The Industry 4.0 market is estimated to be
valued USD 71.7 billion in 2019 and is expected to reach USD 156.6 billion by
2024, at a CAGR of 16.9% from 2019 to 2024. Increasing adoption of the
industrial internet worldwide in manufacturing units, growing focus on enhanced
efficiency of machinery and systems, and reduced production costs play a
significant role in the growth of the market worldwide. Also, the growing demand
for industrial robotics is expected to fuel the growth of the Industry 4.0
market.
On the basis
of technology, IoT segment is largest contributor in Industry 4.0 market during
forecasted period
The potential
benefits of IoT have encouraged several industrial equipment manufacturers to
implement IoT. By connecting industrial equipment together using wireless
connectivity and gathering sensor data from the equipment, manufacturers can
accurately determine the current state of machines, optimize their performance,
identify potential failures, and plan maintenance schedules accordingly. Its
ability to remotely monitor enterprise assets and perform predictive
maintenance is the prime reason for its increasing adoption. Remote monitoring
is a necessity in industries, especially for equipment deployed under extreme
conditions, such as in subsea oil wells or mines. The failure of equipment
operating under such conditions can be potentially disastrous, as it may result
in heavy financial losses and can also threaten the lives of people in the
neighborhood.
Industrial
robotics is expected to be second-largest market for Industry 4.0 market during
forecasted period
The price of
industrial robots has decreased in recent years and has become much easier to
program. As a result, the integration of peripherals, such as end effectors and
vision systems, has also become easier. Manufacturers are turning to automation
in response to the increasing shortage of skilled workers in the manufacturing
sector. Robot density is expected to increase, especially in developed
countries, in response to this skill gap.
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APAC to hold
major share of Industry 4.0 market during forecasted period
Increasing the
adoption of robotics in countries such as China, Japan, and South Korea is the
major factor for the growth of the Industry 4.0 market. The low cost of
production, enabling various manufacturers to set up manufacturing facilities,
is the key driver for the robotics market in APAC. The market in APAC is also
expected to grow at the fastest rate, considering the continuous technological
advancements and financial support from the governments. Government
initiatives, funding in R&D, and extensive industrial base are the major
factors that make APAC a dynamic region for Industry 4.0, with Japan and China
being the major contributors.
Key Market
Players in Industry 4.0 Market
The major players in
the Industry 4.0 market are ABB (Switzerland), Mitsubishi (Japan), Yaskawa
(Japan), KUKA (Germany), FANUC (Japan), General Electric (US), IBM (US), Cisco
(US), Microsoft (US), Stratasys (US), Google (US), Intel (US), HP (US), Siemens
(Germany), Ansys (US), AIBrain (US), SAP (US), Amazon Web Services (US), and
General Vision (US).
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