Industrial Automation Spares Market Size, Share, Growth Analysis, By Type(Electrical Components, Hydraulic Component, Connectors, others), By End-User(Oil & Gas, Automotive, Food & Beverage, Consumer Goods), By Region - Industry Forecast 2024-2031

Industrial Automation Spares Market Drivers

• Growing Adoption of Advanced Technologies Driving Market Growth

Rising adoption of Industry 4.0 has transformed the global supply chain across several industries coupled with the changing consumer requirements like personalized and instantaneous services are key factors expected to drive the growth of the global industrial automation spares market during the forecast period. Along with the rapidly growing technology, various market players partnering with techno-savvy companies for developing new solutions are also anticipated to propel the growth of the global market over the coming years. For instance, in February 2020, Honeywell International Inc., and Tech Mahindra Limited entered into a strategic partnership to develop “Factories of the Future” by comprising with digital technologies.

Industrial Automation Spares Market Restraint

• High Investment in Training Hampering Market

Industrial automation processes are highly cost-effective, but the initial capital requirement for implementing on advanced technology and to train employees is high, that is likely to hamper the growth of the global market over the coming years. Additionally, unpredictable return on investment making small-medium sized companies hesitant to higher adoption of the innovated technology.