Industrial Automation Spares Market Set to Reach USD 8.8 Billion by 2034, Driven by AI and IoT Integration

Report and Data latest market research report focuses on the global Industrial Automation Spares market, and the report provides in-depth analysis of each of its major segments. Reports about the global Industrial Automation Spares market provide a comprehensive overview of the market, including market size, revenue growth rate, industry statistics, revenue shares among regional markets, gross profits, production costs, and product portfolios Industrial Automation Spares industry projections and qualitative and quantitative assessments have been provided by the report's authors. The SWOT analysis and Porter's Five Forces Analysis are some of the most important components of this report that provide insight into the highly competitive environment of the industry. The global Industrial Automation Spares Market is on a strong growth path, projected to grow from USD 4.0 billion in 2024 to USD 8.8 billion by 2034, at a compound annual growth rate (CAGR) of 7.90%. The growth is being driven by the increasing use of smart technologies in manufacturing, rising investment in automation, and growing demand for more efficient operations.

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Industries across the globe are investing in automation to improve productivity and reduce costs. This has led to a sharp increase in demand for automation spares-components and parts essential for maintaining and upgrading factory systems. Technological advances, especially the integration of Artificial Intelligence (AI) and the Internet of Things (IoT), are at the core of this shift. According to McKinsey, global investment in industrial IoT is expected to reach USD 1.1 trillion by 2025, further fueling market growth.

One of the key trends driving the market is the rise in predictive maintenance. With smarter, connected components, companies can detect problems early and prevent system failures. Predictive maintenance usage has grown by 35% year-over-year, and AI is helping 45% of manufacturers improve overall efficiency, according to recent studies.

Increased digital spending-rising at 12% annually-is also contributing to market momentum. Companies are upgrading their equipment to meet the needs of modern manufacturing. A 68% rise in IoT adoption within industrial settings is proof that the shift toward smart factories is well underway.

A significant growth driver is the adoption of these advanced spares by original equipment manufacturers (OEMs). Industry leaders like Siemens, ABB, and Rockwell Automation are integrating AI and IoT into their product lines. For example, Siemens saw a 25% increase in sales after launching a new range of AI-powered automation spares. In March 2024, Rockwell introduced a new line of IoT-enabled spares designed to cut operational costs by 20% and improve efficiency by 15%.

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Industrial Automation Spares market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic

Top 10 Companies

Siemens

ABB

Rockwell Automation

Emerson Electric

Mitsubishi Electric

Fanuc

Schneider Electric

Honeywell International

General Electric

Omron Corporation

Public support for smart manufacturing is also boosting the market. The U.S. government is investing USD 50 billion by 2025 to promote automation, while the EU's Digital Europe Programme has allocated €7.5 billion for immersive and digital technologies by 2027. These efforts are making it easier for industries to upgrade their operations and adopt modern spares.

However, the market faces some key challenges. Regulatory barriers, especially in regions like the European Union, are increasing costs for manufacturers. For instance, the new GDPR-XR compliance rules have added USD 2.1 billion in annual development costs. Smaller companies, in particular, struggle to keep up with such expenses.

The report bifurcates the Industrial Automation Spares market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Industrial Automation Spares Market Segmentation
By Product Type

Robotics Spares

Sensor Spares

Control System Spares

Drive System Spares

Others

By Application

Automotive Manufacturing

Electronics Production

Food Processing

Pharmaceuticals

Others

By End User

Manufacturing

Energy & Utilities

Transportation & Logistics

Healthcare

Others

By Technology

AI Integration

IoT Connectivity

Predictive Maintenance

Others

By Distribution Channel

Direct Sales

Distributors

Online Platforms

Operational challenges are also holding back growth. The lack of skilled workers is one of the biggest hurdles. A PwC survey revealed that 62% of manufacturers cite a talent shortage as a major barrier to adopting advanced automation tools. Training workers to handle new systems can be both costly and time-consuming.

Access to high-speed connectivity is another limitation, especially in rural areas. While urban regions enjoy 94% 5G coverage, rural areas lag behind at 61%, limiting the deployment of IoT-enabled automation solutions in those areas.

Regional Landscape section of the Industrial Automation Spares report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Additional barriers include high upfront costs, safety and environmental regulations, and resistance to change in traditional industries. Many companies remain unaware of the full benefits automation can bring, slowing down adoption rates.
Despite these challenges, the outlook for the Industrial Automation Spares Market remains optimistic. With growing investments, rapid technology adoption, and increasing awareness of operational benefits, the market is expected to continue expanding over the next decade.

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