Industrial Automation Spares Market Size was valued at USD 10.8 Billion in 2022. The Industrial Automation Spares market industry is projected to grow from USD 11.44 Billion in 2023 to USD 18.24 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.0% during the forecast period (2024 - 2032). Advances in automation technologies lead to the development of more sophisticated and efficient automation systems, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The surge in industrial automation is a primary catalyst propelling the demand for the Industrial Automation Spares Market. As industries worldwide pivot towards automated processes, the imperative for reliable spare parts becomes paramount. The seamless operation of automated systems hinges are dependent on the availability of high-quality spares for maintenance and prompt repairs. The relentless pursuit of operational efficiency and reduced downtime fuels the necessity for advanced automation spare parts. Moreover, the continual evolution of automation technologies, marked by increased complexity, mandates corresponding advancements in spare parts to ensure compatibility and optimal performance.
Global supply chain dynamics also contribute significantly to the burgeoning demand for automation spares. The globalization of industries, particularly in manufacturing and logistics, underscores the need for consistent and efficient automation across diverse geographical locations. Concurrently, governmental initiatives and regulatory frameworks emphasizing safety and environmental standards serve as additional impetuses for industries to invest in cutting-edge automation solutions and, consequently, the associated spare parts. The industry's increasing reliance on predictive maintenance, facilitated by IoT and real-time data analytics, further underscores the imperative for readily available automation spares. In essence, the ascendancy of industrial automation serves as a multifaceted driver, compelling businesses to invest in and ensure the accessibility of top-notch spare parts for sustaining the reliability and longevity of automated systems.
The Industrial Automation Spares Market segmentation, based on type includes Electrical components, electronic components, and mechanical components. The electronic components segment dominated the market, accounting for more than half of market revenue and also expected to grow at a highest CAGR. Electronic components constitute a crucial category in the Industrial Automation Spares market, covering items like programmable logic controllers (PLCs), microprocessors, transmitters, and other electronic control devices. With the proliferation of advanced automation systems that rely on intricate electronic circuits, the need for precise and technologically advanced spare parts becomes imperative to maintain the efficiency and accuracy of automated processes.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Industrial Automation Spares Market segmentation, based on end user includes oil & gas, automotive, F&B, semiconductor & electronics, and power. The semiconductor & electronics segment dominated the market, accounting for more than a quarter of market revenue. The semiconductor and electronics industry demands high-precision automation to meet the exacting standards of manufacturing electronic components. Industrial Automation Spares in this segment include electronic and mechanical components that contribute to the precision and reliability required in semiconductor fabrication, electronics assembly, and testing processes.
The automotive segment anticipated to grow at a fastest CAGR during the forecast period. The automotive industry is a major consumer of automation spares, relying on precise and advanced components for manufacturing processes. Industrial Automation Spares in this segment include electronic control units, sensors, actuators, and other components that contribute to the automation of assembly lines, quality control, and logistics within the automotive manufacturing ecosystem.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Industrial Automation Spares market area will dominate this market. This is due to the region continuous technological advancements with businesses investing in state-of-the-art automation solutions and corresponding spare parts. The manufacturing sector in North America, including industries such as automotive, aerospace, and electronics, heavily relies on automation. The demand for industrial automation spares is closely tied to the health and growth of the manufacturing industry.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Industrial Automation Spares market accounts for the second-largest market share. This is due to the Europe strong and diverse manufacturing sector that extensively employs automation. Industries such as automotive, aerospace, and machinery manufacturing rely heavily on automation technologies, leading to a consistent demand for industrial automation spares.. Further, the Germany Industrial Automation Spares market held the largest market share, and the UK Industrial Automation Spares market was the fastest-growing market in the European region
The Asia-Pacific Industrial Automation Spares Market is expected to grow at the fastest CAGR from 2024 to 2032. Asia-Pacific is a global manufacturing hub, with countries such as China, Japan, South Korea, and others playing key roles in industries like electronics, automotive, and machinery manufacturing. The extensive use of automation in these sectors contributes significantly to the demand for industrial automation spares. Moreover, China’s Industrial Automation Spares market held the largest market share, and the Indian Industrial Automation Spares market was the fastest growing market in the Asia-Pacific region.
Leading market players invest heavily in research and development to advance and innovate Industrial Automation Spares technologies and techniques. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, clinical integration, customer support and service contracts, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Industrial Automation Spares industry must offer customized solutions.
Companies are forming partnerships with academic and research institutions to gain access to their expertise and share resources for joint research projects in the global Industrial Automation Spares industry to develop novel applications and technologies. In recent years, the Industrial Automation Spares industry has offered some of the most significant advantages to consumers. Major players in the Industrial Automation Spares market, including ABB Limited (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Rockwell Automation (U.S.), Baumer Ltd (Switzerland), Encoder Products Company, Inc (U.S.), Fuji Electric Co. Ltd. (Japan), Delta Electronics, Inc (Taiwan), Emerson Electric (U.S.), Omron Corporation (Japan), Panasonic Corporation (Japan), Baumuller Holding GmbH & Co. KG (Germany), Balluff GmbH (Germany), Sensata Technologies, Inc (U.S.), Festo Corporation (Germany), Parker-Hannifin Corporation (U.S.), SMC Corporation (Japan), DESTACO (U.S.), SWISS Automation, Inc (U.S.), and Mitsubishi Electric Corporation (Japan), and others, are attempting to increase market demand by investing in product development to increase their product line and cater to diverse consumer needs.
ABB Limited is a global technology company specializing in electrification, robotics, automation, and power grid solutions. Headquartered in Zurich, Switzerland, ABB operates in over 100 countries and serves a diverse range of industries, including utilities, transportation, and manufacturing. With a focus on innovation, ABB delivers cutting-edge technologies to improve efficiency, sustainability, and reliability for its customers. The company is recognized for its expertise in industrial automation, electrification products, and digital solutions, contributing to advancements in smart technology and the transition towards a more sustainable and interconnected future. In April 2023, ABB announced an investment worth $170 million in various parts of the U.S. to meet improved customer demand for electrification and automation products.
Delta Electronics, Inc. is a Taiwanese multinational company specializing in power electronics, energy management, and smart green solutions. Founded in 1971, Delta has become a global leader in providing innovative and energy-efficient products, including power supplies, industrial automation, and renewable energy solutions. Headquartered in Taipei, Taiwan, the company operates in more than 200 countries. With a commitment to sustainability, Delta focuses on developing technologies that contribute to a low-carbon future. Renowned for its quality and reliability, Delta Electronics is at the forefront of driving advancements in energy efficiency and smart technology across various industries. In November 2023, Delta collaborated with A4X and Ecora to modernize dish antennas used for satellite monitoring. With this collaboration, Delta will showcase its design and implementation of electronic automation systems technology.
February 2023: Delta launched an IoT-based Smart Green Solutions at ELECRAMA 2023, which include and a new Open-Loop Variable-Torque Standard Drive VP3000 Series and a smart microgrid-based Green EV Charging Station. The new VP3000 series is used in broad Industrial Automation Solutions offering for a wide range of applications.
March 2023: Delta launched its power systems and smart industrial automation solutions to boost the energy efficiency and productivity of conveyors, e-forklifts, AGVs, loading docks and other applications in the logistics and warehouse sector.
August 2022: Allied Electronics & Automation announced that it has added 4 new industrial automation and control cabinet solutions suppliers to its line card of more than 650 trusted suppliers.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 10.8 Billion |
| Market Size 2023 | USD 11.44 Billion |
| Market Size 2032 | USD 18.24 Billion |
| Compound Annual Growth Rate (CAGR) | 6.0% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ABB Limited (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Rockwell Automation (U.S.), Baumer Ltd (Switzerland), Encoder Products Company, Inc (U.S.), Fuji Electric Co. Ltd. (Japan), Delta Electronics, Inc (Taiwan), Emerson Electric (U.S.), Omron Corporation (Japan), Panasonic Corporation (Japan), Baumuller Holding GmbH & Co. KG (Germany), Balluff GmbH (Germany), Sensata Technologies, Inc (U.S.), Festo Corporation (Germany), Parker-Hannifin Corporation (U.S.), SMC Corporation (Japan), DESTACO (U.S.), SWISS Automation, Inc (U.S.), and Mitsubishi Electric Corporation (Japan). |
| Key Market Opportunities | Advances in automation technologies lead to the development of more sophisticated and efficient automation systems. |
| Key Market Dynamics | Growing trend towards industrial automation across various sectors, such as manufacturing, oil and gas, automotive, and pharmaceuticals.The shift towards predictive maintenance strategies, enabled by technologies such as IoT (Internet of Things) and condition monitoring, increases the demand for automation spares |
Frequently Asked Questions (FAQ) :
The Industrial Automation Spares Market size was valued at USD 10.8 Billion in 2022.
The global market is projected to grow at a CAGR of 6.0% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are ABB Limited (Switzerland), Siemens AG (Germany), Honeywell International, Inc. (U.S.), Rockwell Automation (U.S.), Baumer Ltd (Switzerland), Encoder Products Company, Inc (U.S.), Fuji Electric Co. Ltd. (Japan), Delta Electronics, Inc (Taiwan), Emerson Electric (U.S.), Omron Corporation (Japan), Panasonic Corporation (Japan), Baumuller Holding GmbH & Co. KG (Germany), Balluff GmbH (Germany), Sensata Technologies, Inc (U.S.), Festo Corporation (Germany), Parker-Hannifin Corporation (U.S.), SMC Corporation (Japan), DESTACO (U.S.), SWISS Automation, Inc (U.S.), and Mitsubishi Electric Corporation (Japan).
The electronic component type dominated the market in 2022.
Semiconductor & Electronics had the largest share in the global market.
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Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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