Industry Insight
The global automation control components and devices market 2020 remains on target to expand its worth to USD 87.75 billion by 2025, which is above USD 43.61 billion worth gained in 2018. These figures are estimated in the study conducted by Market Research Future, which further finds that the market would take up at a CAGR of 10.8%.
Top Impacting Factors
The automation control components and devices systems are developed to control, monitor, and perform various industrial tasks & automate processes with improved product quality, high precision, and reliability. MRFR finds Mitsubishi Electric Factory Automation, ABB Ltd., Honeywell International Incorporation, Siemens, and Schneider Electric SA to be the top players operating in the global Automation Control Components and Devices Market and making it profitable since many years.
Automation control components and devices are being adopted by organizations from various industries owing to increase focus over attaining energy efficiency in manufacturing processes. The automation control systems can also help in declining the operational cost of manufacturing and standardizing the manufacturing process for improving quality. These features have encountered the demand to rise, which further may hit the net worth of its market in the forecast period.
Furthermore, more factors behind the growth of the automation control components market are the increasing use of automation, mainly in industries. The mounting need to use better technology equipment to gain better results is foremost to the growth of the market. Products made using automation do not only possess improved quality, yet are also produced at a decreased operational cost and increase profitability margin of the product at a larger scale. This has optimistically helped several manufacturers to boost their production capacity of automation control components and devices to adopt advanced automation solutions such as value creation automation (VCA).
In the case of point, Schneider partnered with the French Engie to implement new digital solutions for resourceful operations of wind and solar farms. The partnership aimed at making use of SCADA for remote monitoring, asset management, diagnostics, and cybersecurity.
Segmentation of Market: Automation Control Components
The study by MRFR also digs some segmentation of the global automation control components market, which has been done through type and application.
Among the type segment, the market has included connectors (automotive connector, board to FPC narrow pitch connector, board to board narrow pitch connector, high current stacking connector, FPC/FFC connector, and active optical connector), relays/couplers (photo IC couplers, solid-state relays, control panel relays, power relays, signal relays, safety relays, interface terminals, automotive relays), switches (interlock switches, fall detection switches, push switches, snap switches, seal type switches, limit switches, and light-touch switches), and others (encoders/potentiometers, force-sensing capacitive device, and PIR motion sensors).
Among the application segment, the market has included manufacturing, automotive, energy & power, oil & gas, electronics & semiconductor, mining & metals, military defense, aerospace & aviation, and government.
Region-Wise Analysis
Region-wise, the study moves forward with analysis of the global automation control components and devices market in regions of Asia-Pacific, North America, Europe, and the Rest of the World.
North America region led the market in the year 2018, while Asia-Pacific is expected to confirm with having the highest growth rate during the forecast period. The significant factors liable for the growing adoption of automation control components and devices attributed to the high demand for automation components in the oil & gas and metal and mining industry, the occurrence of major manufacturers such as Panasonic and Omron, and adoption of digital technologies reduce the production cost. These factors have profoundly impacted the manufacturing capacity of manufacturers for the growth of automation control components and devices.
Europe is also expected to inflate with the highest CAGR during the forecasted period. The growth in this region is ascribed to the escalating demand for advanced automation processes in the automotive and manufacturing industry. Top companies in this region are focusing on mergers and collaboration with other players to launch advanced automated products in the future.
Top Market Players
The top positioned companies in the market are listed as Omron Corporation, Panasonic Corporation, Schneider Electric SE, Control Components Inc, Phoenix Contact, ABB Limited, LUTZE Group, Delta Electronics, Baumer Ltd, Encoder Products Company Inc, Honeywell International Inc., Rockwell Automation, and Siemens AG.
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Source- Market Research Future