Market Analysis
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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Market Segmentation
The study by MRFR also digs some segmentation of the global automation control components and devices market growth, 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.
Regional 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.
Key Players
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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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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