The Latin America, Middle East and Africa Automation Components Market would witness market growth of 11.5% CAGR during the forecast period (2023-2029).
An actuator is a part that converts electrical, pneumatic, or hydraulic energy and signals into mechanical movement in a system that produces mobility. It can provide either linear or rotational motion. Electrical energy is transformed into mechanical energy by the motor. Rotor, bearings, stator, air gap, windings, and commutator are some of its parts. A sensor is a device that collects input from the physical environment and responds to it. Inputs include light, motion, heat, moisture, pressure, and other environmental events.
Throughout the past five years, there has been a major change in the global penetration of the internet. The rise of the Internet of Things (IoT) or smart applications platforms significantly impacts the growth of the automation components market in the aerospace, manufacturing, and other industries. As a result, producing new technologies is a focus for the major market players as they look to diversify their product offerings.
The UAE has been regarded as a prime destination for tourism or other sorts of leisure travel for decades. In recent years, several sectors have shown robust and consistent expansion. As a result, they have become a key part of the United Arab Emirates' diversification strategy for its economy. In recent years, the hospitality sector in the United Arab Emirates has grown significantly. The United Arab Emirates' connectivity to the rest of the world is one of the most important elements influencing the expansion of its hospitality, tourism, and leisure industries. This has resulted in the potential for automation in the food and beverage industry, thus driving the growth of the automation components market.
The Brazil market dominated the LAMEA Automation Components Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $3,589.6 million by 2029. The Argentina market is experiencing a CAGR of 12.1% during (2023 - 2029). Additionally, The UAE market would display a CAGR of 11.2% during (2023 - 2029).
Based on Component, the market is segmented into Motors, Gears, Actuators, Bearing, Sensors, Locating Pins, Bushing & Coupling, Linear Shafts & Guides, Rollers, Screws and Stages. Based on Industry, the market is segmented into Automotive, Consumer Electronics, Chemical, Food & Beverage, Pharmaceutical, Semiconductors, Packaging and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Automation Components Market is Projected to reach USD 211.5 Billion by 2029, at a CAGR of 9.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bosch Rexroth AG (Robert Bosch GmbH), AB SKF, Emerson Electric Co., Nidec Corporation, Parker Hannifin Corporation, Rockwell Automation, Inc., Shanghai KGG Robots Co., Ltd., Automotion Components Ltd (The Wixroyd Group) and Stock Drive Products/Sterling Instrument (Designatronics, Inc.)
By Component
By Industry
By Country
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