Industry 4.0 Market
Industry 4.0 Market size was estimate at USD 60.5 billion in 2021 and is expected to reach USD 261.8 billion in 2029, growing at a CAGR of 20.1% over the forecast period 2022-2029 attributed to advancements in digital technologies and industrial computerization.
Main Industry 4.0 Trends and Drivers
Major factors driving industry 4.0 market are growing adoption of advanced technologies like Artificial Intelligence (AI) and Internet of Things (IoT), investments in additive manufacturing and increasing internet penetration rates. In the recent times, usage of additive manufacturing has increased in almost every industry vertical. During covid-19 outbreak, 3D printing techniques were extensively used in the healthcare industry to design ventilator valves. Currently, 3D printing is increasingly used in manufacturing industry as companies are increasing investing in setting-up smart factories. Additionally, governments in various countries are focussing on funding educational institute and research and technology organization to strengthen the manufacturing in their countries using 3D printing in different industries. For instance, the Department of Defense of United States lunched launched Additive Manufacturing for Defense Manufacturing (AMD) Program in January 2021, to provide funding on various companies who are working on advanced additive manufacturing technology for purposes. This program aims at modernizing defense systems by using additive manufacturing (AM) designed equipment and allow soldiers to use innovative equipment with AM capabilities on the battleground.
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With the deployment of robots in manufacturing processes, demand for cloud robotics has increased significantly in the recent time. Cloud robotics offers huge amounts of data to robotic devices and eliminates the need to incorporate it directly through on-board memory. Proliferation of cloud robotics in manufacturing sector aided by low latency and high throughput offered by 5G networks, will boost the deployment of these robots, which in turn will create new growth opportunities for global industry 4.0 market. However, integrating industrial robots requires expertise from an integrator for meeting specific requirements of different tasks. Large sized companies often hesitate to integrate industrial robots as they are facing difficulties in integrating old technology with new robotics technology. Small and medium sized companies have limited budget and they operate with small production units, thus consider unnecessary to integrate industrial robots. Such challenges faced by companies is restricting the industry 4.0 market growth.
Based on Vertical, Manufacturing segment is forecast to hold the largest industry 4.0 market share.
Increasing deployment of smart robots and machines in production facilities and developments in Augmented Reality (AR) and digital twins, are the major factors accelerating the segment’s growth. Additionally, in the manufacturing vertical, various companies are focussing on partnering and collaborating for strengthening their position in the market. For instance, ABB, a automation company based out of Switzerland in January 2021, partnered with Plan Motors Inc., to expand its machine automation portfolio. Through this partnership, company plans to incorporate Plan Motor’s magnetic levitation technologies into machine automation division offering.
According to industry 4.0 market report, North American region is expected to grow at fastest rate.
North American industry 4.0 market is propelled by favourable government programs and growing adoption of advanced manufacturing practices. Asia-Pacific industry 4.0 market is driven by subsidies offered by governments and presence of state-of-the-art manufacturing facilities in China.
Industry 4.0 Companies
Some of the major industry 4.0 vendors are Microsoft Corporation, Kuka AG, Intel Corporation, ABB Group, Cisco Systems, Honeywell International Inc., Mitsubishi Corporation, Siemens AG, SAP SE, Denso Corporation, IBM Corporation, Google LLC, and General Electric, among others.
Industry 4.0 News:
- In February 2021, ABB announced that it has launched its SWIFTI cobot, which is a collaborative robot designed to carry payload of 4kg. SWIFTI is five times faster as compared to other cobots and aims to be deployed in polishing and assembling activities.
Industry 4.0 Market Segmentation
Segmentation by Technology
• Industrial Robots
• Industrial Sensors
• Industrial 3D Printing
• Machine Vision
• AI in Manufacturing
• Digital Twin
• Machine Condition Monitoring
Segmentation by Vertical
• Energy & Utilities
• Oil and Gas
• Aerospace & Defense
• Electronics and Consumer Goods
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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