USD 10.62 billion
Report ID: SQSG20I2030 | Region: Global | Published Date: November, 2022 | Pages: 157
Global Industrial Automation Spares Market was valued at USD 10.62 billion in 2021 and it is expected to reach a value of USD 15.65 billion by 2028, at a CAGR of 5.8% over the forecast period (2022-2028).
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.
Global Market Size
USD 10.62 billion
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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.
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.
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.
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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.
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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 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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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.
Top Player’s Company Profiles
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.
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.
|Market size value in 2021||USD 10.62 billion|
|Market size value in 2028||USD 15.65 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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Product ID: SQSG20I2030