the automation components market such as:
• Drive business expansion through new product launches
• Introduce innovative products to capture market growth
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To take advantage of opportunities, The Business Research Company suggests that automation components companies enhance offerings:
• Establish new manufacturing plants
• Integrate Generative AI capabilities
• Launch innovative automation products
• Form strategic partnerships to combine resources and drive innovation
What Is Automation Components: Market Definition?
Automation components refer to a wide range of mechanical and electromechanical parts that are integral to automating industrial processes, machinery and systems. These components are essential in industries that seek to improve operational efficiency, productivity and precision by reducing the reliance on manual intervention.
The production of automation components typically involves precision manufacturing processes such as machining, casting and forging, along with the use of specialized materials like high-strength steel, alloys and polymers to ensure durability and performance. These components are distributed through a variety of channels, including direct sales by manufacturers, industrial supply chains, distributors and online marketplaces. Distribution may involve bulk purchasing by large industrial clients or smaller quantities for maintenance and system upgrades. The sale and distribution of automation components are often accompanied by technical support services to assist with installation, configuration and troubleshooting.
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Who Are The Major Companies Operating In The Global Automation Components Market?
The top ten competitors in the market made up to 22.73% of the total market in 2023. The market fragmentation can be attributed to the presence of small players in different geographies. Rockwell Automation, Inc. was the largest competitor with a 5.65% share of the market, followed by:
• Siemens AGAB SKF.
• Schneider Electric SE.
• Bosch.
• Parker Hannifin Corporation.
• Emerson Electric Co.
• Regal Rexnord Corporation/
• ABB Ltd.
• Yaskawa Electric Corp.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. We have published over 15,000 reports across 27 industries and 60+ geographies. Our research is powered by 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
We provide continuous and custom research services, offering a range of specialized packages tailored to your needs, including Market Entry Research Package, Competitor Tracking Package, Supplier & Distributor Package and much more.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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