The global industry 4.0 market accounted for a value of 67.1 billion on 2019 and is projected to register growth at a CAGR of 14.1% during forecast period.
COVID-19 has significantly impacted market for industry 4.0. The production in manufacturing facilities is shut down due to lockdown. The end-user verticals have faced a huge decline in their market which reduces adoption of new technology in the manufacturing facilities. The R&D activities in industry 4.0 are also on halt around the world. The market for industry 4.0 is likely to witness sluggish growth during forecast period due to ongoing pandemic.
For more details, visit: Global Industry 4.0 Market By Technology (Internet of Things, Artificial Intelligence, 3D Printing, Others), By End-Users (Manufacturing, Energy & Utilities, Automotive, Others), By Region, Forecast & Opportunities to 2026
The adoption of industrial internet worldwide in manufacturing units is increasing. The focus on enhanced efficiency of machinery and systems is increasing around the world. It helps in reducing production cost and this helps in increasing demand for industry 4.0 market. Thus, drives growth in industry 4.0 market during forecast period.
On the basis of technology, the industry 4.0 market is segmented into internet of things, artificial intelligence, 3D printing, augmented reality & virtually reality, industrial robotics, industrial metrology, blockchain, digital twin and 5G. The IoT has several potential benefits which encourage industrial equipment manufacturers to adopt IoT. Industrial equipment can be connected together using wireless connectivity and manufacturers can determine the current state of machines by gathering sensor data from equipment. It also helps in optimizing performance of machines and it identify potential failures and also plan maintenance accordingly. This increases adoption of IoT in industries and drives growth in IoT segment during forecast period.
On the basis of end-users, the industry 4.0 market is segmented into manufacturing, energy & utilities, automotive, transportation, chemical, consumer electronics, pharmaceuticals, metals and others. The manufacturing segment is estimated to dominate the market during forecast period. The installation of smart machines and robots are increasing in the manufacturing units round the world. The investment is increasing in the research & development to deign integrated systems in which human and robots handle the complex task in the manufacturing sector. This increases the adoption of new technologies in manufacturing sector and drives growth in this segment during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. This region provides low cost production and enables manufacturers to set up manufacturing facilities in this region. The technological advancement is increasing rapidly and government is adopting various initiatives to support growth of this market. The government is also providing financial support to the research and development department to brought technological advancement in this sector. This increases adoption of various new technologies and automation in industries and drives growth in industry 4.0 during forecast period.
The key market players in industry 4.0 market are ABB Ltd., Mitsubishi Electric Corp., Yaskawa, KUKA, FANUC, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Microsoft Corporation, Stratasys Ltd., Google, Intel Corporation, Hewlett Packard Enterprise Company, Siemens AG and Al Brain, Ansys.
- What are the expected industry trends over the next three to five years?
- Which of the industry 4.0 technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?