ID: MRFR/SEM/7232-HCR | December 2022 | Region: Global | 100 pages
Impact of COVID-19 on the Automation Control Components and Devices Market
The automation control components and devices market has seen negative developments owing to the lockdowns imposed in several countries since the outbreak of the COVID-19 pandemic. To contain this pandemic, several governments have ordered the halting of all manufacturing plants (except essential services, allowed with minimal workforce). The pandemic outbreak has halted all international imports and exports of non-essential products, which has significantly impacted the electronics industry. Some of the key manufacturers of electronic products that have been impacted by the outbreak include Apple Inc., GoPro Inc., Canon Inc., Hitachi Ltd., LG Electronics Inc., Huawei Technologies Co., Ltd., Nikon Corp., Samsung Electronics Co., Ltd., Toshiba Corp., and Panasonic Corp., among others. For instance, Apple Inc. delayed the launch of its iPhone 9 in China due to this outbreak. Also, Apple Inc. announced that it could not meet sales projections, which were previously announced. In another instance, Nissan and Hyundai suspended their production in their South Korea manufacturing plants owing to a delay in the supply of electronic parts. The production processes of several industries, including the automobile and electronics industries, have been hampered due to the outbreak. However, the demand is anticipated to recover in the coming months and is projected to grow in the coming years.
Automation enhances both production rate and quality by incorporating innovative and integrated technologies, thereby reducing costs associated with the production processes. With the rapid evolution of technology, businesses are compelled to update their existing automation solutions to meet modern process requirements. This has encouraged several manufacturers to upgrade their automation control components and devices by adopting advanced automation solutions such as value creation automation (VCA). OEMs in the automation market procure raw materials required to manufacture controllers, and electronic components such as resistors, capacitors, and sensors. The demand for robots in restaurants and bars is expected to increase, reducing human Interaction and the spread of COVID-19. This, in turn, is anticipated to boost the demand for automation control components and devices. In the long run, the negative impact of COVID-19 will be negated, and the demand for automation control components and devices will increase in the coming years. The major factors boosting the growth of the automation control components and devices market include government policies supporting the adoption of industrial automation and the increasing demand for industrial automation across industries.
Europe’s Domestic Robotics Market Size (USD Billion)
Source: SPARC- The Partnership for Robotics in Europe
Currency Conversion- 1 EUR = 1.0925 USD (2015) and 1 EUR = 1.1198 USD (2019)