Global Industry 4.0 Market

Industry 4.0 Market Size, Share, Growth Analysis, By Technology(Augmented Reality, Advanced Robotics), By Industry Vertical(Manufacturing, Energy & Utilities) - Industry Forecast 2024-2031


Report ID: SQMIG45D2056 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 70 | Figures: 77

Industry 4.0 Market Insights

Global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).

The fourth industrial revolution, known as Industry 4.0, focuses on interconnectivity, automation, machine learning, and real-time data. It is also known as the Internet of Things (IoT) or smart manufacturing combined with smart digital technology. Also, it employs machine learning and Big Data to create a more holistic and well-connected environment for firms centered on manufacturing and SCM. Accessing real-time information across processes, partners, products, and people can be a common difficulty for businesses across industries. Several major corporations are currently implementing loT measurements and key performance indicators to demonstrate operational progress, consumer experience, logistics, and supply chain profits. Several major corporations are currently implementing loT measurements and key performance indicators to demonstrate operational progress, consumer experience, logistics, and supply chain profits. Industrial sectors are increasingly implementing better smart industry solutions and adaptable device systems to control production and supply chain operations from a centralized system. Increased deployment of IoT-connected machines is predicted to considerably drive the Industry 4.0 market in the manufacturing sector during the forecast period.

Several companies are investing in advanced technologies such as human-machine interaction, analytics and intelligence, advanced engineering, connectivity, data, and processing capacity to boost production efficiency and lower production costs by reducing downtime in the manufacturing process. These technologies enable firms to forecast and predict future problems that may develop during ongoing operations. The traditional method of preventive maintenance is done manually depending on routine or time. However, with the arrival of IoT, preventive maintenance has become much more automated and streamlined. Systems can detect impending difficulties or whether machinery needs to be repaired, allowing organizations to tackle possible concerns before they become major issues. All of these reasons will contribute to the expansion of the Industry 4.0 market in the coming years.

Industry 4.0 assists firms in operating and optimizing all areas of their manufacturing operations and supply networks. Machine monitoring solutions, predictive maintenance techniques, and other improved operational technology can assist firms in reducing downtime, increasing throughput, and lowering the overall cost of supplying quality parts. Manufacturing organizations, like many others, have seen isolated data with separate divisions inside the organization and at various levels such as machine level, plant level, and corporate. A combined operation provides convenience to several data sources and, when properly conducted, provides an easy way to utilize that data for effective decision-making. Furthermore, any manufacturer must be able to respond quickly to changing demands, the latest product trends, skill gaps, and other irregular obstacles. Manufacturers have a better chance of successfully pivoting when they have the right technologies in place.

The increasing usage of technology in organizations around the world is driving the growth of the market over the forecast period. Additionally, rising internet penetration and digitization trends are boosting the Industry 4.0 market, owing to the increasing requirement for efficiency and cost-effective production in numerous industries. Also, the number of market participants in developed nations such as North America is growing. The increased need for technical improvements, as well as rising consumer spending on Industry 4.0 solutions such as advanced robotics, AR/VR systems, and 3D printing solutions, are expected to drive growth of the market during the forecast period.

US Industry 4.0 Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 133.05 billion

Largest Segment

Internet of Things

Fastest Growth

Advanced Robotics

Growth Rate

16.2% CAGR

Global Industry 4.0 Market ($ Bn)
Country Share for North America Region (%)
Global Industry 4.0 Market By Technology ($ Bn)
Global Industry 4.0 Market By Technology (%)

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Industry 4.0 Market Segmental Analysis

Global industry 4.0 market is segmented based on technology, industry vertical and region. By technology, the market is segmented into augmented reality, advanced robotics, Internet of Things, AI, cloud computing, and others. By industry vertical, market is segmented into manufacturing, energy & utilities, automotive, oil and gas, aerospace and defense, electronics and consumer goods, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Industry 4.0 Market Analysis by Technology

The largest market segment within the global Industry 4.0 landscape is undoubtedly the Internet of Things (IoT). Providing wide-ranging solutions for the industry areas like manufacturing, healthcare, and energy, IoT technologies enable the system of devices talking to each other without any obstacle, leading to the increase of automation, predictive maintenance, and decision making in real time to name just but a few. 

On the other hand, the fastest-growing segment in Industry 4.0 is Advanced Robotics. AI and machine learning, together with further developments in robotics are becoming the key factors in the continuous increase of the adoption of robotic solutions in many areas including manufacturing, logistics, and healthcare. These smart robots have the edge over the others with the added benefits of being more flexible, precise, and efficient; This forms a tremendous boom in productivity and transformation in the traditional manufacturing systems.

Industry 4.0 Market Analysis by Vertical

Manufacturing is expected to dominate the global market throughout the forecast period. The automotive, transportation and chemical industries are expected to be the most promising for deploying 14.0. In recent years, there has been an increase in the deployment of smart robots and machines in the manufacturing industry. Research and development funds are being invested in order to create an integrated system in which robots and humans can collaborate on complicated tasks via sensor-connected human-machine interfaces.

During the forecast period, advanced solutions will be widely used in the automobile industry. Plants that are technologically advanced can track manufacturing equipment and processes to discover potential problems before they cause production interruptions. Automobile manufacturers who are ready for 14.0 can also customize individual automobiles to shorten delivery time. Vehicle configurations must be adjusted by manufacturers to satisfy changing client demands. Unlike traditional auto manufacturing, the loT-enabled gadget allows for the customization of components such as the dashboard and steering wheel. Furthermore, thanks to 14.0, the concept of self-driving automobiles has become a reality. To remain competitive in the face of rapid technological advancement, companies throughout the automobile ecosystem are spending extensively on product and manufacturing process improvements.

Global Industry 4.0 Market By Technology, 2022 (%)

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Industry 4.0 Market Regional Insights

North American corporations are increasingly adopting the notion of smart manufacturing, and the region is expected to dominate the market. The majority of factories in the market are now outfitted with new machinery and smart factory technology, allowing other enterprises to shift from traditional production processes to smart manufacturing. Major market players, government efforts, and increased financing for research and development activities are all important aspects that contribute to North America being a dynamic place for market growth.

In 2023, Europe had the second largest global industry 4.0 market share. To maintain its position in the global market, the European sector has made significant investments in technology and capabilities. The use of connected objects and automated techniques has altered German industry and ushered in the fourth industrial revolution. The proliferation of connections, networked objects, real-time data processing, and pervasive information is altering industry paradigms. Siemens, Honeywell, and General Electric are among the early adopters of 14.0 and are far ahead of the curve in terms of implementation. 

Japan, China, and South Korea are leading the Asia Pacific market growth due to their extensive measures to adopt industrial automation and integrate disruptive technologies in their manufacturing system value chain. The strategy includes the top ten industries, such as semiconductors, advanced robotics, electric vehicles, and artificial intelligence. This state-led industrial program, inspired German government's 14.0 development plan, aspires to make China the global leader in high-tech manufacturing. Japan created the Society 5.0 programs to solve economic, social, and industrial concerns. 

The fourth industrial revolution is being helped across Latin America, the Middle East, and Africa by government initiatives and an understanding of how important it is to incorporate digital technology to sustain the global economy. The UAE economy's success also reaffirms its ability to become a world leader by solving the fundamental difficulties involved in digital transformation and technological advancements. The approach is intended to increase its position as a global center while also expanding its support for the national economy. In addition, prominent players in Brazil have joined forces to encourage the application of technology assets to accelerate adoption.

Global Industry 4.0 Market By Region, 2024-2031
  • Largest
  • Fastest

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Industry 4.0 Market Dynamics

Industry 4.0 Market Drivers

Increasing the Use of Additive Manufacturing

  • 3D printing and additive manufacturing are two of today's most cutting-edge technologies. In recent years, 3D printing has been widely employed to meet the massive increase in demand for ventilator valves in hospitals around the world. Currently, 3D printing technology is positioned to alter a number of industrial industry trends. Globally, governments are launching projects and offering financing to educational institutions, research centers, and research and technology organizations to further investigate and stimulate the development of 3D printing technology. The United States, the United Kingdom, and Canada are developing government initiatives to encourage university-level 3D printing research, which is propelling technological innovation and the establishment of start-ups. In the future, the introduction of new uses for 3D printing will entice businessmen and governments all over the world to invest in the technology.

Industry 4.0 Market Restraints

Significant Implementation Costs to Restrict Employment of Industrial Robots in Startups

  • In a smart production, industrial robots can save time, reduce downtime, and eliminate monotonous manual labor. However, industrial robot deployment is too expensive. A single industrial robot might cost up to 20,000 USD. As a result, the deployment of industrial robots in industries necessitates significant financial resources. Startups operate on a very small scale, making the deployment of industrial robots in their manufacturing units impractical. The robots also have exorbitant repair and maintenance costs.

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Industry 4.0 Market Competitive Landscape

The global industry 4.0 market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.

Industry 4.0 Market Top Player’s Company Profiles

  • Siemens AG
  • ABB Ltd.
  • Cisco Systems Inc.
  • General Electric(US) 

  • Honeywell International (US) 

  • Emerson Electric (US) 

  • 3D Systems (US) 

  • Advantech (Taiwan) 

  • Basler (Germany) 

  • Cognex Corporation (US) 

  • Daifuku (Japan) 

  • IBM (US) 

  • Intel (US) 

  • John Bean Technologies Corporation (US) 

  • Nvidia (US) 

  • Stratasys (Israel) 

  • Techman Robot (Taiwan) 

  • Universal Robots (Denmark) 

  • Addverb Technologies (India) 

  • AlBrain (US)

Industry 4.0 Market Recent Developments

  • In October 2023, Epson Robots introduced a new generation of its high-power-density SCARA robots, the GX-B Series powered by the RC700E controller with integrated SafeSense technology. These second-generation robots use the advanced GYROPLUS vibration reduction technology to provide some of the fastest production speeds, smooth motion control, and fast settling times.

     

  • In June 2023, ABB Robotics is expanding its large robot offering with 4 new models and 22 variants, these next generation model series include the IRB 6710, IRB 6720, IRB 6730 and IRB 6740, suitable for payloads ranging from 150kg to 310kg, with a reach from 2.5m to 3.2m, offering customers greater choice and significant performance and energy efficiency improvements.

Industry 4.0 Key Market Trends

  • Digital twins have received a lot of attention as the Internet of Things (IoT) has risen in popularity in recent years. A virtual model that mimics the lifecycle of a physical entity or mechanism is known as a digital twin. By offering near real-time insights between the physical and digital worlds, this technology has enabled OEM manufacturers and automakers to remotely track and manage equipment and systems. Digital twin technology delivers unmatched insight into assets and production to identify bottlenecks, improve operations, and create product growth. Companies are implementing digital twin technology, which can detect anomalies and irregularities in operations quickly and provide a comprehensive perspective of the equipment's performance. Spare component maintenance and replacement can be planned in advance to reduce time-to-service and avoid costly asset breakdowns. Predictive maintenance using digital twins would assist OEMs in generating new service-based revenue while enhancing product reliability. Additionally, market players are introducing innovative digital twin solutions that improve equipment visibility and operational efficiency.

Industry 4.0 Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global industry 4.0 market analysis, Industry 4.0, or the fourth industrial revolution, focuses on interconnection, automation, machine learning, and real-time data. It is sometimes referred to as the Internet of Things (IoT), smart manufacturing, or smart digital technologies. Industrial IoT combines innovations from two disruptive revolutions. Because of the potential benefits, several industrial equipment manufacturers have implemented loT technology. Throughout the forecast period, manufacturing is expected to dominate the global market. The automotive, transportation, and chemical industries are predicted to be the most likely to use 14.0. Corporations in North America are increasingly embracing the concept of smart manufacturing, and the region is projected to dominate the market. Because of their significant steps to implement industrial automation and incorporate disruptive technologies into their manufacturing system value chain, Japan, China, and South Korea are leading the Asia Pacific market growth.

Report Metric Details
Market size value in 2022 USD 133.05 billion
Market size value in 2031 USD 513.89 billion
Growth Rate 16.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Technology
    • Augmented Reality, Advanced Robotics, Internet of Things, AI, Cloud Computing, and Others
  • Industry Vertical
    • Manufacturing, Energy & Utilities, Automotive, Oil and Gas, Aerospace and Defense, Electronics and Consumer Goods, and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Siemens AG
  • ABB Ltd.
  • Cisco Systems Inc.
  • General Electric(US) 

  • Honeywell International (US) 

  • Emerson Electric (US) 

  • 3D Systems (US) 

  • Advantech (Taiwan) 

  • Basler (Germany) 

  • Cognex Corporation (US) 

  • Daifuku (Japan) 

  • IBM (US) 

  • Intel (US) 

  • John Bean Technologies Corporation (US) 

  • Nvidia (US) 

  • Stratasys (Israel) 

  • Techman Robot (Taiwan) 

  • Universal Robots (Denmark) 

  • Addverb Technologies (India) 

  • AlBrain (US)

Industry 4.0 Market Recent Developments

  • In October 2023, Epson Robots introduced a new generation of its high-power-density SCARA robots, the GX-B Series powered by the RC700E controller with integrated SafeSense technology. These second-generation robots use the advanced GYROPLUS vibration reduction technology to provide some of the fastest production speeds, smooth motion control, and fast settling times.

     

  • In June 2023, ABB Robotics is expanding its large robot offering with 4 new models and 22 variants, these next generation model series include the IRB 6710, IRB 6720, IRB 6730 and IRB 6740, suitable for payloads ranging from 150kg to 310kg, with a reach from 2.5m to 3.2m, offering customers greater choice and significant performance and energy efficiency improvements.

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Industry 4.0 Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Industry 4.0 Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Industry 4.0 Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industry 4.0 Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industry 4.0 Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Industry 4.0 Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).

The global industry 4.0 market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Siemens AG', 'ABB Ltd.', 'Cisco Systems Inc.', ' General Electric(US)  ', ' Honeywell International (US)  ', ' Emerson Electric (US)  ', ' 3D Systems (US)  ', ' Advantech (Taiwan)  ', ' Basler (Germany)  ', ' Cognex Corporation (US)  ', ' Daifuku (Japan)  ', ' IBM (US)  ', ' Intel (US)  ', ' John Bean Technologies Corporation (US)  ', ' Nvidia (US)  ', ' Stratasys (Israel)  ', ' Techman Robot (Taiwan)  ', ' Universal Robots (Denmark)  ', ' Addverb Technologies (India)  ', ' AlBrain (US) ', ' In October 2023, Epson Robots introduced a new generation of its high-power-density SCARA robots, the GX-B Series powered by the RC700E controller with integrated SafeSense technology. These second-generation robots use the advanced GYROPLUS vibration reduction technology to provide some of the fastest production speeds, smooth motion control, and fast settling times.   ', ' In June 2023, ABB Robotics is expanding its large robot offering with 4 new models and 22 variants, these next generation model series include the IRB 6710, IRB 6720, IRB 6730 and IRB 6740, suitable for payloads ranging from 150kg to 310kg, with a reach from 2.5m to 3.2m, offering customers greater choice and significant performance and energy efficiency improvements. '

3D printing and additive manufacturing are two of today's most cutting-edge technologies. In recent years, 3D printing has been widely employed to meet the massive increase in demand for ventilator valves in hospitals around the world. Currently, 3D printing technology is positioned to alter a number of industrial industry trends. Globally, governments are launching projects and offering financing to educational institutions, research centers, and research and technology organizations to further investigate and stimulate the development of 3D printing technology. The United States, the United Kingdom, and Canada are developing government initiatives to encourage university-level 3D printing research, which is propelling technological innovation and the establishment of start-ups. In the future, the introduction of new uses for 3D printing will entice businessmen and governments all over the world to invest in the technology.

Digital twins have received a lot of attention as the Internet of Things (IoT) has risen in popularity in recent years. A virtual model that mimics the lifecycle of a physical entity or mechanism is known as a digital twin. By offering near real-time insights between the physical and digital worlds, this technology has enabled OEM manufacturers and automakers to remotely track and manage equipment and systems. Digital twin technology delivers unmatched insight into assets and production to identify bottlenecks, improve operations, and create product growth. Companies are implementing digital twin technology, which can detect anomalies and irregularities in operations quickly and provide a comprehensive perspective of the equipment's performance. Spare component maintenance and replacement can be planned in advance to reduce time-to-service and avoid costly asset breakdowns. Predictive maintenance using digital twins would assist OEMs in generating new service-based revenue while enhancing product reliability. Additionally, market players are introducing innovative digital twin solutions that improve equipment visibility and operational efficiency.

North American corporations are increasingly adopting the notion of smart manufacturing, and the region is expected to dominate the market. The majority of factories in the market are now outfitted with new machinery and smart factory technology, allowing other enterprises to shift from traditional production processes to smart manufacturing. Major market players, government efforts, and increased financing for research and development activities are all important aspects that contribute to North America being a dynamic place for market growth.

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