The global industry 4.0 market size is expected to reach USD 327.78 billion by 2030, according to a new study by Polaris Market Research. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
The manufacturing sector in North America outperforms that in the US, Japan, China, and Germany. With the exception of China, all of these nations have far smaller populations than India. North America urgently needs to restructure and upskill its manufacturing sector and workforce in light of its population and its future aspirations. As a result, the market offers that possibility, which is anticipated to increase in the nation during the next years.
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Manufacturing companies’ supply chains are modernized and automated as a result, which not only aids in data-driven planning but also gives businesses an edge over rivals and enables them to stay ahead of the competition. Technologies such as Industrial Robotics, IIoT, 3D printing, artificial intelligence, and machine learning are some of the technologies employed across diverse manufacturing firms.
As Industry 4.0 takes hold in the manufacturing sector, numerous industrial plants are adopting digital technology to improve, automate, and modernize the entire process, hence raising the plants’ performance metrics. Companies now need to quickly adapt their products and services to the digital world due to the steadily growing number of linked devices, the enormous expansion in the volume of data from field devices, and the shifting technology landscape.
For instance, Cisco estimates that by 2023, there will be about 2.1 billion internet-connected gadgets in India. According to the recently released Cisco Annual Internet Report (2018-2023), the number of internet users in the country is predicted to surpass 900 million, thanks to the rising use of reasonably priced smartphones and more reasonable internet subscriptions.
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Industry 4.0 Market Report Highlights
- Due to the success of smart production, there are now more industrial robots functioning in factories than ever before, and automation has increased by around 85% over the past five years. The 12% decrease in revenue is a result of the two main customer industries, automotive and electrical/electronics, experiencing tough times.
- Manufacturing robots automate monotonous activities, cut error margins to extremely low levels, and free up human workers to concentrate on more profitable aspects of the business. Robotic process automation in manufacturing enables businesses to maintain their competitiveness on a global scale by providing an effective, workable substitute for offshore and closing the skills gap.
- In order to reinforce their positions across the globe, many vendors are increasing their flexible manufacturing portfolios through acquisitions or partnerships.
- It will include PMI’s magnetic levitation technology into the product range of its Machine Automation Division (B&R), accelerating the industry 4.0 shift from strictly linear production to an open, adaptable manufacturing environment.
- Numerous vendors are making investments in the creation of advanced robots with improved perception, adaptability, integrability, and mobility in response to the growing demand for industrial robots in the manufacturing sector.
Polaris Market Research has segmented the industry 4.0 market report based on technology and region:
Industry 4.0, Technology Outlook (Revenue – USD Billion, 2018 – 2030)
- Industrial Robots
- Blockchain
- Industrial Sensors
- Industrial 3D Printing
- Machine Vision
- HMI
- AI Manufacturing
- Digital Twin
- AGVs
- Machine Condition Manufacturing
