Global Industrial Automation Spares Market

Global Industrial Automation Spares Market Size, Share, Growth Analysis, By Type(Electrical Components, Hydraulic Component), By End-User(Oil & Gas, Automotive) - Industry Forecast 2023-2030


Report ID: SQSG20I2030 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 66 | Figures: 75

Global Industrial Automation Spares Market Insights

Global Industrial Automation Spares Market size was valued at USD 10.62 Billion in 2019 and is poised to grow from USD 11.24 Billion in 2023 to USD 17.64 Billion by 2031, at a CAGR of 5.80 % during the forecast period (2024-2031).

Increasing adoption of automation solutions among various industries such as manufacturing, oil & gas, chemicals & materials, and pharmaceuticals along with the growing implementation of automation components like electrical components and mechanical components are key factors expected to boost the growth of the global industrial automation spares market during the forecast period. Additionally, many large manufacturing companies are increasing their investments in development of automation technologies for improving its system reliability & reduce the production errors happen by manual operations, is likely to contribute significantly to the market growth.

For instance, in June 2021, Rockwell Automation Inc., announced its acquisition of Plex Systems, a global smart manufacturing solution provider with a value of USD 2.22 billion. With this acquisition, the company aims to expand its industrial cloud offerings with the help of Plex Systems. This type of development strategies opting by key market players is anticipated to foster the growth of the global industrial automation spares market.

Additionally, rising implementation of digital twins and AR technology in manufacturing industries with the advent of IoTs such as smart sensors and cloud systems are also projected to contribute significantly to the growth of the global market in the near future. Internet of Things is mainly incorporated in transportation vehicles to create digital twin, which helps to keep shipments much safer. Hence, adoption of these types of advanced technology is highly attributed to the growing demand for automation solutions.

US Industrial Automation Spares Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 10.62 Billion

Largest Segment

Electrical Components

Fastest Growth

Hydraulic Components

Growth Rate

5.80% CAGR

Global Industrial Automation Spares Market, 2022-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Industrial Automation Spares Market Size By Type, 2022-2028 ($ Bn)
Global Industrial Automation Spares Market Size By Type, 2022-2028 (%)

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Global Industrial Automation Spares Market Segmental Analysis

Global industrial automation spares market is segmented on the basis of type, end-user, and region. By type, the market is sub-segmented into electrical components, hydraulic components, connectors, and others. By end-user, the market is categorized into oil & gas, automotive, food & beverage, consumer goods, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.

Industrial Automation Spares Market Analysis by Type

By type, the electrical components segment accounted for the largest market share in 2021. This is simply attributed to the growing importance of regulating the power supplied to system and to prevent from failure. Increasing usage of circuit breakers, variable frequency drives, power supply units, actuators, and live reactors in electrical setups across the globe are also expected to fuel the demand and growth of the segment market over the forecast period. Additionally, increased consumer disposable income and purchasing power, are attracting them to opt for premium and advanced electrical setups in their respective zones, is likely to fuel the adoption of industrial automation spares in electrical components rapidly over the coming years.

Industrial Automation Spares Market Analysis by End-User

By end-user, the oil & gas segment held the largest market revenue share in 2021. The growth of the segment is majorly driven by improved decision-making capabilities, performance efficiency, and troubleshooting. Moreover, high influence of automations in various oil & gas sector applications drilling operations, pipeline monitoring systems, weather monitoring systems, and pressure & flow system is also propelling the growth of the segment.

Furthermore, the automotive segment is expected to grow at fastest CAGR during the forecast period owing to highly growing investments in the production of electric vehicles across the globe. The global automotive industry is developing and advancing as manufacturers and suppliers are shifting towards implementation on automation solutions for the enhanced performing of manufacturing and various assembly operations.

Global Industrial Automation Spares Market By Type, 2021 (%), 2023 (%)

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Global Industrial Automation Spares Market Regional Insights

Globally, Asia Pacific dominated the industrial automation spares market with a holding of significant revenue share in 2021 and is projected to maintain its dominance throughout the forecast period. Rapid growth in population, urbanization, increasing wages, and lower production cost are key factors projected to drive the growth of the regional market in the coming years. Furthermore, Asia Pacific region provides lucrative growth opportunities for the adoption of automation solutions because of its huge manufacturing sector and easy availability of workers.

Furthermore, North America is witnessing significant growth rate over the forecast period due to the rising adoption of industrial automation spares by various end-use industries such as food & beverages, oil & gas, and consumer goods. In addition, large presence of international market players including Rockwell Automation, Honeywell International Inc., Sensata Technologies, and Parker-Hannifin Corporation is propelling the growth and expansion of automation solutions at a high growth rate in the coming years.

Global Industrial Automation Spares Market By Geography, 2022-2028, 2024-2031
  • Largest
  • Fastest

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Global Industrial Automation Spares Market Dynamics

Industrial Automation Spares Market Drivers

  • Growing Adoption of Advanced Technologies Driving Market Growth

Rising adoption of Industry 4.0 has transformed the global supply chain across several industries coupled with the changing consumer requirements like personalized and instantaneous services are key factors expected to drive the growth of the global industrial automation spares market during the forecast period. Along with the rapidly growing technology, various market players partnering with techno-savvy companies for developing new solutions are also anticipated to propel the growth of the global market over the coming years. For instance, in February 2020, Honeywell International Inc., and Tech Mahindra Limited entered into a strategic partnership to develop “Factories of the Future” by comprising with digital technologies.

Industrial Automation Spares Market Restraint

  • High Investment in Training Hampering Market

Industrial automation processes are highly cost-effective, but the initial capital requirement for implementing on advanced technology and to train employees is high, that is likely to hamper the growth of the global market over the coming years. Additionally, unpredictable return on investment making small-medium sized companies hesitant to higher adoption of the innovated technology.

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Global Industrial Automation Spares Market Competitive Landscape

The global industrial automation spares market is fairly fragmented in nature with the existence of several well-known international and regional market players operating across the globe. Key market players are focusing on various business developing strategies such as developing innovative applications, mergers & acquisitions, partnerships, and collaborations to expand their market presence and product portfolio to cater the rising consumer need.

Industrial Automation Spares Market Top Player’s Company Profiles

  • ABB (Switzerland)
  • Siemens AG (Germany)
  • Schneider Electric SE (France)
  • Rockwell Automation, Inc. (US)
  • Emerson Electric Co. (US)
  • Honeywell International Inc. (US)
  • General Electric Company (US)
  • Mitsubishi Electric Corporation (Japan)
  • Omron Corporation (Japan)
  • Yokogawa Electric Corporation (Japan)
  • Festo AG & Co. KG (Germany)
  • Parker Hannifin Corporation (US)
  • Bosch Rexroth AG (Germany)
  • Danaher Corporation (US)
  • Keyence Corporation (Japan)
  • Aventics GmbH (Germany)
  • Endress+Hauser AG (Switzerland)
  • Yaskawa Electric Corporation (Japan)
  • KUKA AG (Germany)
  • Fanuc Corporation (Japan)

Industrial Automation Spares Market Recent Developments

  • In July 2021, Rockwell Automation Inc., entered into a collaboration with a cloud-based product digitalization platform, Kezzler AS. The new collaboration is mainly aiming on enabling manufacturers to capture their products from various raw material sources to the point of sale with the help of cloud-based chain solutions.
  • In July 2021, Siemens AG, a leading global market player announced the expansion of its partnership with SAP SE for enhancing and delivering new solutions and asset lifecycle management. The partnership is aiming to connect plant floor operations, product development through digital twins.

Global Industrial Automation Spares Key Market Trends

  • Increasing R&D to Surge Industrial Automation Spares Market Growth

Increasing R&D activities in biotechnology, immunology, cancer, and other sectors are fueling the market expansion across the world. Major companies of the industry are mainly focusing on the development of latest technology products for the ease of use and comfort for consumers. And, a rapid growth in the population across the world has led to increase in disease, which has resulted positively to the Global Industrial Automation Spares Market.

Global Industrial Automation Spares Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the global industrial automation spares market is projected to have a strong growth during the forecast period owing to increased adoption of industrial IoT and rising prevalence of artificial intelligence to optimize asset productivity and availability across the globe. Moreover, growing investment on research & development activities by several large market players for the enhancement of automation process is also likely to fuel the growth and demand for the market in the coming years. However, regular checking of power, annual inspection of equipment, and need to relay of the products equipment for any type of problems.

Report Metric Details
Market size value in 2023 USD 10.62 Billion
Market size value in 2031 USD 17.64 Billion
Growth Rate 5.80%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Electrical Components, Hydraulic Component, Connectors, others
  • End-User
    • Oil & Gas, Automotive, Food & Beverage, Consumer Goods, others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • ABB (Switzerland)
  • Siemens AG (Germany)
  • Schneider Electric SE (France)
  • Rockwell Automation, Inc. (US)
  • Emerson Electric Co. (US)
  • Honeywell International Inc. (US)
  • General Electric Company (US)
  • Mitsubishi Electric Corporation (Japan)
  • Omron Corporation (Japan)
  • Yokogawa Electric Corporation (Japan)
  • Festo AG & Co. KG (Germany)
  • Parker Hannifin Corporation (US)
  • Bosch Rexroth AG (Germany)
  • Danaher Corporation (US)
  • Keyence Corporation (Japan)
  • Aventics GmbH (Germany)
  • Endress+Hauser AG (Switzerland)
  • Yaskawa Electric Corporation (Japan)
  • KUKA AG (Germany)
  • Fanuc Corporation (Japan)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Industrial Automation Spares Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Industrial Automation Spares Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Industrial Automation Spares Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Automation Spares Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Industrial Automation Spares Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Industrial Automation Spares Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Industrial Automation Spares Market size was valued at USD 10.62 Billion in 2019 and is poised to grow from USD 11.24 Billion in 2023 to USD 17.64 Billion by 2031, at a CAGR of 5.80 % during the forecast period (2024-2031).

The global industrial automation spares market is fairly fragmented in nature with the existence of several well-known international and regional market players operating across the globe. Key market players are focusing on various business developing strategies such as developing innovative applications, mergers & acquisitions, partnerships, and collaborations to expand their market presence and product portfolio to cater the rising consumer need. 'ABB (Switzerland)', 'Siemens AG (Germany)', 'Schneider Electric SE (France)', 'Rockwell Automation, Inc. (US)', 'Emerson Electric Co. (US)', 'Honeywell International Inc. (US)', 'General Electric Company (US)', 'Mitsubishi Electric Corporation (Japan)', 'Omron Corporation (Japan)', 'Yokogawa Electric Corporation (Japan)', 'Festo AG & Co. KG (Germany)', 'Parker Hannifin Corporation (US)', 'Bosch Rexroth AG (Germany)', 'Danaher Corporation (US)', 'Keyence Corporation (Japan)', 'Aventics GmbH (Germany)', 'Endress+Hauser AG (Switzerland)', 'Yaskawa Electric Corporation (Japan)', 'KUKA AG (Germany)', 'Fanuc Corporation (Japan)'

Growing Adoption of Advanced Technologies Driving Market Growth

Increasing R&D to Surge Industrial Automation Spares Market Growth

Globally, Asia Pacific dominated the industrial automation spares market with a holding of significant revenue share in 2021 and is projected to maintain its dominance throughout the forecast period. Rapid growth in population, urbanization, increasing wages, and lower production cost are key factors projected to drive the growth of the regional market in the coming years. Furthermore, Asia Pacific region provides lucrative growth opportunities for the adoption of automation solutions because of its huge manufacturing sector and easy availability of workers.

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