Industrial Automation Spares Market Worth $16.54 Billion by 2029 - Exclusive Report by Meticulous Research®
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  • Industrial Automation Spares Market Worth $16.54 Billion by 2029 - Exclusive Report by Meticulous Research®

    (Transportation-News.com, August 10, 2022 ) According to a new market research report titled, "Industrial Automation Spares Market by Type (Electrical Components, Electronic Components, Mechanical Components), End User (Oil & Gas, Automotive, F&B, Semiconductor & Electronics, Power), and Geography—Global Forecasts to 2029," the industrial automation spare part components market is expected to grow at a CAGR of 5.7% from 2022–2029 to reach $16.54 billion by 2029.



    The industrial automation spare part components market is growing rapidly due to the high adoption of automation solutions in the manufacturing, oil & gas, chemicals & materials, and pharmaceutical sectors. The implementation of automation components, such as sensors, electrical components, mechanical components, robots, and machine vision systems, has enabled companies to reduce operating and labor costs. Manufacturing companies are increasingly investing in industrial automation technologies to improve system reliability & efficiency and eliminate production errors caused by manual operations. Thus, the manufacturing sector has witnessed a continuous demand for industrial automation spare part components in the past few years.



    The adoption of such technologies has further increased the need and demand for automation spare part components to provide a seamless and uninterrupted production process. The growth of the industrial automation spare part components market is directly proportional to the growth of the industrial automation market.



    The growth of the industrial automation spare part components market is attributed to the initiatives by manufacturers to promote automation in industrial production and the high labor costs in developed countries encouraging manufacturers to adopt automation. This market is segmented based on type, end user, and geography, wherein the end-user segment is identified by the industries facing the demand for automation spare parts and components.



    However, the high cost of procurement and low-cost competitors restrains and challenges the growth of this market.



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    Impact of COVID-19 on the Industrial Automation Spares Market



    Automation providers witnessed a decline in revenues in 2020 and 2021 due to the rapid spread of COVID-19 and limited operations of industries in the first two quarters. The application sectors in the industrial automation spare part components market experienced low to high impacts of the COVID-19 pandemic and are expected to recover in the coming years.



    Industries severely impacted include oil & gas, construction machinery, rubber & plastic machinery, and power generation. These industries are expected to recover slowly and face high impacts due to changing consumer patterns, low production, and dependency on end markets. Some industries that experienced medium impacts include mining, robotics, building technology, electronics, paper & pulp, and process industry equipment. These industries are expected to recover quickly due to their broad range of application markets.



    The least impacted industries include agriculture machinery, food & beverage processing & packaging, and medical & scientific manufacturers as they offer essential goods globally. Additionally, local manufacturing facilities that were temporarily shut down resumed operations in the third quarter due to the removal of lockdowns and the need for economic growth.



    The industrial sector was severely impacted by the COVID-19 pandemic due to a decline in the sales of high-cost products and consumer need for purchasing essential goods & services. During the nationwide lockdowns, consumers restricted their purchases of consumer goods, high-cost electronics, textiles, automobiles, and machinery, which impacted the major application sectors in the industrial automation spare part components market. With the steady reopening of countries and stability in consumer lifestyles, the spending on these commodities is expected to increase, resulting in the demand for automation solutions over the coming years. The industry is expected to gain pace in 2022. The increasing need to limit manual contact to curb the spread of COVID-19 infections is expected to result in the increased demand for industrial automation spare part components across various end-user facilities globally.



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    Shift From Traditional to Automated Manufacturing



    Standard manufacturing units have evolved into more instances of automation and fewer manual operations. This shift involves the implementation of various ecosystems across categories, such as assets, workforce, components, and production processes. The increasing transition towards automation is expected to drive the industrial automation spare part components market. Several equipment manufacturers are launching multi-use components that can be used simultaneously or in integration with one or more systems. Spare parts manufacturing has transformed with the inclusion of smart components and IoT compatible parts. Electronic spare parts, electric spares, and mechanical spares have increased lifespans due to uniformity in production, better error detection & correction, and bulk production capabilities. The use of spares is much higher in industries, such as oil & gas, aerospace, automotive, and manufacturing.



    The increased use of additive manufacturing, robotics, and IoT technologies has significantly impacted the competition in the manufacturing world. The outbreak of the COVID-19 pandemic has boosted the use of automation, changing how businesses operate and paving new paths for manufacturing industries. According to Harvard Business Review, automation (with the right components and technology) can increase the global manufacturing revenue by 0.8%–1.4% annually. Companies are increasingly switching from traditional to automated manufacturing to enable uniformity in production and standardization of components. It is also noted that with automation, the buyer's power of switching suppliers increases, i.e., buyers (system integrators) can easily switch spare parts & components suppliers due to standardization in automation technologies. However, the selection of spare parts suppliers depends upon the buyers' budgets and the suppliers' offerings & services, as the approach allows for flexibility in adjusting to demand fluctuations.



    Quick Buy – Industrial Automation Spares Market - Global Opportunity Analysis And Industry Forecast (2022-2029): https://www.meticulousresearch.com/Checkout/23811919



    To provide efficient analysis, Meticulous Research® has segmented this market based on type {Electrical Component (Motors & Drives, Variable Frequency Drives [VFD], Power Supply Unit [PSU], Circuit Breakers, Actuators, Line Reactors, Other Electrical Components), Electronic Component (Switches & Relays, Sensors, Printed Circuit Boards, PLC Systems, Encoders/Potentiometers, Other Electronic Components), Pneumatic and Hydraulic Component (Hydraulic Pumps, Hydraulic Valves, Hydraulic Cylinders, Air Preparation Components, Air Valves, Air Cylinders, Other Components), Mechanical Components (Gears/Gear System, Bearings, Couplers, Other Mechanical Components), Connectors, Structural Machine Parts (Fasteners, Machine Frames, Other Parts), Cable and Harnesses, Industrial Safety Components)}, end user (Oil & Gas, Automotive, Food & Beverage, Semiconductor & Electronics, Chemical & Materials, Consumer Goods, Mining & Metals, Power, Pharmaceutical & Biotech, Machine & Tools, Paper & Pulp, Aerospace & Defense, and Other End Users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).



    Based on type, the industrial automation spare part components market is segmented into electrical components, electronic components, pneumatic and hydraulic components, mechanical components, connectors, structural machine parts, cable and harness, and industrial safety components. In 2022, the electrical components segment is expected to account for the largest share of the industrial automation spare part components market due to its crucial role in regulating the power supplied to the system and preventing failure. The most commonly used components or spare parts in an electrical setup include circuit breakers, line reactors, variable frequency drives (VFDs), motors and drives, power supply units, actuators, and other electrical components.



    Based on end user, the global industrial automation spare part components market is segmented into oil & gas, automotive, food & beverage, semiconductor & electronics, chemical & materials, consumer goods, mining & metals, power, pharmaceutical & biotech, machine & tools, paper & pulp, aerospace & defense, and other end-users. In 2022, the oil & gas segment is expected to hold the largest share of the industrial automation spare part components market due to the benefits of automation technologies in oil & gas exploration activities, such as improved decision making, troubleshooting, and performance efficiency.



    Based on geography, this market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the industrial automation spare part components market. The high market growth in Asia-Pacific is driven by rapid population growth & urbanization, economic development, increasing wages, and reduced production costs offered by automation. The Asia-Pacific region offers diverse opportunities for adopting automation solutions due to its large manufacturing sector. The traditional industrial production areas are generally characterized by manual or semi-automatically controlling processes.



    The report includes a competitive landscape based on an extensive assessment of the key strategies adopted by the leading market participants in the industrial automation spares market over the last four years (2019–2022). The key players profiled in the industrial automation spare part components market are ABB Limited (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Rockwell Automation (U.S.), Baumer Ltd (Switzerland), Encoder Products Company, Inc (U.S.), Fuji Electric Co. Ltd. (Japan), Delta Electronics, Inc (Taiwan), Emerson Electric (U.S.), Omron Corporation (Japan), Panasonic Corporation (Japan), Baumuller Holding GmbH & Co. KG (Germany), Balluff GmbH (Germany), Sensata Technologies, Inc (U.S.), Festo Corporation (Germany), Parker-Hannifin Corporation (U.S.), SMC Corporation (Japan), DESTACO (U.S.), SWISS Automation, Inc (U.S.), and Mitsubishi Electric Corporation (Japan).



    Browse in-depth TOC on "Industrial Automation Spares Market - Global Opportunity Analysis And Industry Forecast (2022-2029)"

    195 – Tables

    31 – Figures

    248 – Pages

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    Scope of the Report



    Industrial Automation Spare Parts Market, by Type



    Electrical Component

    Motors & Drives

    Variable Frequency Drives (VFD)

    Power Supply Unit (PSU)

    Circuit Breakers

    Actuators

    Line Reactors

    Other Electrical Components

    Electronic Component

    Switches & Relays

    Sensors

    Printed Circuit Boards

    PLC Systems

    Encoders/Potentiometers

    Other Electronic Components

    Pneumatic and Hydraulic Component

    Hydraulic Pumps

    Hydraulic Valves

    Hydraulic Cylinders

    Air Preparation Components

    Air Valves

    Air Cylinders

    Other Components

    Mechanical Components

    Gears/Gear System

    Bearings

    Couplers

    Other Mechanical Components

    Connectors

    Structural Machine Parts

    Fasteners

    Machine Frames

    Other Parts

    Cable and Harnesses

    Industrial Safety Components

    Industrial Automation Spare Parts Market, by End User



    Oil & Gas

    Automotive

    Food & Beverage

    Semiconductor & Electronics

    Chemical & Materials

    Consumer Goods

    Mining & Metals

    Power

    Pharmaceutical & Biotech

    Machine & Tools

    Paper & Pulp

    Aerospace & Defense

    Other End Users

    Industrial Automation Spare Parts Market, by Geography



    Asia-Pacific (APAC)

    China

    Japan

    South Korea

    India

    South East Asia

    Rest of Asia-Pacific

    Europe

    Germany

    U.K.

    France

    Italy

    Spain

    Rest of Europe (RoE)

    North America

    U.S.

    Canada

    Latin America

    Middle East & Africa

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