The North America Automation Components Market would witness market growth of 8.9% CAGR during the forecast period (2023-2029).
Automakers are using industrial automation technology to improve it, from research to design, manufacturing, and even marketing campaigns for their products to stay competitive. Many pieces of technology, including robotics, automobiles, manufacturing equipment, and spare parts, use automation components.
Automation components are utilized in several consumer electronics items, including TVs, refrigerators, ovens, and other household goods. Robots are used in the pharmaceutical business for various applications and goods due to improved automation components and enhanced flexibility. Pharmaceutical businesses, medical device makers, hospitals, and clinics use robots. Since they offer a wide variety of practically infinite applications, linear shafts have demonstrated their value for many years.
Effective solutions are now possible for activities in the food, semiconductor, and medical technology industries due to the broad range of formats, versions, and material components. These applications extend beyond the traditional domains of general and special-purpose machinery, jigs, and fixtures. They stand out for their outstanding performance in environments with high thermal loads or significant pollution. The market is predicted to increase due to the growing use of linear shafts along various vertical lines. Its durability, accuracy, and high quality are acknowledged to fuel the market's expanding expansion.
The region's automotive demand is continually changing due to expanding commodities & resource trade volumes, expanded globalization of value chains, developments in drive technology & CO2 emissions, and a focus on vehicle and passenger safety. In North America, there is a considerable demand for bearings. The sector thrives due to the increasing need for commodities such as ball bearings, roller bearings, and plain bearings. As the automotive sector expands, automotive bearings are gaining popularity among bearing manufacturers. In light of this, the growth of the North American market is supported by the expansion of the automotive industry.
The US market dominated the North America Automation Components Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $44,617.3 million by 2029. The Canada market is poised to grow at a CAGR of 11.4% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 10.4% during (2023 - 2029).
Based on Component, the market is segmented into Motors, Gears, Actuators, Bearing, Sensors, Locating Pins, Bushing & Coupling, Linear Shafts & Guides, Rollers, Screws and Stages. Based on Industry, the market is segmented into Automotive, Consumer Electronics, Chemical, Food & Beverage, Pharmaceutical, Semiconductors, Packaging and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Automation Components Market is Projected to reach USD 211.5 Billion by 2029, at a CAGR of 9.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bosch Rexroth AG (Robert Bosch GmbH), AB SKF, Emerson Electric Co., Nidec Corporation, Parker Hannifin Corporation, Rockwell Automation, Inc., Shanghai KGG Robots Co., Ltd., Automotion Components Ltd (The Wixroyd Group) and Stock Drive Products/Sterling Instrument (Designatronics, Inc.)
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