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Dublin, May 09, 2022 (GLOBE NEWSWIRE) — The “Industrial Automation Spares Market by Type, End User, and Geography – Global Forecast to 2029” report has been added to ResearchAndMarkets.com’s offering.
This report provides an in-depth analysis of the industrial automation spare part components market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.
The Global Industrial Automation Spare Part Components Market is expected to reach a value of $16.54 billion by 2029, at a CAGR of 5.7% during the forecast period 2022-2029.
The growth of the industrial automation spare part components markets is attributed to the rising investments and transformations in conventional manufacturing facilities and the transition to digitized systems. This transition has created the demand for the deployment of automation systems and thus the need for industrial automation spare part components. The rising number of SMEs and the need to improve the safety of the production process are expected to create an ample number of opportunities for the players in the market.
The study offers a comprehensive analysis of the industrial automation spare part components market based on type, end user and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the industrial automation spare part components market is segmented into electrical components, electronic components, pneumatic and hydraulic components, mechanical components, connectors, structural machine parts, cable and harnesses, and industrial safety components. In 2022, the electrical components segment is expected to account for the largest share of the industrial automation spare part components market. The growth of this segment is driven by its crucial role in regulating the power supplied to the system and preventing failure. The most commonly used components or spare…
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