Pune, March 13, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Industry 4.0 Market had a worth of USD 78.44 billion in 2022, and it is anticipated to grow at a CAGR of 18.5% from 2023 until 2030, thereby attaining a value of USD 305.01 billion by 2030.
Market Overview:
Industry 4.0 is a revolutionary concept that has transformed the face of modern manufacturing. This movement is characterized by the seamless integration of autonomous robots, smart machinery, and other advanced technologies, all working together to create a more efficient and productive industrial ecosystem. The main objective of Industry 4.0 is to harness the power of smart technology and connectivity to streamline manufacturing processes, enhance productivity, and reduce costs.
Market Analysis:
Industry 4.0 technologies enable the collection and analysis of real-time data from various manufacturing processes, enabling manufacturers to make informed decisions quickly. This need for real-time data analysis is driving the growth of the industry 4.0 market. Industry 4.0 technologies enable manufacturers to reduce costs and improve efficiency by automating processes and reducing waste. This increasing focus on cost reduction and efficiency is driving the growth of the market. The demand for automation and digitization is increasing rapidly in industries such as automotive, healthcare, and consumer goods, which is driving market growth.
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Key Company Profiles Listed in this Report Are:
- General Electric
- Honeywell International
- ABB
- Emerson Electric
- 3D Systems
- Advantech
- Basler
- Cisco Systems
- Cognex Corporation
- Daifuku
- IBM
- Intel
- John Bean Technologies Corporation
- Nvidia
- Stratasys
- Techman Robot
- Universal Robot
Impact of Recession on Industry 4.0 Market Growth
A recession can have a significant impact on the industry 4.0 market, as companies may delay or cancel their plans to adopt advanced technologies, and the demand for manufactured goods may decrease. However, the impact may vary depending on the industry and the region, and it is important for businesses and policymakers to consider these factors when planning for the future of the market.
Industry 4.0 Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 78.44 Bn |
| Market Size by 2030 | US$ 305.1 Bn |
| CAGR | CAGR of 18.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV's, Machine Condition Monitoring) • By Application (Industrial Automation, Smart Factory, Industrial IoT) • By Vertical (Manufacturing, Energy and Utilities, Automotive, Oil and Gas, Aerospace & Defense, Electronics and Consumer Goods and Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Market Growth Drivers | • The industrial industry is increasingly embracing robotics engineering and technology in its manufacturing processes as a result of substantial technical developments in robotics. |
| Key Market Opportunities | • AI and IoT technologies have quickly permeated the medical business in the previous five years. • Medical wearables are increasingly incorporating artificial intelligence (AI) and Internet of Things (IoT) technologies, culminating in a unified healthcare setting |
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Key Regional Development:
The Asia Pacific region is poised to experience the fastest growth in the Industry 4.0 market, thanks to ongoing technological advancements and support from governments. This is due to various factors, including government initiatives, funding for research and development, and a robust industrial base that make APAC a vibrant region for Industry 4.0. Japan and China, in particular, are leading contributors to the growth of the industry in the region.
Key Takeaway from Industry 4.0 Market Study
- The industrial internet of things (IIoT) technology type segment is poised to dominate the market, according to industry experts. This is due to the significant advantages that IoT can provide in the industrial sector, such as increased efficiency, cost savings, and improved safety.
- The machine condition manufacturing sector is currently the most profitable segment in the market. This is because companies operating in this space are primarily focused on implementing advanced automated process control systems that facilitate seamless connectivity between production networks and enable real-time monitoring of assets and manufacturing processes.
Recent Developments Related to Industry 4.0 Market
- In a bid to accelerate its Industry 4.0 efforts, China has increased its focus on research and development of 6G technology. The move comes as part of China's broader push to establish itself as a leader in cutting-edge technologies and maintain its position as a global economic powerhouse. China's focus on 6G technology is part of its broader efforts to promote Industry 4.0, a term used to describe the integration of advanced technologies such as the Internet of Things, artificial intelligence, and robotics into manufacturing processes.
- L&T Technology Services, a global engineering solutions company, has announced its plans to expand its suite of Industry 4.0 offerings in North America. The move comes as part of the company's efforts to further strengthen its position in the region and help its customers accelerate their digital transformation journey. These solutions will help customers to gain greater visibility and control over their operations, reduce downtime, and improve the quality of their manufacturing processes.
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About Us:
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