New York, US, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Automation Control Components and Devices Market information by Type, Application and Region – forecast to 2027” the market was valued at USD 43.61 billion in 2018; it is expected to reach USD 87.75 billion by 2025 a CAGR of 10.8%.
Automation Control Components and Devices Market Scope:
Increasing Demand for Industrial Automation
Automation improves production rate and quality by adopting innovative and integrated technologies, ultimately lowering production costs. However, due to the quick growth of technology, organizations are being forced to update their existing automation solutions in order to meet modern process needs. This has prompted some manufacturers to increase their capacity for producing automation control components and devices in order to implement advanced automation solutions such as value creation automation (VCA). Automation OEMs procure raw materials for the production of controllers and electronic components such as resistors, capacitors, and sensors. Government policies promoting the use of industrial automation, as well as increasing demand for industrial automation in industries, are the key reasons driving the rise of automation control components and devices.
Top Players in Automation Control Components and Devices Market Covered Are:
- Panasonic Corporation
- Omron Corporation
- Control Components Inc
- Schneider Electric SE
- ABB Limited
- Phoenix Contact
- Delta Electronics
- LUTZE Group
- Encoder Products Company Inc
- Baumer Ltd
- Rockwell Automation
- Honeywell International Inc.
- Siemens AG
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/8704
The Global Market to Grow Amid COVID-19 Pandemic
The market for automation control components and devices has suffered as a result of the lockdowns implemented in various nations following the onset of the COVID-19 pandemic. To combat this pandemic, numerous governments have ordered that all industrial plants be shut down (except essential services, allowed with minimal workforce). The pandemic has suspended all international imports and exports of non-essential products, severely affecting the electronics industry. Apple Inc., GoPro Inc., Canon Inc., Hitachi Ltd., LG Electronics Inc., Huawei Technologies Co., Ltd., Nikon Corp., Samsung Electronics Co., Ltd., Toshiba Corp., and Panasonic Corp. are among the top electronic product manufacturers harmed by the outbreak. Due to this outbreak, Apple Inc. postponed the release of its iPhone 9 in China. In addition, Apple Inc. announced that it would be unable to reach previously announced sales expectations. In another case, Nissan and Hyundai halted production in their South Korean plants due to a delay in the supply of electronic parts. The outbreak has impacted the production operations of various businesses, including the automobile and electronics industries. However, demand is expected to rebound in the next months and to expand in the coming years.
Robots in restaurants and bars are predicted to become more popular, diminishing human interaction and the spread of COVID-19. This is expected to increase demand for automation control components and systems. In the long run, COVID-19's negative impact will be mitigated, and demand for automation control components and devices will rise in the future years. Government policies encouraging the adoption of industrial automation, as well as rising demand for industrial automation across industries, are important drivers driving the growth of the automation control components and devices market.
Browse In-depth Market Research Report (100 Pages) on Automation Control Components and Devices Market:
https://www.marketresearchfuture.com/reports/automation-control-components-devices-market-8704
Segmentation of Market covered in the research:
The worldwide automation control components and devices market has been segmented based on type and application.
On the basis of type, the global automation control components and devices market has been segmented into relays/couplers, connectors, switches, and others.
On the basis of application, the global automation control components and devices market has been segmented into automotive, manufacturing, oil & gas, energy & power, mining & metals, electronics & semiconductor, aerospace & aviation, military defense, and government.
Share your Queries:
https://www.marketresearchfuture.com/enquiry/8704
Regional Analysis
North America to Dominate the Global Market
North America dominated the market. The high demand for automation components in the oil and gas and metal and mining industries, the presence of major manufacturers such as Panasonic and Omron, and the adoption of digital technologies to reduce production costs are the major factors driving the region's growing adoption of automation control components and devices. These factors have a significant impact on manufacturers' manufacturing capacity for the expansion of automation control components and devices.
To Buy:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=8704
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
