Global Industry 4.0 Market

Industry 4.0 Market Size, Share, Growth Analysis, By Technology(Robots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots), By Industry(Manufacturing, Automotive, Energy, Medical), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45D2056 | Region: Global | Published Date: June, 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, is growing as it accesses real-time information across processes, partners, products, and people, which 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. 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 factors 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.

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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 January 2024, Renault Group and Atos are launching unique service to collect large scale manufacturing data and increase the operational performance of the industry 4.0.  ', ' February 2024, Digi international announced the launch of Digi IX40, a 5G edge computing industrial IoT cellular router solution for advanced robotics, predictive maintenance, asset monitoring, industrial automation and smart manufacturing.  ', ' In September 2023, SSAFE launched a free industry 4.04 safety guide to demonstrate the implementation of industry 4.0 across the food supply chain from farm to fork. '

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.

Growing Adoption of Digital Twins in Industry 4.0: Digital twins have received a lot of attention as the Internet of Things (IoT) has risen in popularity in recent years. 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 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.

Asia Pacific is the largest region in the global industry 4.0 market and words that have been shared up about 34.6%. China, Japan, and Korea have the major manufacturing hubs which is contributing towards the dominance. The countries in this region are continuously adopting new technologies with China being the major contributor are driving the market. Furthermore, regions such as Australia Singapore and Malaysia have also been investing in this market contributing to research and development. For instance, Australia is adopting robotics technology in the mining industry to increase efficiency and safety. 

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Global Industry 4.0 Market

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