Automation Control Components and Devices Market Revenue, Development Strategy
The global automation control components and devices market is expected to reach USD 87.75 billion by the end of the forecast period at a CAGR of 10.8%.
The global automation control components and devices market is predicted to touch USD 87.75 billion at a 10.8% CAGR between 2019- 2025 states the recent Market Research Future (MRFR) analysis. The automation and control components and devices systems, simply put, are used for controlling, monitoring, and performing different industrial issues and automating processes with reliability, high precision, and better product quality. Connectors, couplers/relays, switches, among others, are the different types of automation control components and devices that are widely used in government, aerospace, and aviation, military defense, mining and metals, electronics and semiconductor, oil and gas, energy and power, automotive, and manufacturing.
Various factors are propelling the global automation control components and devices industry share. As per the current MRFR report, such factors include the growing need to use better technology equipment for better results, products made with automation offer better quality, decreased operational cost, increase profit margin of products on a larger scale, and increasing adoption by organizations from different industries due to rising focus to attain energy efficiency in the manufacturing process.
On the contrary, the current COVID-19 impact may limit the global automation control components and devices market growth over the forecast period.
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The MRFR provides an inclusive segmental analysis of the global automation control components and devices market based on applications & type.
By type, the global automation control components and devices market is segmented into connectors (active optical connector, FPC/FFC connector, high current stacking connector, board to board narrow pitch connector, board to FPC narrow pitch connector, and automotive connector), couplers/relays (automotive relays, interface terminals, safety relays, signal relays, power relays, control panel relays, solid-state relays, and photo IC couplers), switches (light-touch switches, limit switches, seal type switches, snap switches, push switches, fall detection switches, and interlock switches), and others (PIR motion sensors, force-sensing capacitive device, and encoders/potentiometers).
By application, the global automation control components and devices market is segmented into government, aerospace and aviation, military defense, mining and metals, electronics and semiconductor, oil and gas, energy and power, automotive, and manufacturing.
Based on region, the global automation control components and devices market report covers the recent trends and growth opportunities across North America, the Asia Pacific (APAC), Europe, & the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Increasing adoption of digital technologies to reduce the cost of production, the presence of major manufacturers in the region such as Omron & Panasonic, and increasing use of automation components especially in the metal & mining and oil & gas industry are adding to the global automation control components and devices market growth in the region. Such factors have impacted the manufacturers' manufacturing capacity profoundly in the region that is impacting the market growth.
The global automation control components and devices market in Europe is predicted to hold the second-largest share over the forecast period. Growing demand for automation control components and devices in the manufacturing and automotive industry and top manufacturers laying emphasis on collaborations and mergers with other industry players to launch advanced automated products in the near future are vital factors which are adding to the global automation control components and devices market growth in the region.
The global automation control components and devices market in the APAC region is predicted to grow at a high CAGR, and that in the RoW is predicted to have sound growth over the forecast period.
Industry players profiled in the automation control components and devices market report include Siemens AG, Rockwell Automation, Honeywell International Inc., Encoder Products Company Inc, Baumer Ltd, Delta Electronics, LUTZE Group, ABB Limited, Phoenix Contact, Control Components Inc, Schneider Electric SE, Panasonic Corporation, and Omron Corporation, among others.
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