In today’s society, modern technology is developing rapidly and helping in achieving efficiency in all the sectors of the economy. Among these sectors, the industrial sector provides a base for economic growth. It holds a share of 30 percent of the total GDP nominal. China is the largest contributor followed by the US. Advancement of technologies and networks leads to the development of various industrial devices which helps in bringing efficiency and quality in the industrial sector. These industrial devices include small bearings and air tools to large cranes, and bulldozers among others. Augmentation of networking technologies leads to the development of industrial internet of thing (IIoT) which enables industries and enterprises to have better efficiency and reliability in their operations. The IIoT encompasses industrial applications, including medical devices, robotics, software-defined production process. Increased adoption and demand for industrial devices leads to the growth of the global industrial devices market. The industrial devices market is expected to grow at a CAGR of 33.4% during the forecast period.
According to the new market research report published by Global Market Estimates, the global industrial devices market, based on its applications is classified into home appliances, automobiles, electrical & electronics, healthcare, and others. The electrical & electronics segment is expected to hold the largest market share in the application segment. Increased demand for electronic products in all the segments such as healthcare, automobile, and robotics, among others is driving the global electrical & electronics manufacturing market. It is expected that electronics segment to holds around 55% of total market. The higher demands for smartphones, wearables, and tablets in the electrical and electronic segment is also expected to boost the segment over the forecast period. The healthcare segment has also witnessed significant growth in recent decades because of a growing number of diseases. Portable ECG monitor, capsule endoscope, sphygmomanometer, electric toothbrushes are some of the industrial devices used in the healthcare segment. The automotive industry is also expected to grow owing to the use of sensors, controllers, body control modules and AV car system among others. High demand for air conditioners, washing machines, LED lightings, refrigerators, and all other home appliances are expected to boost the segment growth.
Despite of the high demand for industrial devices in various application areas, there are some challenging factors such as strict government laws and regulations, shrinking operating margins, and short product lifestyles among others are likely to hampers the growth of the industrial device market during the forecast period.
Among different regions across the globe, the Asia-Pacific region is estimated to hold the largest market share during the forecast period. The increasing population, rising investment for R&D activities, fast-growing automobile and electrical & electronics industries in China, India, and Korea are expected to be the major factors driving the market growth of the industrial devices. China is the largest manufacture in the automobile industry, accounting for 30% of global production and India's automobile industry is the fourth largest in the world.
North America is also expected to witness considerable growth in the industrial devices market due to increased technological advancement in the field of healthcare. Increased foreign direct investment is one of the major factors propelling market growth in the MEA region. Also, the increased installation of manufacturing plants by some of the multinational companies including BMW, Koensigsegg, and LG among others positively influences the growth of the market.
Since the above segments of the market are expected to grow in the coming years, it creates various opportunities for vendors and others to expand their horizons. Samsung, Panasonic, GE, Robert Bosch, Omron Corporation, Asahi Kasai, and LG among others are some of the key players operating in the global industrial devices market.
It can be concluded that the industrial devices market has a large potential to grow in the upcoming years, which provides more business opportunities.
Browse through the report description @: Global Industrial Devices Market Size, Trends & Analysis - Forecasts To 2026