Automation Components Global Market Report 2024

The automation component market size has grown rapidly in recent years. It will grow from $145.95 billion in 2023 to $163.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. Expansion witnessed in the historical period can be attributed to several contributing factors. These include a growing demand for customized solutions tailored to specific needs, pressures to reduce costs, an increasing emphasis on efficiency improvement, challenges stemming from labor shortages, and the imperative of regulatory compliance within industries.

The automation component market size is expected to see rapid growth in the next few years. It will grow to $262.35 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. Anticipated growth in the forecast period can be attributed to several key drivers, including sustainability initiatives aimed at reducing environmental impact, the accelerating digitalization of industries, the emergence of Industry 4 principles integrating automation and data exchange, increased adoption of artificial intelligence to enhance operational efficiency, and a focus on building resilient supply chains. Major trends expected in this period encompass the integration of edge computing to enable real-time data processing, the proliferation of collaborative robots (cobots) for enhanced human-machine collaboration, the adoption of predictive maintenance solutions to minimize downtime, the expansion of industrial internet of things (IIoT) applications for data-driven insights, and the utilization of additive manufacturing for producing custom components efficiently.

The surge in demand for industrial robots in manufacturing operations is poised to drive the growth of the automation component market in the foreseeable future. Industrial robots, programmable mechanical devices utilized for various automation tasks in manufacturing, including assembly, welding, painting, and material handling, are increasingly sought after for their capacity to enhance efficiency, precision, and productivity while simultaneously reducing labor costs and enhancing safety measures. Automation components play a vital role in augmenting the efficiency and functionality of industrial robots, thereby streamlining manufacturing processes. Notably, data from October 2022 released by the International Federation of Robotics indicates a historic peak in industrial robot installations worldwide in 2021, with a remarkable 31% surge compared to 2020, totaling 517,385 units. This escalation contributes to a global operational stock of approximately 3.5 million units, underscoring the pivotal role of industrial robots in propelling the growth of the automation component market.

Leading companies in the automation components market are actively innovating to meet the escalating demand for integrated and scalable IoT solutions, exemplified by the development of sensor experience kits tailored for IoT engineering applications. These kits typically comprise a diverse array of sensors, development boards, connectivity modules, and software tools designed to expedite the prototyping and development of IoT applications. In February 2023, Henkel AG & Co. KGaA unveiled the Sensor INKxperience Kit for IoT engineering, featuring four pre-configured printed electronics technologies equipped with hardware and software components. This kit empowers professional engineers to explore and experiment with printed sensor technologies for IoT applications, encompassing functionalities such as leak detection, non-contact liquid level sensing, positive temperature coefficient (PTC) heating, and force-sensitive resistor (FSR) sensing, enabling rapid prototyping and testing of sensor solutions.

In October 2022, Rockwell Automation completed the acquisition of CUBIC for an undisclosed sum. This strategic acquisition bolsters Rockwell's portfolio of leading intelligent motor control technologies, expanding its global partner network for intelligent motor control offerings, particularly in key regions such as Asia, Europe, and Latin America. CUBIC, based in Denmark, specializes in providing automation components, aligning with Rockwell's vision to strengthen its market presence and enhance its offerings in the automation sector.

Major companies operating in the automation components market are Siemens AG, General Electric Company, Mitsubishi Electric Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd, Eaton Corporation, Nidec Corporation, TE Connectivity Ltd., Parker Hannifin Corporation, Emerson Electric Co., Svenska Kullagerfabriken, Rockwell Automation Inc., Danfoss, Omron Corporation, Bosch Rexroth AG, FANUC Corporation, SMC Corporation, Keyence Corporation, Yaskawa Electric Corporation, Festo AG & Co. KG, KUKA AG, Yokogawa Electric Corporation, National Instruments Corporation, Automotion Components Ltd.

Europe was the largest region in the automation component market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automation components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the automation components market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An automation component is a fundamental part or element embedded within an automated system or process, tasked with executing particular functions to streamline and mechanize operations. These components exhibit variability contingent upon the type of automation system employed, typically encompassing hardware, software, or a fusion of both, meticulously crafted to carry out tasks with minimal human intervention.

The primary types of automation components encompass rollers, stages, linear shafts, bushings, linear guides, locating pins, bearings, gears, couplings, and other essential elements. Rollers are cylindrical devices utilized to facilitate the movement or conveyance of materials or products along a designated path within automated systems. This comprehensive solution integrates supervisory control and data acquisition, a programmable logic controller, a distributed control system, plant asset management, functional safety, product lifecycle management, and a manufacturing execution system. It finds application across diverse end-user industries including automotive, consumer electronics, pharmaceuticals, food and beverage, packaging, 3D printing, semiconductors, chemicals, and various others.

The automation components market research report is one of a series of new reports that provides automation components market statistics, including automation components industry global market size, regional shares, competitors with a automation components market share, detailed automation components market segments, market trends and opportunities, and any further data you may need to thrive in the automation components industry. This automation components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The automation component market consists of revenues earned by entities providing services such as manufacturing automation solutions, equipment maintenance, and system integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The automation component market also includes sales of individual automation components such as sensors, actuators, robotics, and control systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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