The North America industrial component market size was estimated at USD 34.85 billion in 2024 and is projected to grow at a CAGR of 8.6% from 2025 to 2030. The rise of advanced manufacturing technologies, such as additive manufacturing (3D printing), is transforming the market in North America. Additive manufacturing allows for the production of complex components with reduced material waste and shorter lead times. As companies explore the benefits of 3D printing, demand for materials and components that support these processes is increasing. This technology also enables customization and rapid prototyping, allowing manufacturers to respond quickly to changing market demands. As advanced manufacturing technologies continue to gain traction, they will play a significant role in shaping the market’s future.
The rise of renewable energy sources, such as wind and solar, significantly influences the industry. As governments and organizations prioritize sustainability and clean energy initiatives, the demand for components used in renewable energy technologies is rising. For instance, manufacturers require specialized components for wind turbines, solar panels, and energy storage systems. This growth in the renewable energy sector creates new opportunities for industrial component suppliers and encourages innovation in materials and technologies. As the transition towards renewable energy continues, the market will see a sustained increase in demand driven by these green initiatives.
In addition, the adoption of Industry 4.0 principles, which emphasize the integration of digital technologies into manufacturing processes, is reshaping the industrial landscape in North America. Companies increasingly implement smart manufacturing practices that leverage IoT, artificial intelligence, and advanced analytics. This transition drives demand for industrial components that enable connectivity, automation, and real-time data analysis. As manufacturers adopt Industry 4.0 technologies, the need for advanced sensors, communication devices, and smart components will increase, further propelling market growth.
Furthermore, expanding end-user industries such as automotive, aerospace, electronics, and renewable energy drives market growth. The automotive industry, for example, is experiencing a transformation with the rise of electric vehicles (EVs) and autonomous driving technologies. This shift necessitates advanced components such as batteries, power electronics, and smart sensors, contributing to market growth. Similarly, the aerospace sector is seeing increased demand for lightweight materials and precision components to enhance fuel efficiency and performance. As these end-user industries continue to grow and evolve, they will drive the demand for specialized industrial components tailored to their unique requirements.
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The rise of renewable energy sources, such as wind and solar, significantly influences the industry. As governments and organizations prioritize sustainability and clean energy initiatives, the demand for components used in renewable energy technologies is rising. For instance, manufacturers require specialized components for wind turbines, solar panels, and energy storage systems. This growth in the renewable energy sector creates new opportunities for industrial component suppliers and encourages innovation in materials and technologies. As the transition towards renewable energy continues, the market will see a sustained increase in demand driven by these green initiatives.
In addition, the adoption of Industry 4.0 principles, which emphasize the integration of digital technologies into manufacturing processes, is reshaping the industrial landscape in North America. Companies increasingly implement smart manufacturing practices that leverage IoT, artificial intelligence, and advanced analytics. This transition drives demand for industrial components that enable connectivity, automation, and real-time data analysis. As manufacturers adopt Industry 4.0 technologies, the need for advanced sensors, communication devices, and smart components will increase, further propelling market growth.
Furthermore, expanding end-user industries such as automotive, aerospace, electronics, and renewable energy drives market growth. The automotive industry, for example, is experiencing a transformation with the rise of electric vehicles (EVs) and autonomous driving technologies. This shift necessitates advanced components such as batteries, power electronics, and smart sensors, contributing to market growth. Similarly, the aerospace sector is seeing increased demand for lightweight materials and precision components to enhance fuel efficiency and performance. As these end-user industries continue to grow and evolve, they will drive the demand for specialized industrial components tailored to their unique requirements.
North America Industrial Component Market Report Segmentation
This report forecasts revenue growth at country levels and offers a qualitative and quantitative analysis of the market trends for each segment and sub-segments from 2017 to 2030. For this study, the analyst has segmented the North America industrial component market based on product, industry vertical, and country.Product Outlook (Revenue, USD Million, 2017 - 2030)
- Bearing
- Ball Bearing
- Roller Bearing
- Plain Bearing
- Others
- Roller Chain & Sprocket
- Shaft Couplings
- Others
Industry Vertical Outlook (Revenue, USD Million, 2017 - 2030)
- Automotive
- Agriculture
- Railway
- Aerospace
- Food & Beverage
- Others
Regional Outlook (Revenue, USD Billion, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
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Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. North America Industrial Component Market Variables, Trends, & Scope
Chapter 4. North America Industrial Component Market Product Outlook
Chapter 5. North America Industrial Component Market Industry Vertical Outlook
Chapter 6. North America Industrial Component Market: Country Estimates & Trend Analysis
Chapter 7. Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- SKF
- NTN Corporation
- The Timken Company
- Schaeffler Group
- JTEKT Corporation
- Renold plc
- Webster Industries Inc.
- Regal Rexnord
- NSK Ltd.
- Hangzhou Donghua Chain Group Co., Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | November 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 34.85 Billion |
| Forecasted Market Value ( USD | $ 56.07 Billion |
| Compound Annual Growth Rate | 8.6% |
| Regions Covered | North America |
| No. of Companies Mentioned | 10 |
