According to a new report, published by KBV research, The Global Automation Components Market size is expected to reach $211.5 billion by 2029, rising at a market growth of 9.1% CAGR during the forecast period.
The Motors segment acquired maximum revenue share in the Global Automation Components Market by Component in 2022 thereby, achieving a market value of $44.7 billion by 2029. This segment is expected to increase in sales due to the growing demand in various industries to eliminate possibly hazardous human tasks, minimize operational expenses, and make products rapidly. In addition, the capacity of robot wheel motors to carry heavy weights more efficiently than humans, particularly in the automotive industry, is anticipated to propel the market in the future years.
The Food & Beverage segment is showcasing a CAGR of 8.6% during (2023 - 2029). Automation has created potential for the food and beverage sector to boost income, increase profitability, and create efficiencies from the factory floor to regulatory compliance. The uniformity of a product's composition, flavor, texture, and color can be ensured by companies using automation. Most food & beverage companies will continue to invest more in automation, which is expected to boost the segment's expansion.
The Europe market dominated the Global Automation Components Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $70.5 billion by 2029. The North America market is exhibiting a CAGR of 8.9% during (2023 - 2029). Additionally, The Asia Pacific market would display a CAGR of 9.5% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/automation-components-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.)
By Component
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By Geography
Companies Profiled
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