Product ID: SQSG20I2030
Global Industrial Automation Spares Market Size, Share, Growth Analysis, By Type(Electrical Components, Hydraulic Component), By End-User(Oil & Gas, Automotive) - Industry Forecast 2024-2031
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.
Global Industrial Automation Spares Market Report Snapshots
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