Structural Components Market Size was valued at USD 810.8 Million in 2022. The Structural Components market industry is projected to reach USD 12346.4 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.3% during the forecast period (2023 - 2032). Investments, New Product Introductions, and a Wide Range of Advantages provided by Automatic Power Factor Controller are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for structural components is being driven by the Growing Demand in All End Use Sectors. Smart materials, like smart skin, load-bearing components, and e-textiles, are taking the place of the outdated components-in-a-box method in structural electronics. Structural electronics is projected to upend the automotive and aerospace industries because of its primary capacity to reduce product weight.
Additionally, one of the main reasons propelling the expansion of the automatic power factor controller market is the increasing necessity for these devices across a range of end-user industries. The industry has a high need for power management tools, which is expected to expand the automated power factor controller market globally. Furthermore, the automatic power factor controller is becoming more commonly used in industries such as business, manufacturing, utilities, and the military, which may hasten the global market's growth during the course of the projected year. The benefits of automated power factor controllers, such as lower electricity costs, energy savings, and power factor management, have a favorable effect on the market for these devices.
Because this controller is able to protect electrical equipment, the global market is anticipated to rise at a very quick pace. As a result, during the course of the projection period, the market will profit even more from these advantages of automated power factor controllers. Furthermore, during the projection period, the overall market expansion would be accelerated by factors including the growing urbanization and industrialization as well as the increase in investments in infrastructure development. Furthermore, the market for automatic power factor controllers is expected to rise at a faster rate due to the development of more advanced and modern infrastructure. Moreover, it is anticipated that over the forecast period, the growth rate of the market would be favorably impacted by the expansion of industrial facilities to increase energy efficiency.
For instance, nearly 61,000 bridges in the United States required major maintenance and repairs in 2014, according to the Department of Transportation (DO). As the number of old and structurally flawed bridges rises, so does the demand for structural health monitoring systems in other areas. Thus, result in driving the Structural Components market revenue.
The Structural Components Market segmentation, based on Application includes Automotive, Aerospace, Consumer Electronics, Healthcare, Other Applications. The aerospace segment dominated the market. The need for exact construction to guard against factors like air currents, high pressure, and speed damaging aircraft, growing the production of aircraft and defense jets for national security is a significant worldwide industrial boost.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Structural Components market area will dominate this market, due to the existence of significant market participants in the area over the 2022–2029 forecast periods. Furthermore, over the course of the projection period, it is anticipated that the expansion of industrial facilities to increase energy efficiency will accelerate.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Structural Components market accounts for the second-largest market share because of intense or minimal rivalry from national and local brands. Further, the German Structural Components market maintained the most market share, and the UK Structural Components market was the European market with the quickest rate of growth.
The Asia-Pacific Structural Components Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because of the region's development of cutting-edge infrastructure. Furthermore, the fast industrialization and urbanization are driving the growth of the regional market. Moreover, China’s Structural Components market maintained the most market share, and the Indian Structural Components market was the Asia-Pacific region's fastest-growing market.
Leading market players are putting a lot of money into R&D to expand their product lines, which will help the structural components market, keep growing. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Structural Components industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to manufacture locally in order to reduce operating expenses in the global Structural Components industry to help customers and expand the market segment. In recent years, the Structural Components industry has provided some of the biggest benefits to medicine. Major players in the Structural Components market, including TactoTek Oy, Canatu Oy, Neotech AMT GmbH, Pulse Electronics (a Yageo Company), T-ink Inc., Molex LLC, and Panasonic Corporation, and others, are engaging in research and development activities in an effort to boost market demand.
Yageo Corporation is a Taiwanese firm that manufactures electronic components in Taiwan. The company specializes on inductors, capacitors, and resistors, which are passive devices. They were the world's third-largest maker of passive components as of January 2020. Yageo specializes in surface-mount (or surface-mount technology-using) components. In May 2019, A partnership agreement between Atkins and CHEF'D was signed. Our collaboration sought to create a low-carb meal solution for consumers concerned about their health and lifestyle.
Panasonic Holdings Corporation is based in Kadoma, Osaka. Originally called the Matsushita Electric Housewares Manufacturing Works, KĹŤnosuke Matsushita founded it in Fukushima, Osaka, in 1918. Matsushita Electric Industrial Co., Ltd. was the new name after it was incorporated in 1935. Apart from being the largest manufacturer of consumer electronics globally in the latter part of the 20th century, Panasonic provides a diverse array of goods and services, such as industrial systems, automotive and avionics systems, rechargeable batteries, and house building and restoration. In March 2021, According to reports, Panasonic will purchase Blue Yonder for $US6.45 billion after paying 86 billion yen in 2020 for a 20% ownership in the company.
January 2022: YAGEO group formed Pulse Electronics by combining Chilisin Electronics Corporation with its subsidiary brands, Magic, Bothhand, and Layers, following its acquisition of the company. The labels Chilisin, Mag.Layers, Magic, and Bothhand will be discontinued, and the products will now be sold under the Pulse Electronics brand.
April 2019: BÖ-LA and TactoTek declared that they had reached a deal enabling BÖ-LA to represent and offer injection molded structural electronics (IMSE) products internationally. To develop the market for molded plastics with integrated electronic capabilities, this collaboration brings together industry leaders in their respective fields of expertise.
April 2019: Australia Space Agency and Boeing have signed a statement of strategic intent to support the agency's objectives of growing Australia's home space economy.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 810.8 Million |
| Market Size 2032 | USD 12346.4 Million |
| Compound Annual Growth Rate (CAGR) | 6.3% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | TactoTek Oy, Canatu Oy, Neotech AMT GmbH, Pulse Electronics (a Yageo Company), T-ink Inc., Molex LLC, and Panasonic Corporation |
| Key Market Opportunities | The Automatic Power Factor Controller Has Many Advantages |
| Key Market Dynamics | Growing Demand in All End Use Sectors |
Frequently Asked Questions (FAQ) :
In 2022, the size of the Structural Components Market was estimated to be USD 810.8 Million.
During the forecast period of 2023–2032, the global market is expected to increase at a CAGR of 6.3%.
North America held the most market share worldwide.
TactoTek Oy, Canatu Oy, Neotech AMT GmbH, Pulse Electronics (a Yageo Company), T-ink Inc., Molex LLC, and Panasonic Corporation are the major participants in the market.
In 2022, the market was led by the aerospace category.
The automotive industry held the biggest market share worldwide.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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