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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 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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Global Industry 4.0 Market

Product ID: SQMIG45D2056

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