ID: MRFR/SEM/7232-HCR | February 2021 | Region: Global | 100 pages
The global automation control components and devices market was valued at USD 43.61 billion in 2018; it is expected to reach USD 87.75 billion by the end of the forecast period at a CAGR of 10.8%. The creation of smart factories for planning, supply chain logistics, and product development has emerged from the increased adoption of smart systems, components, and smart machinery and equipment for the improvement of processes through automation and self-optimization, thus increasing the Automation Control Components and Devices Market Trends. Various industrial businesses are increasingly aiming to become smart factories. Government initiatives to promote industrial automation, adoption of emerging technologies such as IoT and AI in industrial environments, emphasis on industrial automation and optimum resource utilization, and fiscal policies formulated by regional financial institutions to keep manufacturing facilities afloat amidst the COVID-19 crisis are among the factors driving the growth of the Automation Control Components and Devices Market.
COVID 19 Analysis
Lockdowns enacted in numerous nations since the onset of the COVID-19 epidemic have had a detrimental impact on the Automation Control Components and Devices Market Size and Automation Control Components and Devices Market Share. Several countries have ordered the shutdown of all production plants to contain the epidemic (except essential services, allowed with minimal workforce). All imports and exports of non-essential products have been banned due to the epidemic, which has had a huge impact on the electronics industry. The outbreak has impacted the production operations of various businesses, including the automobile and electronics industries. Demand, on the other hand, is expected to recover in the next months and expand in the coming years. Robots are predicted to become more popular in restaurants and bars, diminishing human interaction and spreading COVID-19. As a result, demand for automation control components and devices is expected to rise. COVID-19's negative impact will be mitigated in the long run, and demand for automation control components and devices will rise in the future years. Government initiatives encouraging the implementation of industrial automation, as well as rising demand for industrial automation across industries, are driving the growth of the automation control components and devices market.
The rise of the linked enterprise idea is propelling the Automation Control Components and Devices Market forward. For improved production activities, efficient information exchange between different units in industries is critical. The use of IoT and IP networks, allows manufacturers to better comprehend the process of converting raw materials into completed commodities. IoT-enabled systems can be used to track field instruments, ensure appropriate raw material flow, keep track of inventory status, and report items as they move through the supply chain. Connected businesses also have simple access to information flowing throughout the whole supply chain, allowing them to adapt quickly to changing market conditions. Real-time data aids manufacturers in lowering inventory costs, detecting cyber-threat issues, and attaining output following market demands. The demand for Automation Control Components and Devices Market is being driven by an increased need for increased productivity as well as the manufacture of high-quality products. The adoption of advanced production systems and processes offered by industrial control and factory automation can meet this requirement.
Labor expenses have risen at an exponential rate in several places. Furthermore, quality criteria are becoming increasingly stringent. In this context, factory automation has the potential to reduce production, operation, and labor expenses. The Manufacturers have faced significant additional expenditures when upgrading their existing systems. In addition, Automation Control Components and Devices Market necessitate ongoing maintenance and upgrades. Also because of it, as a result, small enterprises cannot afford such costs. As a result, the cost is a major stumbling block to the expansion of the Automation Control Components and Devices Market.
By using innovative and integrated technologies, automation improves production rate and quality while also lowering production costs during the Automation Control Components and Devices Market Analysis. Businesses, on the other hand, are being forced to update their existing automation solutions to match modern process needs due to the rapid growth of technology. This has prompted some manufacturers to increase their automation control component and device production capacity to implement advanced automation solutions such as value creation automation (VCA). Automation OEMs source the raw materials needed to make controllers, electrical components like resistors and capacitors, and sensors. Government policies encouraging the implementation of industrial automation, as well as increased demand for industrial automation in industries, are two significant reasons driving the rise of automation control components and devices.
The Automation Control Components and Devices Market have been bifurcated into various segments that will help the market to achieve the highest CAGR during the forecast period and help in proving Automation Control Components and Devices Market Analysis true. The Automation Control Components and Devices Market Trends are segmented as follows:
Based on the Type
Based on the Application
Based on the Region
During the historic forecast period, North America dominated the market, while Asia-Pacific is predicted to grow at the fastest rate throughout the forecast period. The strong need for automation components in the oil and gas, metals, and mining industries, the presence of major manufacturers such as Panasonic and Omron, and the introduction of digital technologies all contribute to the region's expanding acceptance of automation control components and devices. These factors have a significant impact on manufacturers' manufacturing capability for the development of automation control components and devices.
Market growth is stifled by fierce rivalry, rapid technological advancements, and frequent changes in government policies. Cost, product quality, reliability, and aftermarket services are all factors that the vendors compete on. Financial position, segmental R&D expenditure, product innovations, corporate strength, product portfolio, strategy analysis, and significant market innovations are all aspects included in the market share study. Based on their place of origin, presence, recent key innovations, product diversity, and industry experience, the key players in the Automation Control Components and Devices Market are identified across all major regions. These players make a substantial contribution to market expansion. Apart from the top important players, the market for automation control components and devices is dominated by the other companies, who account for about 35–40% of the market. The major key players in the Automation Control Components and Devices market are as follows:
Automation Control Components and Devices Market Recent Developments
Automation Control Components and Devices Market Report Overview
This report provides an analytical picture of the global Automation Control Components and Devices Market, as well as current trends and forecast estimates, to identify potential investment possibilities. The report includes a detailed analysis of the global market for the Automation Control Components and Devices Market, as well as information on key drivers, restraints, and opportunities. The report examines the global market for Automation Control Components and Devices Market's competitive intensity and how it will change in the following years. The market segment and sub-segments are investigated exhaustively. A full study of the market in North America, Asia-Pacific, Europe, the Rest of the World is also included, as well as major nations in each region. The paper discusses technology trends as well as the regulatory landscape.
Frequently Asked Questions (FAQ) :
The escalating demand for industrial automation is foreseen to benefit the market in the forecast period.
Control Components Inc, LUTZE Group, Schneider Electric SE, Omron Corporation, Encoder Products Company Inc, ABB Limited, Phoenix Contact, and Delta Electronics are the noteworthy contenders in the market.
The earnings reaching USD 87.75 billion are expected to be perceived by the market.
The adoption of automation control elements is expected to promote the top ranking of the APAC region in the forecast period.
The forecast period includes regions from 2018 to 2025.