Meticulous Research®—a leading global market research company, published a research report titled “Industrial Automation Spares Market by Type (Electrical Components, Electronic Components, Mechanical Components), End User (Oil & Gas, Automotive, F&B, Semiconductor & Electronics, Power), and Geography- Global Forecasts to 2029”.
The industrial automation spare part components market is expected to grow at a CAGR of 5.7% from 2022 to reach $16.54 billion by 2029. The growth of the industrial automation spare part components markets is attributed to the rising investments and transformation in conventional manufacturing facilities and shift to digitized systems. This transition has created the demand for the deployment of automation systems and thus the need for industrial automation spare part components. Moreover, the rising number of SMEs and the need to improve the safety of the production process are expected to create an ample number of opportunities for the players in the market.
However, the high cost of procurement and low-cost competitors restrains and challenges the growth of this market.
The industrial automation spare part components market is segmented based on type, end user, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the industrial automation spare parts market is segmented into electrical components, electronic components, pneumatic and hydraulic components, mechanical components, connectors, structural machine parts, cable and harnesses, and industrial safety components. In 2022, the electrical components segment is expected to account for the largest share of the industrial automation spare part components market. The growth of this segment is driven by its crucial role in regulating the power supplied to the system and preventing failure. The most commonly used components or spare parts in an electrical setup include circuit breakers, line reactors, variable frequency drives (VFDs), motors and drives, power supply units, actuators, and other electrical components.
Based on end user, the industrial automation spares market is segmented into oil & gas, automotive, food & beverage, semiconductor & electronics, chemical & materials, consumer goods, mining & metals, power, pharmaceutical & biotech, machine & tools, paper & pulp, aerospace & defense, and other end users. In 2022, the oil & gas segment is expected to hold the largest share of the industrial automation spare part components market. The growth of this segment is driven by the benefits of automation technologies in oil & gas exploration activities, such as improved decision making, troubleshooting, and performance efficiency. Some of the major areas highly influenced by automation in the oil & gas sector include drilling operations, diagnostics & inspections, pipeline monitoring systems, weather monitoring systems, and pressure & flow systems. The increasing implementation of automation components, such as enterprise-level controls and plant-level controls, improves business models and increases operational efficiency.
Based on geography, the market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to account for the largest share of the global industrial automation spares market in 2022. The high market growth in Asia-Pacific is driven by the rapid population growth & urbanization, economic development, increasing wages, and reduced production costs offered by automation. The Asia-Pacific region presents diverse opportunities for adopting automation solutions due to its large manufacturing sector. The traditional industrial production areas are generally characterized by manual or semi-automatically controlling processes.
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Key players :
The key players profiled in the industrial automation spare part components market are ABB Limited (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Rockwell Automation (U.S.), Baumer Ltd (Switzerland), Encoder Products Company, Inc (U.S.), Fuji Electric Co. Ltd. (Japan), Delta Electronics, Inc (Taiwan), Emerson Electric (U.S.), Omron Corporation (Japan), Panasonic Corporation (Japan), Baumuller Holding GmbH & Co. KG (Germany), Balluff GmbH (Germany), Sensata Technologies, Inc (U.S.), Festo Corporation (Germany), Parker-Hannifin Corporation (U.S.), SMC Corporation (Japan), DESTACO (U.S.), SWISS Automation, Inc (U.S.), and Mitsubishi Electric Corporation (Japan).
Key Questions Answered in the Report-
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