Dublin, 16 February 2021 (GLOBE NEWSWIRE) – The report “Hardware Global Market Report 2021: COVID-19 Impact and Recovery to 2030” has been added to ResearchAndMarkets.com’s offer.
Major companies in the hardware market include Allegion; Spectrum Brands; Assa Abloy; Aoyama Seisakusho (Japan) and Ningbo Jiulong fasteners.
The global 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 largely the result of companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive control measures that included social distancing, teleworking, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $ 142.76 billion in 2025 with a CAGR of 7%.
The hardware market consists of the sale of metal hardware by entities (organizations, individual retailers, or partnerships) that produce metal hardware, such as metal hinges, metal handles, keys, and locks (other than coin-operated time locks). The hardware market is segmented into furniture hardware; Motor vehicle hardware; construction hardware and other hardware.
The Asia-Pacific region was the largest region in the global hardware market, accounting for 43% of the market in 2020. Western Europe was the second largest region, accounting for 26% of the global hardware market. Africa was the smallest region in the global hardware market.
Many hardware companies use robotics and automation to improve plant efficiency and productivity. Sensors are used in a variety of machines to access invaluable data to improve efficiency and reduce potential failures. For example, according to a report by the Boston Consulting Group (BCG), 1.2 million industrial robots are expected to be deployed by 2025, indicating an increase in the application of automation and robotic technology to improve productivity and reduce production costs.
According to the KPMG report, 16% of executives of global metal companies have already invested in robotics for metal production, 31% of executives have set plans for possible robotics investment for new technology and opportunities, and 42% are willing to invest in robotics in the near future. In addition, the report states, 63% of managers of metal companies are considering investing in automation. Examples of companies that offer industrial robots to metal companies include FANUC, KUKA, ABB and Motoman.
Geopolitical tensions are expected to have a negative impact on the hardware manufacturing market over the forecast period. The consequences of geopolitical tensions include sanctions on Russia, trade protectionism and heightened military tensions in the Middle East. Sanctions against Russia were linked to violations of the 1991 Chemical and Biological Weapons Control and Elimination of Wars Act.
In 2018, the United States imposed sanctions on Russia, including the sale of defense items and services, and government credit or other financial assistance. Many countries have imposed trade restrictions, especially on imports, to boost local production. For example, Brexit is likely to lead to greater trade restrictions between the UK and other European countries.
The United States is also enforcing several trade restrictions, particularly with China, to boost its local production. For example, the U.S. introduced a 25% tariff on steel and 10% on aluminum, 2018. Continued violence and terrorism in the Middle East and other parts of the world are expected to have a negative impact on the market.
Metal consumption in the aviation sector is expected to increase over the forecast period, which will drive the hardware manufacturing market. This is mainly due to the increase in air travel leading to increased demand for commercial aircraft. According to the International Air Transport Association (IATA), there were about 3.8 billion air passengers in 2016, and that number is expected to increase to 7.2 billion by 2035.
Similarly, according to Boeing, over the next 20 years, approximately 42,730 new aircraft, valued at $ 6.3 trillion, will be needed to meet the growing passenger traffic and upcoming aircraft pensions. This will require significant consumption of metals, especially aluminum, which will drive the hardware production market in the foreseeable future.
2. Report structure
3. Characteristics of the hardware market
3.1. Market definition
3.2. Key segmentations
4. Hardware market product analysis
4.1. Leading products / services
4.2. Key features and differentiators
4.3. Development products
5. Hardware market supply chain
5.1. Supply chain
5.3. End customers
6. Customer information in the hardware market
6.1. Customer settings
6.2. Size and growth of end-use markets
7. Hardware market trends and strategies
8. Impact of COVID-19 on hardware
9. Size and growth of the hardware market
9.1. Market size
9.2. Historical market growth, value (billions of dollars)
9.2.1. Market drivers
9.2.2. Market restrictions
9.3. Forecast market growth, value (billions of dollars)
9.3.1. Market drivers
9.3.2. Market restrictions
10. Regional hardware market analysis
10.1. Global Hardware Market, 2020, by Region, Value (Billions of Dollars)
10.2. Global Hardware Market, 2015-2020, 2020-2025F, 2030F, Historical and Forecast, by Region
10.3. Global hardware market, growth and comparison of market share by regions
11. Hardware market segmentation
11.1. Global hardware market, segmentation by type, past and forecast, 2015-2020, 2020-2025F, 2030F, billion dollars
- Motor vehicle hardware
- Construction hardware
- Other hardware
11.2. Global hardware market, end-user segmentation, past and forecast, 2015-2020, 2020-2025F, 2030F, billion dollars
12. Hardware market metrics
12.1. Hardware market size, percentage of GDP, 2015-2025, Global
12.2. Average hardware market expenditures per capita, 2015-2025, Global
For more information on this report, visit https://www.researchandmarkets.com/r/iqig1p
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