Global Industrial Devices Market Size, Trends & Analysis - Forecasts To 2026 By Application (Home Appliances, Automobile, Electrical & Electronics, Healthcare, Others), By Region (North America, Europe, Asia-Pacific, MEA, CSA); Vendor Landscape, End User Landscape and Company Market Share & Competitor Analysis
Industrial Devices Market Insights
The global industrial devices market is estimated to witness a significant CAGR during the forecast period (2019-2026). The growth of the industrial devices market is anticipated to increase with the growing end use applications, along with other factors, such as rise in automobile, electrical and electronics’ industries among others. The market is also expected to grow owing to use of sensors, controllers, body control modules and car AV system among others which are used in automotive industry. Industrial Devices are of different sizes and shapes depending on the processes in which they are used. Industrial Devices are also used in healthcare sector for portable ECG monitors, capsule endoscope and sphygmomanometer which is expected to boost the demand in the market. Strict government laws and regulations are some of the factors expected to hamper the growth of industrial devices market.
Industrial Devices Market: By Application
On the basis of application, the global industrial devices market is classified into home appliances, automobile, electrical & electronics, healthcare, and others. The electrical & electronics segment is expected to hold the largest market share in the application segment. The growth of the segment can be attributed to multiple factors, one of them being increased investment in the healthcare sector. Growing number of diseases and new innovative techniques to eradicate those diseases is one of the major factors which is expected to propel the growth of the market. The use of robotics with different processes in various end use industries such as automobile, machinery, and smart society among others is another major factor expected to propel the demand during the forecast period. Higher demands for smartphones, wearable devices and tablets in the electrical and electronics segment is also expected to boost the segment during the forecast period.
Industrial Devices Market: By Region
The Asia-Pacific region is expected to hold the largest market share. The fast growing automobile and electrical and electronics industries in China, India, and South Korea are expected to be the prime factors contributing to the growth of Industrial Devices industry. According to the report published by China Internet Information Center, Chinese automobile manufacturers sold more than 29.4 million vehicles in 2017. According to the statistics published by IBEF (India Brand Equity Foundation), in year 2017, Indian auto industry became the 4th largest in the world, with net sales registering an increase of 9.5% from past year to nearly 4.02 million units.
North America is expected to witness considerable growth in the industrial devices market. The growth of the market in the region can be attributed to increased technological advancement in the field of healthcare. The presence of leading healthcare companies including Abbott laboratories, Cardinal Health and Johnson & Johnson among others are expected to have a positive impact on the industrial devices market in the region. The market of industrial devices is also expected to grow in Middle East and Africa. Increased foreign direct investment is one of the major factors propelling the market growth in MEA region. Increased installation of manufacturing plant by some of the multinational companies including BMW, Koensigsegg, and LG among others is expected to positively influence the growth of the market.
Industrial Devices Market: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase industrial devices. The key end-users of the markets are BMW, LG, Bosch, and Siemens among others.
Industrial Devices Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Industrial Devices Market Share & Competitor Analysis
Some of the key players operating in the industrial devices market are GE, Robert Bosch, Samsung, Siemens, Panasonic, Omron Corporation, Honeywell International, Asahi Kasai, and LG among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2020, Panasonic developed world’s first HDR capsule UHD VR eyeglasses with full-fledged commercial services of the fifth generation (5G) mobile communications system
In June 2018, LG launched TV with Artificial Intelligence (AI) ThinQ so that the consumers can directly speak into the remote to control TV functions and seamlessly discover and play content
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The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the industrial devices market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies.
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