Report Code: CMI24659

Published Date: July 2023

Pages: 220+

Category: Technology

Report Snapshot

CAGR: 9.5%
127.88B
2022
140.18B
2023
323.51B
2032

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • Rockwell Automation Inc.
  • Mitsubishi Electric Corporation
  • Others

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Reports Description

Automation Components Market Outlook (2023 – 2032)

As per the current market research conducted by CMI Team, the global Automation Components Marketis expected to record a CAGR of 9.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 127.88 billion. By 2032, the valuation is anticipated to reach USD 323.51 billion.

The Automation Components Market includes the manufacture, distribution, and application of numerous components found in automation systems. Sensors, control systems, and robotics are used in a variety of industries to improve production, efficiency, and quality control through automation.

The market is operating in a competitive environment fueled by significant technical breakthroughs such as AI, IoT, and machine learning integration. Key trends in the market include increasing industrial automation, the adoption of collaborative robots, emphasis on energy efficiency and sustainability, growing demand for flexible manufacturing, implementation of remote monitoring and control solutions, digital transformation initiatives, and an increased focus on safety in industrial environments.

Automation Components Market – Significant Growth Factors

The Automation Components Market presents significant growth opportunities due to several factors:

  • Adoption of Collaborative Robots: Collaborative robots, or cobots, are gaining popularity in industrial environments. These robots work alongside human operators, assisting them in various tasks and improving productivity. Automation components such as sensors, vision systems, and safety mechanisms are crucial in ensuring safe operations and effective collaboration between humans and cobots. The increasing adoption of cobots across industries is fueling the demand for automation components, particularly those that enable safe human-robot interaction.
  • Rising Focus on Sustainable Practices: There is a growing emphasis on sustainability and environmentally friendly practices across industries. Automation components contribute to sustainability efforts by optimizing energy consumption, reducing waste, and enabling efficient resource utilization. The integration of energy-efficient components and the adoption of eco-friendly manufacturing processes drive the demand for automation components that support sustainable practices, attracting environmentally conscious businesses and driving market growth.
  • Integration of Edge Computing and Connectivity: The integration of edge computing and connectivity technologies is revolutionizing the automation components market. Edge computing allows for data processing and analysis closer to the source, enabling real-time decision-making and reducing latency. With the increasing adoption of IoT devices and connected systems, automation components that can seamlessly integrate with edge computing and provide robust connectivity solutions are in high demand. This trend is driving the growth of the market as industries strive for enhanced automation capabilities and efficient data management.
  • Growing Industrial Automation: The automation components market is experiencing significant growth due to increased adoption of automation in various industries. Businesses are embracing automation solutions to boost productivity, cut labor costs, improve efficiency, and maintain consistent quality control. This rising demand for automation in sectors like manufacturing, automotive, and aerospace is a major driver for the growth of automation components.

Automation Components Market – Mergers and Acquisitions

The Automation Components Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Automation Components Market include:

  • In 2021, ABB Ltd. formed a strategic partnership with Microsoft Corporation to integrate Microsoft’s cloud computing and data analytics capabilities with ABB’s automation solutions. This collaboration aims to drive operational efficiency and innovation by leveraging the power of AI, IoT, and machine learning in automation systems.
  • In 2022, Siemens AG and SAP SE joined forces in a partnership to integrate Siemens’ automation technologies with SAP’s digital platforms. This collaboration enables seamless data exchange and facilitates end-to-end automation and optimization of business processes. By leveraging this partnership, industries can enhance productivity and decision-making across various sectors.
  • In 2020, Rockwell Automation, Inc. partnered with PTC Inc. to combine their automation expertise with digital transformation technologies. This collaboration enables the development of innovative solutions that enhance productivity, reduce downtime, and unlock new levels of operational efficiency.
  • In 2018, Schneider Electric SE acquired Aveva Group plc, a global provider of engineering and industrial software solutions. This acquisition strengthened Schneider Electric’s position in the automation and digitalization market by integrating Aveva’s software capabilities with Schneider Electric’s hardware and automation expertise. The acquisition enabled comprehensive solutions that integrated software and hardware for enhanced efficiency and performance.
  • In 2016, Emerson Electric Co. acquired Pentair’s Valves & Controls business, expanding their portfolio of automation solutions by integrating Pentair’s valve and control technologies. This acquisition strengthened Emerson Electric’s presence in the process automation industry, allowing them to provide a broader range of solutions and services to their customers.
  • In 2017, Honeywell International Inc. acquired Intelligrated, a leading provider of automated material handling solutions. This acquisition enhanced Honeywell’s automation and robotics offerings, enabling them to deliver comprehensive solutions for warehouse automation, distribution centers, and e-commerce fulfillment. The acquisition solidified Honeywell’s position in the automation components market, catering to the growing demand for automated material handling solutions.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Automation Components Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Automation Components Market Automation Testing Market Industry 4.0 Market
CAGR 9.5% (Approx) CAGR 16% (Approx) CAGR 16.5% (Approx)
USD 323.51 Billion by 2032 USD 57 Billion by 2030 USD 406.49 Billion by 2030

Automation Components Market – Significant Threats

The Automation Components Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

  • Cybersecurity Risks: The increasing reliance on automation systems exposes the Automation Components Market to cybersecurity threats. Hackers targeting vulnerabilities in automation components can disrupt operations, compromise sensitive data, and cause financial and reputational damage to businesses. Ensuring robust cybersecurity measures and implementing proactive strategies to mitigate cyber threats is crucial to protect the market from potential risks.
  • Economic Uncertainty: Fluctuations in the global economy can pose significant threats to the Automation Components Market. Economic downturns, trade disputes, and geopolitical uncertainties can impact investment decisions, leading to reduced demand for automation components. Unfavourable economic conditions can also affect businesses’ ability to invest in automation technologies, delaying or scaling back automation projects and affecting market growth.
  • Skills Gap and Workforce Displacement: The rapid advancement of automation technologies can create a skills gap in the job market. As automation replaces certain tasks traditionally performed by humans, there is a risk of workforce displacement and job insecurity. This can lead to social and political challenges, affecting the adoption and acceptance of automation components. Addressing the skills gap through training and upskilling programs is crucial to ensure a smooth transition and mitigate potential threats. preferences, manage raw material costs, and respond to economic and market fluctuations are likely to be more successful in the long term.
  • Regulatory and Compliance Challenges: The Automation Components Market is subject to various regulatory requirements and compliance standards. Failure to comply with regulations can result in legal and financial consequences. Staying updated with regulatory changes and implementing measures to ensure compliance is essential to mitigate threats related to regulatory challenges.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 140.18 Billion
Projected Market Size in 2032 USD 323.51 Billion
Market Size in 2022 USD 127.88 Billion
CAGR Growth Rate 9.5% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Components, End User Industry and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

By Components:

  • Linear Shafts: Linear shafts are cylindrical rods used to support and guide moving components in linear motion systems. The market trend for linear shafts includes increasing demand for high precision, corrosion-resistant, and lightweight shafts to meet the growing automation requirements across industries.
  • Bushings: Bushings are cylindrical components used to reduce friction and provide support in rotating or sliding applications. The market trend for bushings includes the adoption of self-lubricating bushings that offer maintenance-free operation, improved durability, and reduced noise in various industrial applications.
  • Linear Guides: Linear guides are mechanical systems that provide smooth and precise linear motion in machinery and automation systems. The market trend for linear guides involves the development of compact and lightweight guides with enhanced load-bearing capacity, high rigidity, and improved accuracy for efficient and precise motion control.
  • Locating Pins: Locating pins are cylindrical pins used to precisely position and align components in manufacturing processes. The market trend for locating pins includes the demand for high-precision and wear-resistant pins that enable accurate and repeatable positioning in various industries, such as automotive, electronics, and aerospace.
  • Bearings: Bearings are components that enable smooth and frictionless rotation or linear motion by reducing the friction between moving parts. The market trend for bearings includes the adoption of advanced bearing materials, such as ceramic and polymer, to improve performance, durability, and efficiency in demanding applications.
  • Gears: Gears are toothed mechanical components used to transmit power and control speed in machinery and equipment. The market trend for gears involves the development of precision gears with high load capacity, low noise, and increased efficiency to meet the requirements of advanced automation systems in industries such as robotics and automotive.
  • Others: The “Others” category in the automation components market encompasses various components that play a crucial role in automation systems, such as couplings, pulleys, belts, springs, and pneumatic/hydraulic components. The market trend for these components focuses on customization, durability, and compatibility to cater to diverse automation needs across different industries.

By End User Industry:

  • Automotive: Automation components are vital in the automotive industry for enhancing manufacturing processes, efficiency, and product quality. Notable trends include the utilization of robots and AI for assembly and inspection, the surging popularity of electric vehicles, and advancements in autonomous driving technologies.
  • Consumer Electronics: Automation components play a pivotal role in the consumer electronics sector by facilitating efficient production, precise assembly, and quality control. Key trends comprise the integration of IoT and AI in smart devices, component miniaturization, and the escalating adoption of automation in electronic assembly to meet the demand for innovative and connected devices.
  • Pharmaceuticals: Automation components are crucial in pharmaceutical manufacturing to ensure precision, safety, and compliance. Industry trends encompass the deployment of robotic systems for drug discovery and production, advanced control systems for batch processing, and increased automation in packaging and labeling to enhance efficiency and traceability.
  • Food and Beverage: The food and beverage industry relies on automation components to boost productivity, uphold hygiene standards, and meet regulatory requirements. Prominent trends include the implementation of robotics in food processing, automation in packaging and labeling to improve speed and accuracy, and the adoption of IoT-enabled sensors for real-time monitoring of production and supply chain processes.
  • Packaging: Automation components have revolutionized the packaging industry by enabling faster, more efficient, and precise packaging processes. Emerging trends involve the integration of robotics and vision systems for meticulous product handling, automation in labeling and coding, and the utilization of advanced software for optimization and customization of packaging solutions.
  • Others: The “Others” category encompasses industries such as aerospace, energy, and industrial manufacturing. Automation components in these sectors drive efficiency, safety, and innovation. Noteworthy trends include the uptake of automation for intricate assembly processes, integration of automation with advanced materials and technologies, and the utilization of AI and machine learning for predictive maintenance and optimization.

Global Automation Components Market 2023–2032 (By Billion)

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Automation Components Market – Regional Analysis

The Automation Components Market is segmented into various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Here is a brief overview of each region:

  • North America: The automation components market in North America is witnessing a rise in the adoption of advanced robotics and AI technologies across industries like automotive, aerospace, and electronics. Key market players dominating the region include Rockwell Automation, Honeywell International Inc., and Emerson Electric Co., offering a wide range of automation components and comprehensive solutions.
  • Europe: Sustainability and energy efficiency are key trends in the automation components market in Europe. Companies across industries are actively seeking automation components that enable eco-friendly manufacturing and reduce energy consumption. Siemens AG, ABB Ltd, and Schneider Electric SE are dominant market players in the region, known for their innovative and sustainable automation solutions.
  • Asia-Pacific: Rapid industrialization and increasing automation adoption in countries like China, Japan, and South Korea are driving the automation components market in the Asia-Pacific region. Leading market players in the region, including Mitsubishi Electric Corporation, Fanuc Corporation, and Yaskawa Electric Corporation, offer an extensive portfolio of automation components and hold a dominant position in the market.
  • LAMEA (Latin America, Middle East, and Africa): The automation components market in LAMEA is characterized by a growing focus on digital transformation and Industry 4.0 initiatives. Companies in the region are embracing automation components to enhance productivity, optimize manufacturing processes, and gain a competitive edge. Key market players in LAMEA, such as ABB Ltd, Siemens AG, and Schneider Electric SE, have a strong presence and provide a diverse range of automation components to meet the unique requirements of the region.

Global Automation Components Market 2023–2032 (By End User Industry)

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Competitive Landscape – Automation Components Market

The Automation Components Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • Rockwell Automation Inc.
  • Mitsubishi Electric Corporation
  • Emerson Electric Co.
  • Honeywell International Inc.
  • Yokogawa Electric Corporation
  • Omron Corporation
  • Keyence Corporation
  • Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In 2021, notable partnerships in the automation components market included collaborations between Rockwell Automation and Microsoft to develop cloud-based industrial IoT solutions, Siemens and SAP to integrate digitalization platforms, and ABB and IBM to enhance AI capabilities for industrial automation.

In the automation components market, there are new players who have entered by focusing on innovation and development. They use advanced technologies like AI, IoT, and robotics to offer unique automation solutions. These players prioritize research and development to introduce new products that meet the changing needs of the industry.

However, the key players in the market have gained their position by having a wide range of products, strong distribution networks, recognized brands, and strategic partnerships. They invest heavily in research and development to stay ahead of technology, maintain high-quality standards, and provide complete automation solutions. These market leaders have a large customer base and established relationships with industry players, solidifying their position as market dominators.

The Automation Components Market is segmented as follows:

By Components

  • Rollers
  • Stages
  • Linear Shafts
  • Bushings
  • Linear Guides
  • Locating Pins
  • Bearings
  • Gears
  • Others

By End User Industry

  • Automotive
  • Consumer Electronics
  • Pharmaceuticals
  • Food and Beverage
  • Packaging
  • Others

By Region

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Automation Components Market, (2024 – 2033) (USD Billion)
    • 2.2 Global Automation Components Market : snapshot
  • Chapter 3. Global Automation Components Market – Industry Analysis
    • 3.1 Automation Components Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Adoption of Collaborative Robots
      • 3.2.2 Rising Focus on Sustainable Practices
      • 3.2.3 Integration of Edge Computing and Connectivity
      • 3.2.4 Growing Industrial Automation.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Components
      • 3.7.2 Market attractiveness analysis By End User Industry
  • Chapter 4. Global Automation Components Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Automation Components Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Automation Components Market – Components Analysis
    • 5.1 Global Automation Components Market overview: By Components
      • 5.1.1 Global Automation Components Market share, By Components, 2022 and – 2033
    • 5.2 Rollers
      • 5.2.1 Global Automation Components Market by Rollers, 2024 – 2033 (USD Billion)
    • 5.3 Stages
      • 5.3.1 Global Automation Components Market by Stages, 2024 – 2033 (USD Billion)
    • 5.4 Linear Shafts
      • 5.4.1 Global Automation Components Market by Linear Shafts, 2024 – 2033 (USD Billion)
    • 5.5 Bushings
      • 5.5.1 Global Automation Components Market by Bushings, 2024 – 2033 (USD Billion)
    • 5.6 Linear Guides
      • 5.6.1 Global Automation Components Market by Linear Guides, 2024 – 2033 (USD Billion)
    • 5.7 Locating Pins
      • 5.7.1 Global Automation Components Market by Locating Pins, 2024 – 2033 (USD Billion)
    • 5.8 Bearings
      • 5.8.1 Global Automation Components Market by Bearings, 2024 – 2033 (USD Billion)
    • 5.9 Gears
      • 5.9.1 Global Automation Components Market by Gears, 2024 – 2033 (USD Billion)
    • 5.10 Others
      • 5.10.1 Global Automation Components Market by Others , 2024 – 2033 (USD Billion)
  • Chapter 6. Global Automation Components Market – End User Industry Analysis
    • 6.1 Global Automation Components Market overview: By End User Industry
      • 6.1.1 Global Automation Components Market share, By End User Industry, 2022 and – 2033
    • 6.2 Automotive
      • 6.2.1 Global Automation Components Market by Automotive, 2024 – 2033 (USD Billion)
    • 6.3 Consumer Electronics
      • 6.3.1 Global Automation Components Market by Consumer Electronics, 2024 – 2033 (USD Billion)
    • 6.4 Pharmaceuticals
      • 6.4.1 Global Automation Components Market by Pharmaceuticals, 2024 – 2033 (USD Billion)
    • 6.5 Food and Beverage
      • 6.5.1 Global Automation Components Market by Food and Beverage, 2024 – 2033 (USD Billion)
    • 6.6 Packaging
      • 6.6.1 Global Automation Components Market by Packaging, 2024 – 2033 (USD Billion)
    • 6.7 Others
      • 6.7.1 Global Automation Components Market by Others, 2024 – 2033 (USD Billion)
  • Chapter 7. Automation Components Market – Regional Analysis
    • 7.1 Global Automation Components Market Regional Overview
    • 7.2 Global Automation Components Market Share, by Region, 2022 & – 2033 (USD Billion)
    • 7.3. North America
      • 7.3.1 North America Automation Components Market, 2024 – 2033 (USD Billion)
        • 7.3.1.1 North America Automation Components Market, by Country, 2024 – 2033 (USD Billion)
    • 7.4 North America Automation Components Market, by Components, 2024 – 2033
      • 7.4.1 North America Automation Components Market, by Components, 2024 – 2033 (USD Billion)
    • 7.5 North America Automation Components Market, by End User Industry, 2024 – 2033
      • 7.5.1 North America Automation Components Market, by End User Industry, 2024 – 2033 (USD Billion)
    • 7.6. Europe
      • 7.6.1 Europe Automation Components Market, 2024 – 2033 (USD Billion)
        • 7.6.1.1 Europe Automation Components Market, by Country, 2024 – 2033 (USD Billion)
    • 7.7 Europe Automation Components Market, by Components, 2024 – 2033
      • 7.7.1 Europe Automation Components Market, by Components, 2024 – 2033 (USD Billion)
    • 7.8 Europe Automation Components Market, by End User Industry, 2024 – 2033
      • 7.8.1 Europe Automation Components Market, by End User Industry, 2024 – 2033 (USD Billion)
    • 7.9. Asia Pacific
      • 7.9.1 Asia Pacific Automation Components Market, 2024 – 2033 (USD Billion)
        • 7.9.1.1 Asia Pacific Automation Components Market, by Country, 2024 – 2033 (USD Billion)
    • 7.10 Asia Pacific Automation Components Market, by Components, 2024 – 2033
      • 7.10.1 Asia Pacific Automation Components Market, by Components, 2024 – 2033 (USD Billion)
    • 7.11 Asia Pacific Automation Components Market, by End User Industry, 2024 – 2033
      • 7.11.1 Asia Pacific Automation Components Market, by End User Industry, 2024 – 2033 (USD Billion)
    • 7.12. Latin America
      • 7.12.1 Latin America Automation Components Market, 2024 – 2033 (USD Billion)
        • 7.12.1.1 Latin America Automation Components Market, by Country, 2024 – 2033 (USD Billion)
    • 7.13 Latin America Automation Components Market, by Components, 2024 – 2033
      • 7.13.1 Latin America Automation Components Market, by Components, 2024 – 2033 (USD Billion)
    • 7.14 Latin America Automation Components Market, by End User Industry, 2024 – 2033
      • 7.14.1 Latin America Automation Components Market, by End User Industry, 2024 – 2033 (USD Billion)
    • 7.15. The Middle-East and Africa
      • 7.15.1 The Middle-East and Africa Automation Components Market, 2024 – 2033 (USD Billion)
        • 7.15.1.1 The Middle-East and Africa Automation Components Market, by Country, 2024 – 2033 (USD Billion)
    • 7.16 The Middle-East and Africa Automation Components Market, by Components, 2024 – 2033
      • 7.16.1 The Middle-East and Africa Automation Components Market, by Components, 2024 – 2033 (USD Billion)
    • 7.17 The Middle-East and Africa Automation Components Market, by End User Industry, 2024 – 2033
      • 7.17.1 The Middle-East and Africa Automation Components Market, by End User Industry, 2024 – 2033 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 ABB Ltd.
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Siemens AG
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 Schneider Electric SE
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Rockwell Automation Inc.
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Mitsubishi Electric Corporation
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Emerson Electric Co.
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 Honeywell International Inc.
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Yokogawa Electric Corporation
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Omron Corporation
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Keyence Corporation
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Others.
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
List Of Figures

Figures No 1 to 29

List Of Tables

Tables No 1 to 52

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • ABB Ltd.
  • Siemens AG
  • Schneider Electric SE
  • Rockwell Automation Inc.
  • Mitsubishi Electric Corporation
  • Emerson Electric Co.
  • Honeywell International Inc.
  • Yokogawa Electric Corporation
  • Omron Corporation
  • Keyence Corporation
  • Others

FAQs

“North America” region will lead the Global Automation Components Market during the forecast period 2023 to 2032.

The key factors driving the Market are Adoption of Collaborative Robots, Rising Focus on Sustainable Practices, Integration of Edge Computing and Connectivity And Growing Industrial Automation.

The key players operating in the Automation Components Market are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation Inc., Mitsubishi Electric Corporation, Emerson Electric Co., Honeywell International Inc., Yokogawa Electric Corporation, Omron Corporation, Keyence Corporation, Others.

The Global Automation Components Market is expanding growth with a CAGR of approximately 9.5% during the forecast period (2023 to 2032).

The Global Automation Components Market size was valued at USD 127.88 Billion in 2022 and it is projected to reach around USD 323.51 Billion by 2032.

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