The industry 4.0 market is projected to grow from USD 64.9 billion in 2021 to USD 165.5 billion by 2026; it is expected to grow at a CAGR of 20.6% from 2021 to 2026. The growth of the industry 4.0 market is driven by rapid adoption of Artificial Intelligence (AI) and Internet of Things (IoT) in manufacturing sector, increasing demand for industrial robots in pharmaceutical and medical device manufacturing sector, rising government investments in 3D printing and additive manufacturing, and growing adoption of blockchain technology in manufacturing industry
The industrial sensors segment is projected to account for the largest share of the industry 4.0 market during the forecast period. Industrial sensors are used to track, monitor, and maintain various equipment within a smart factory. These sensors form the basis of industry 4.0 ecosystem enabling connectivity throughout manufacturing operations.
The market for digital twin is expected to grow at the highest CAGR during the forecast period Using a digital twin, a factory engineer can monitor the condition of various electrical and mechanical parts of a system; gauge equipment life-cycles and ascertain the need for spare parts.This helps eliminate unnecessary downtime, thereby increasing efficiency and cutting maintenance costs.
Digital twin is used across various process and discrete industry verticals.
APAC held the largest share of the industry 4.0 market during the forecast period. The increasing adoption of robotics in the manufacturing sector in China, Japan, and India is among the major factors leading to the growth of the Industry 4.0 market in APAC. Low production cost in APAC countries enables market players to set up manufacturing facilities in this region. APAC is also one of the fastest-growing regions in this market due to the continuous technological advancements, financial support from governments in the region, and extensive industrial base, with Japan and China being the major contributors.
Break-up of the profiles of primary participants: • By Company Type – Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25% • By Designation – C-level – 48%, Director-level – 33%, and Manager-level – 19% • By Region – North America - 35%, Europe – 18%, APAC – 40%, and RoW – 7%
The key players operating in the industry 4.0 market include General Electric (US), Siemens (Germany), Honeywell International (US), ABB (Switzerland), and Emerson Electric (US).
The industry 4.0 market has been segmented into the technology and region.
Based on technology, the market has been segmented into industrial robots, blockchain, industrial sensors, industrial 3D printing, machine vision, HMI, AI in manufacturing, digital twin, AGV’s, and machine condition monitoring. The industry 4.0 market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report: • Illustrative segmentation, analysis, and forecast of the market based on technology, and region have been conducted to give an overall view of the industry 4.0 market. • A value chain analysis has been performed to provide in-depth insights into the industry 4.0 market. • The key drivers, restraints, opportunities, and challenges pertaining to the industry 4.0 market have been detailed in this report. • Detailed information regarding the COVID-19 impact on the industry 4.0 market has been provided in the report. • The report includes a detailed competitive landscape of the market, along with key players, as well as in-depth analysis of their revenues
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