The Business Research Company’s Hardware Global Market Report 2021 : COVID-19 Impact And Recovery
LONDON, GREATER LONDON , UK, August 27, 2021 /EINPresswire.com/ — According to the new market research report ‘Hardware Global Market Report: COVID-19 Impact And Recovery’ published by The Business Research Company, the hardware market is expected to grow from $90.37 billion in 2020 to $107.03 billion in 2021 at a compound annual growth rate (CAGR) of 18.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $142.76 billion in 2025 at a CAGR of 7%. Metal consumption by the aerospace sector is expected to increase during the forecast period, thus driving the hardware manufacturing market.
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The hardware market consists of the sales of metal hardware by entities (organizations, sole traders or partnerships) that produce metal hardware, such as metal hinges, metal handles, keys, and locks (except coin-operated, time locks).
Trends In The Global Hardware Market
Many hardware manufacturing companies are using robotics and automation to improve plant efficiency and productivity. Sensors are being used in various machines to access invaluable data for improving efficiencies and reduce potential breakdowns. For instance, according to a report by Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, thus indicating rise in automation and robotics technology adoption to improve productivity and reduce production costs. According to KPMG report, 16% executives of global metals companies have already invested in robotics for metal manufacturing, 31% executives have set plans to possibly invest in robotics for new technology and opportunities, and 42% are willing to invest on robotics in the near future. Additionally, the report states, 63% of the executives of metal manufacturing companies are considering investing in automation. Examples of companies offering industrial robots to metals companies include FANUC, KUKA, ABB, and Motoman.
Global Hardware Market Segments:
The global hardware market is further segmented based on type, end user and geography.
By Type: Furniture Hardware, Motor Vehicle Hardware, Builder’s Hardware, Other Hardware
By End User: B2B, B2C
By Geography: The global hardware market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific hardware market accounts for the largest share in the global hardware market.
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Hardware Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides hardware global market overviews, analyzes and forecasts market size and growth for the global hardware market, hardware global market share, hardware global market players, hardware global market segments and geographies, hardware market’s leading competitors’ revenues, profiles and market shares. The hardware market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Read Hardware Global Market Report 2021 from The Business Research Company for information on the following:
Data Segmentations: Market Size, Global, By Region And By Country; Historic And Forecast Size, And Growth Rates For The World, 7 Regions And 12 Countries
Hardware Market Organizations Covered: Allegion, Spectrum Brands, Assa Abloy, Aoyama Seisakusho (Japan), Ningbo Jiulong Fasteners.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets.
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Here is a list of reports from The Business Research Company similar to the Hardware Global Market Report 2021:
Metal Products Market – By Type (Forged And Stamped Goods, Cutlery And Hand Tools, Architectural And Structural Metals, Boiler, Tank, And Shipping Container, Hardware, Spring And Wire Products, Machine Shops, Turned Product, And Screw, Nut, And Bolt, Coated, Engraved, And Heat-Treated Metal Products, Metal Valves, Other Fabricated Metal Products), By End Use (Construction, Manufacturing, Others) And By Region, Opportunities And Strategies – Global Forecast To 2030
Aerospace Global Market Report 2021: COVID-19 Impact And Recovery To 2030
Top Robotics Global Market Report 2021: COVID-19 Growth And Change
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