Automation Component Market: Growth Insights and Future Projections | CAGR of 9.6% from 2022 to 2031

Allied Market Research has published a report titled "Automation Component Market by Component (Linear Shafts, Bushings, Linear Guides, Locating Pins, Bearings, Gears, Couplings, Actuators, Motors, Sensors, Screws, Rollers, and Stages), by End User Industry (Automotive, Consumer Electronics, Pharmaceuticals, Food And Beverage, Packaging, 3D Printing, Semiconductors, and Chemicals): Global Opportunity Analysis and Industry Forecast, 2021-2031."

According to the report, the global automation component market generated $116,693.1 million in 2021 and is projected to reach $296,815.8 million by 2031, registering a CAGR of 9.6% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞: https://www.alliedmarketresearch.com/request-sample/A53722

Key Drivers of Growth
Rising Demand for Manufacturing Equipment
Increased consumer product demand is driving the need for efficient manufacturing equipment, propelling the adoption of automation components in machine production and maintenance.

Expanding Use of Automation and Robotics
Industries worldwide are leveraging automation and robotics for production tasks, boosting the demand for components such as motors, gears, sensors, and actuators.

IoT and Smart Platforms
The emergence of the Internet of Things (IoT) and smart applications has significantly contributed to the growth of the automation component market. Enhanced connectivity and data exchange capabilities have transformed manufacturing processes, fostering further integration of automation components.

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Market Dynamics
Opportunities
Integration of IoT: Incorporating IoT into manufacturing machinery creates smarter, more efficient systems that reduce downtime and enhance productivity.

Emerging Markets: Developing countries are witnessing increased adoption of automation in sectors such as automotive, food and beverage, and consumer electronics, presenting vast opportunities for market expansion.
Challenges

Technical Proficiency: A lack of technical expertise and awareness of automated operations remains a barrier.
Innovation Costs: Continuous advancements in manufacturing processes necessitate ongoing investments, which can deter adoption in smaller enterprises.

Segment Analysis

By Component
Motors: Dominating the market in 2021, motors accounted for over one-fifth of global revenue. Their critical role as driving forces in machines and equipment ensures their sustained leadership throughout the forecast period.

Sensors: The sensors segment is expected to experience the highest CAGR of 12.8% from 2022 to 2031. Increasing demand for specialized sensors-such as those for detecting voice, vibration, light, and flow-drives this growth.

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By End-User Industry
Automotive: The automotive segment led the market in 2021, contributing nearly one-fifth of the total revenue. Rising production in the automotive industry and increasing adoption of automation in manufacturing processes bolster this segment.

Food and Beverage: This segment is projected to grow at a CAGR of 10.7% through 2031. Automation is increasingly being used to manufacture food and beverages without human interference, minimizing contamination risks.
Regional Insights

Asia-Pacific: A Growing Powerhouse
Asia-Pacific is set to lead the automation component market, with the fastest CAGR of 11.0% from 2022 to 2031. Countries like China and India are at the forefront, driven by rapid industrialization and adoption of automation in manufacturing sectors.

Europe and North America: Established Leaders
These regions collectively accounted for nearly one-third of the global revenue in 2021. Advanced industrial infrastructure and high adoption rates of automation components contribute to their strong market presence.

The COVID-19 pandemic disrupted the automation component market due to global lockdowns and reduced production activities. However, as industries recovered, the demand for automation-based solutions rebounded, offering growth opportunities for market players.

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧: https://www.alliedmarketresearch.com/automation-components-market-A53722

Competitive Landscape
Prominent players in the global automation component market include:

Automation Component Ltd
Bosch Rexroth
Emerson Electric Co.
Fluid Power South Inc.
Nidec Corporation
Parker Hannifin Corporation
Rockwell Automation Inc.
SDP/S
Shanghai KGG Robots Co., Ltd
SKF

These companies employ strategies like product innovation, partnerships, acquisitions, and regional expansions to strengthen their market positions. The report offers detailed insights into their business performance, product portfolios, and competitive strategies.

Future Outlook
The automation component market is poised for robust growth, fueled by advancements in IoT, increased adoption of robotics, and expansion in emerging economies. Challenges such as a lack of technical expertise may be mitigated through training initiatives and technology adoption programs.

As industries embrace smart manufacturing and advanced automation, the demand for high-performance components like sensors, motors, and actuators is expected to surge, solidifying the market's upward trajectory. This report provides a comprehensive resource for stakeholders to make informed decisions and capitalize on future opportunities in the automation component industry.

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