Global Industry 4.0 market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Industry 4.0 Market – Industrial Automation Penetrates Deeper, Adoption of Industrial Robots Soars
There has been a steady increase in the prevalence of industrial robotics in various manufacturing hubs around the world. Earlier, these robots were considered to be expensive machines that had minimal capabilities. However, these days these machines are not as expensive and can perform a wide range of tasks owing to rapid advancements, development, and evolution in technology. Additionally, the steady increase in industrialization has also contributed to further growth of the global industry 4.0 market. With the manufacturing industry growing at a rapid pace due to higher population figures and urbanization, the demand for these machines is slated to have a profound influence on the trajectory of the market in the coming years.
Industry 4.0 Market – Additive Manufacturing Major Growth Driver
In recent times, there has been robust growth experienced by the additive manufacturing, and 3D printing industries. The 3D printing technology has rapidly grown in popularity and is presently used for a host of applications, such as the increased use of 3D printing to cater to the increase in the demand for ventilator valves, more specifically since the onset of COVID-19. Factors such as this are expected to play a significant part in boosting growth prospects for the players engaged in Industry 4.0 market. Moreover, the integration of AI and the IoT with the new Phantom Edge, which has applications in various industries including retail, industrial manufacturing, agriculture, healthcare, and mobility.
Industry 4.0 Market – Potential Opportunities for Start-ups Held Back by High Implementation Costs
While industrial robots have proven their worth in completing repetitive tasks resulting in reduced downtime, greater efficiency, and the elimination of manual labour, these machines are expensive. A single industrial robot can cost upwards of US$20,000. Thus, the costs incurred by start-up companies are substantial, with most of these businesses finding this an unfeasible strategy. This is expected to be a notable factor that could adversely impact the growth trajectory of the global Industry 4.0 market in the coming years.
Industry 4.0 Market – COVID-19 Impact
The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries and was no different for the Industry 4.0 market. Market growth was temporarily halted for Industry 4.0. However, the onset of this pandemic sped up the implementation and adoption of Industry 4.0 solutions. Several manufacturers implemented these technological solutions in workflows which resulted in a substantial increase in output and efficiency. This is slated to continue having a positive impact on the further progression of this global market.
Industry 4.0 Market – North America to Experience Robust Growth
Owing to a wide range of factors such as the significant presence of industry players in this region, the increasing adoption of smart manufacturing solutions, favourable initiatives by respective governments, as well as greater investments towards the further development of innovations in this field, markets in North America are slated to account for the majority share of the global industry 4.0 market, followed by those markets in Europe. On the other hand, the regional market of the Asia Pacific is also expected to index a notable CAGR over the forecast period. This is due to the robust growth being experienced by powerhouse manufacturing hubs such as India, Japan, South Korea, and China.
Industry 4.0 Market – Competitive Landscape
Major players in the Industry 4.0 market include General Electric, Siemens, Honeywell International, ABB Ltd., Emerson Electric, 3D Systems, Advantech, Basler, Cisco Systems, Cognex Corporation, Daifuku, IBM, Intel, John Bean Technologies Corporation, and Nvidia, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments
Regional Classification of Global Industry 4.0 Market Can be Given as Below:
North America
Europe
Latin America
Asia Pacific
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Industry 4.0 Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.
Read more