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Hardware Global Market Report 2021: COVID 19 Impact and Recovery to 2030

ReportLinker
·4-min read

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.

New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hardware Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009805/?utm_source=GNW
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%.

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). The hardware market is segmented into furniture hardware; motor vehicle hardware; builder’s hardware and other hardware.

Asia Pacific 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 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.

Geopolitical tensions are expected to have a negative impact on the hardware manufacturing market during the forecast period. Repercussions of geopolitical tensions include sanctions on Russia, trade protectionism and heightened military tensions in the Middle East. Sanction on Russia was related to the violation of Chemical and Biological Weapons Control and Warfare Elimination Act of 1991. In 2018, the US imposed a number of sanctions on Russia, including sales of defense articles and services and government credit or other financial assistance. Many countries placed trade restrictions, especially on imports, to boost local production. For instance, Brexit is likely to lead to more trade restrictions between the UK and other countries in Europe .The US is also implementing several trade restrictions, especially with China, to boost its local production. For instance, the US imposed 25% tariff on steel and 10% tariff on aluminum, in 2018. Continued violence and terrorism in the Middle East and other parts globally are also expected to have a negative impact on the market.

Metal consumption by the aerospace sector is expected to increase during the forecast period, thus driving the hardware manufacturing market. This is mainly due to rise in air travel is leading to increased demand for commercial airplanes. According to the International Air Transport Association (IATA), there were around 3.8 billion air travelers in 2016, and this number is expected to rise up to 7.2 billion by 2035. Similarly, according to Boeing, approximately 42,730 new jets, valued at $6.3 trillion, will be required over the next 20 years, to meet rising passenger traffic and upcoming airplane retirements. This will require significant metal consumption, especially aluminum, this will drive the hardware manufacturing market in the forecast period.

Read the full report: https://www.reportlinker.com/p06009805/?utm_source=GNW

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