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 key
factors fueling the growth of the industry 4.0 market include 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. Additionally, increasing application of AI and IoT in
medical wearables is expected to create a growth opportunity for the industry
4.0 market.
COVID-19
impact on the Industry 4.0 Market
The outbreak of the
COVID-19 pandemic has significantly impacted the major countries contributing
to the Industry 4.0 market. Various regions are still affected, and governments
in these regions are responding to the pandemic in different ways. With the
COVID-19 pandemic continuing to rage in North America and developing Asian
countries, the manufacturing sector is facing tremendous challenges. The US
automotive industry, one of the world’s largest, has been stagnating since the
3rd quarter of 2020. The decreasing demand has caused various automotive
companies to downsize their manufacturing activities across the region,
rendering useless automation technologies such as IoT, AI, and Blockchain employed
in these manufacturing units. Mexico is a big beneficiary of the automotive
industry in North America. However, since automobile production has been
significantly reduced, the Mexican automotive sector is also suffering a
tremendous loss.
APAC
projected to be the largest market for an industry 4.0 from 2021 to 2026
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.
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The
industrial sensors segment to hold the largest size of industry 4.0 market by
2026
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.
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