Global Industry 4.0 Market: Demand Analysis and Growth Forecast
The transition to represent the revolution of automation is known as industry 4.0, which is a concoction of the Internet of Things (IoT), cyber-physical systems, cloud computing, and cognitive computing. And, the market for the same is flourishing, according to a recent business intelligence report by IndustryARC, which has evaluated the global industry 4.0 market to be worth $70,000 to $75,000 million in 2018, and estimated the value to increment at CAGR is 15% to 20% during the forecast period of 2019 to 2025. The report is titled “Industry 4.0 Market: By Technology (Big Data and Analytics, Augmented Reality, Autonomous Robots, Simulation, Horizontal and Vertical System Integration, Cloud Computing, Cyber Security, Internet of Things (IoT)); By Component (Transmitter, Memory); By Industry Verticals (Energy, Healthcare, Transportation); By Connectivity (Wired, Wireless, Cellular) & By Geography - Forecast (2019-2025).”
Apparently, industry 4.0 is related to sustainable production future that is solution-driven, human-centric, and inclusive benefits. According to the World Economic Forum, 25 countries from Europe, North America, and East Asia are most benefited from the industry 4.0 in terms of nature of production, as these countries already account for over 75% of the global manufacturing value added (MVA). Major countries have already adopted industry 4.0 that has led to a demand influx in the industry 4.0 market in those countries.
Global Industry 4.0 Market: Leading Segments
In Europe, France and Germany have the world’s largest manufacturing sector and are well-positioned owing to the developments in the industry 4.0 market. Geographically, Europe is highly advanced in technology because of the higher demand in the manufacturing market. Due to the technological advancement in various sectors, Europe has the maximum global market share of 30% to 35%.
Up until recently, the manufacturing sector has clutched industry 4.0 to the latest extent. Owing to the increasing demand for industry 4.0 in the manufacturing sector, the estimated CAGR of the application is 8% to 10% through to 2025. Furthermore, the aeronautical communication market, between aircraft cockpits to control towers, has observed a significant growth after the revolution from industry 3.0 to industry 4.0.
Global Industry 4.0 Market: Disruptive Trends
Technologies driving the industry 4.0 market were largely created from significant investments in research and development with new and innovative ideas. Few trends that have driven the market are listed below:
- Logistics and Supply Chains
Companies that have highly digitized supply chains and logistics expect a significant annual efficiency gain. A transparent and digitized online supply chain network has bridged the gap between supply and demand. For instance, Essentra Components have adopted industry 4.0 that has helped in meeting the demands of electric vehicles seamlessly, through the use of TW Pick and Pack and warehouse management.
- Additive Manufacturing
3D printing or additive manufacturing has grown tremendously in the last decade. 3D printing actively boosts learning as it is a big component for industry 4.0 which helps in rapid prototyping, rapid design iteration, mass customization, and product innovation.
- Internet of Things
IoT is the key component for industry 4.0. The implementation of smart technologies in smart factories are also on the basis of new industrial developments.
The technological advancement has reached to such a level that the manufacturers cannot ignore industry 4.0. Large enterprises have started purchasing robots for their convenience as they are now affordable by them. For instance, at Amazon warehouses, robots are being used to move goods around, that has reduced the cost and the floor space is used more effectively. This is significantly stroking the industry 4.0 market.
- Digital Twin
NASA had developed an early digital twin technology to brace the conditions of Apollo 13, and now it is been utilized for monitoring the entire Space Center. Applying digital twin technology removes half of the business problems affiliated with it. This technology will be emulated by more organizations in the industry 4.0 market.
Global Industry 4.0 Market: Recent Developments
Some of the key companies identified in the report that are currently holding majority shares in the global industry 4.0 market are Mitsubishi Electric Corp., ABB Ltd., General Electric Co., Schneider Electric SE, Hewlett Packard Enterprise Company, Siemens AG, Rockwell Automation Inc., Microsoft Corporation, International Business Machines Corporation, and Intel Corporation.
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Industry 4.0 Equipment Market: By Type (Sensor, Heaters, Motors, Gears, Control units etc.); By End Use Industry (Automotive, Chemical, Oil and Gas Pharmaceutical, Food and Beverage, Pulp and Paper and Others) - Forecast (2017-2023)
Digital Twins Market: By Type (Software, Services); By Application (Product Design & Development, Inventory Management, Others); By End-User (Aerospace & Defense, Automotive, Manufacturing, Others); By Geography Forecast(2018 2023)
IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.
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