Automation Components Market by Product (Actuators, Controllers, Drives), Component Type (Electrical Components, Hydraulic Components, Mechanical Components), Type of Motion, Level of Automation, Application - Global Forecast 2024-2030

Automation Components Market by Product (Actuators, Controllers, Drives), Component Type (Electrical Components, Hydraulic Components, Mechanical Components), Type of Motion, Level of Automation, Application - Global Forecast 2024-2030

The Automation Components Market size was estimated at USD 65.25 billion in 2023 and expected to reach USD 71.74 billion in 2024, at a CAGR 10.33% to reach USD 129.92 billion by 2030.

Automation components are the building blocks used in systems that perform tasks automatically without human intervention. They help operate machinery, control processes, and manage tasks efficiently and precisely. Automation components are used in various industries, such as manufacturing, automotive, and logistics, to improve productivity and accuracy. The growing urban population and increased industrial activities, combined with a rising demand for automation in manufacturing, significantly propel market growth for automation components. Urbanization leads to enhanced infrastructure needs, and manufacturers increasingly adopt automation to boost efficiency, fueling market expansion. However, the market faces challenges such as high initial costs, which impede small and medium-sized enterprises (SMEs), difficulties integrating new components with existing systems, and growing cybersecurity risks. Technological advancements and innovations in automation technologies present significant opportunities for market growth. These developments help to enhance efficiency, reduce costs, and improve the overall performance of automation systems.

Regional Insights

In the Americas, the automation components market is growing, driven by several factors, such as the rising adoption of automation technologies in various industries, including manufacturing, automotive, and energy. In addition, government initiatives and incentives to boost industrial automation support market expansion. The Asia-Pacific region is showcasing significant market expansion, with countries such as China, India, and Japan investing in industrial automation. The rapid urbanization, industrialization, and strong economic growth in these countries have increased the demand for automation components. Furthermore, the presence of various manufacturing facilities, the demand for smart manufacturing, and Industry 4.0 are significant factors contributing to market growth. In the EMEA region, EU countries adopt advanced automation technologies driven by demands from the automotive, aerospace, and healthcare sectors. Sustainability and efficiency are major purchasing factors, with a strong focus on sustainable manufacturing technologies. The Middle East’s interest in automation is propelled by efforts to diversify economies beyond oil, with investments concentrated on building smart cities and automated industrial hubs. Africa focuses on basic and adaptable automation technologies that can be integrated within existing infrastructures.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Automation Components Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing demand for automation in logistics and transportation industry
• Inclination toward smart manufacturing and digital transformation in industries
• Adoption of hydraulic automation components in automotive industry to enhance vehicle performance and reliability

Market Restraints

• Complexities in product development and manufacturing

Market Opportunities

• Technological advancements and innovation in automation technologies
• Government policies and initiatives supporting industrial automation

Market Challenges

• Concerns associated with maintenance and downtime

Market Segmentation Analysis

• Product: Widening use of sensors to enhance efficiency, precision, and safety in various end-use applications
• Application: Extensive adoption in manufacturing for material handling and packaging

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automation Components Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automation Components Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Dwyer Instruments Acquired Automation Components Inc. to Expand Product Offering

Dwyer Instruments, Inc. acquired Automation Components, Inc. (ACI) to enhance its product portfolio. The integration of ACI's robust line of sensors is expected to expand Dwyer’s capabilities, allowing the combined entity to offer its customers a wider range of solutions. The strategic move signifies Dwyer’s ongoing commitment to growth and innovation in the automation components industry.

Marelli Launched Smart Actuators to Streamline Electric Vehicle Functionality

Marelli launched a new line of multipurpose smart actuators designed to simplify the complex functions of electric cars. These actuators feature an autonomous electronic module for seamless network connectivity, a flexible and scalable mechanical design, and user-friendly software. Marelli’s solution aims to reduce complexity and enhance integration within cars' mechanical and electronic systems.

HBK Launched U9C and C9C Sensors to Enhance Automotive Production with Precise Digital Force Measurements

HBK launched the U9C and C9C digital force sensors, which are optimized for rapid processes and compatible with PLCs via a standardized IO-Link interface. These sensors are crucial for tasks, including joining and pressing in automotive manufacturing. They improve efficiency, detect technical limit breaches, and support predictive maintenance by utilizing digital signal processing. The company aims to advance force measurement technology significantly, facilitating seamless digital transformation.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automation Components Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Automation Components Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Balluff GmbH, Banner Engineering Corp., Beckhoff Automation GmbH & Co. KG, Bosch Rexroth AG, Danfoss A/S, Eaton Corporation, Emerson Electric Co., General Electric Company, Honeywell International Inc., Keyence Corporation, Lenze SE, Mitsubishi Electric Corporation, NSK Ltd., Omron Corporation, Parker Hannifin Corporation, Phoenix Contact, Rexel Group, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, SMC Corporation, THK Co., Ltd., WAGO GmbH & Co. KG, and Yokogawa Electric Corporation.

Market Segmentation & Coverage

This research report categorizes the Automation Components Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Product
• Actuators
• Controllers
• Drives
• Relays
• Sensors
• Switches
• Component Type
• Electrical Components
• Hydraulic Components
• Mechanical Components
• Pneumatic Components:
• Type of Motion
• Linear Motion Components
• Rotary Motion Components
• Level of Automation
• Continuous Automation
• Discrete Automation
• Application
• Aerospace & Defense
• Automotive
• Energy & Utilities
• Healthcare
• Manufacturing
• Region
• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year