Factory Automation Mechanical Components Market To Breach $665.56 By 2023

Penetration of automation technologies including Internet of Things, deep learning, and Artificial Intelligence into industrial setups has helped in generating a high demand for the global factory automation mechanical products market according to a market intelligence report published by IndustryARC. According to this report, the evaluated market size in the year 2023 will be $665.56 billion. The report further foresees 5.08% as the compound annual growth rate (CAGR) for the market to experience growth during the forecast period of 2018-2023. 

The report is titled, ‘Factory Automation Mechanical Component Market: By Component (Shafts, Screws, Nuts, Clamps, Sensors, Gears, Motors, Pipes, Nozzles, and Others); By Application (Automotive, Chemical, Oil & Gas, Pharmaceutical, Packaging, Food & Beverages, Others); By Geography- Forecast (2018-2023.)’ In this report, automation experts at IndustryARC have researched and evaluated the mechanical product's market in factory automation in several aspects and presented their viewpoints with statistical facts and figures.

Geography forms an important segmentation of the market report, bifurcating into Americas, Europe, APAC, and RoW. Europe leads the market geographically with a demand share of $169 billion in the year 2018. The European market is driven by increase in consumer spending and a perpetual growth of automation demand in several industries. The European industries are maturing at a steady rate and are experiencing an extremely high demand for autonomous components. Major industries in Europe region are inclusive of ferrous, non-ferrous metal production, metal products, petroleum, cement, chemicals, pharmaceuticals, aerospace, automotive, industrial equipment, food and beverage, and others. All of these industries and their respective warehouses are employing industrial robots, thereby providing growth to the market. Germany leads the region with a significant level of automation adoption especially by its automotive industry key market players including Porsche, BMW, Volkswagen, Maybach, Opel, and many others.

Disruptive trends in this market primarily centre around product launches and acquisitions or mergers. Some of the trends that will define the factory automation mechanical component market direction in the upcoming years are:

Panduit Corp, global leader in solutions based on networking, and General Cable, known for their worldwide exports of aluminium, and fibre optic wire and cables paired together to release a portfolio of cables for application of industrial automation. This portfolio includes Ethernet, industrial fibre optics, and high-performance cabling which are extremely useful for factory automation.

Rexroth, a Bosch company recently introduced VarioFlow chain conveyor systems for factory automation purposes. These conveyor systems have fast response times and operate with low noise. Rexroth has also released MTpro which is a planning software that helps in designing multi-conveyors that are extremely complex. 

Sick AG, a sensor intelligence company has innovated immensely in the field of factory automation. One of their more noticeable products are safety laser scanners titled S3000 which are known for detection and protection of hazardous areas present in front of a vulcanising machine. The safety scanner is efficient enough to prevent any technical discrepancy in four hazardous areas simultaneously.

Some of the key market players operating in the factory automation mechanical component market are the 3M Company, ABB Ltd., Amphenol Corporation, SKF Group, Schneider Electric, Rockwell Automation, THK Global, Honeywell International, General Electric, Mitsubishi Electric Corporation, Sick AG, Siemens AG, Yokogawa Electric Corporation, PepperL+Fuchs GMBH, Danaher Corporation, Omron Corporation, Weidmuller Holding AG, Panduit Corporation, Parket Hannifin Corporation, and Bosch Rexroth AG.