Industry 5.0 Market by Technology (Al In Manufacturing, Augmented Reality, Digital Twin), Application (Cognitive Computing, Customization & Personalization, Digitalization & Interconnectivity), End-Use - Global Forecast 2024-2030

Industry 5.0 Market by Technology (Al In Manufacturing, Augmented Reality, Digital Twin), Application (Cognitive Computing, Customization & Personalization, Digitalization & Interconnectivity), End-Use - Global Forecast 2024-2030

The Industry 5.0 Market size was estimated at USD 54.81 billion in 2023 and expected to reach USD 68.97 billion in 2024, at a CAGR 26.86% to reach USD 289.97 billion by 2030.

Industry 5.0 represents the next phase in the evolution of manufacturing, where the focus shifts towards a more human-centric approach, integrating advanced technologies such as artificial intelligence (AI), robotics, and the Internet of Things (IoT) with human ingenuity and creativity. This convergence aims to enhance manufacturing productivity, sustainability, and personalization while addressing complex societal challenges. The continual development of AI, machine learning, robotics, and IoT technologies are key enablers of Industry 5.0, allowing for greater automation, efficiency, and precision in the manufacturing sector. Industry 5.0 emphasizes the demand for personalized and customized products, leveraging advanced manufacturing techniques and data analytics to meet individual customer needs more effectively. Increasing requirements for sustainable and environmentally friendly manufacturing processes, which involve minimizing waste, using renewable resources, and creating efficient systems that reduce carbon footprints, drive the market's growth. The high initial setup and integration of advanced technologies in manufacturing processes hamper the market's growth. Advancements in human-machine interfaces and collaborative robots, which can enhance the capabilities of the human workforce, are expected to create opportunities for the Industrial 5.0 market.

Regional Insights

The Americas, particularly North America, exhibit a robust adoption of Industry 5.0 principles, marked by an integration of human ingenuity and advanced technologies. The United States' innovation, propelled by significant investments in research and development, a strong technological base, and supportive government policies, is expanding the growth of the Industry 4.0 market. This region also shows an increasing trend towards sustainable manufacturing practices and personalized production, which are key aspects of Industry 5.0. Asia-Pacific is witnessing a rapid transformation in the industrial sector, with countries such as Japan, South Korea, and China. This region benefits from advanced manufacturing technologies, a highly skilled workforce, and supportive government initiatives aimed at industrial innovation. The emphasis in APAC is on enhancing efficiency, sustainability, and worker safety through technological advancements. Smart manufacturing and digital transformation initiatives are widespread, driven by the need to meet the growing demands of a burgeoning middle class. Additionally, countries such as India are emerging as potential markets with initiatives to promote manufacturing and digitalization. Europe demonstrates a strong commitment to advancing this new industrial revolution. The focus is on creating highly adaptable, efficient, and sustainable manufacturing ecosystems that incorporate human creativity with smart technologies. Germany, the UK, and France are leading the charge with significant investments in AI, robotics, and cyber-physical systems. In the Middle East, countries, including the UAE, are leveraging Industry 5.0 to diversify their oil-dependent economies, focusing on smart cities and automated manufacturing. Africa shows potential for adopting Industry 5.0 principles, especially in regions with growing technological hubs, including Nigeria and South Africa.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Industry 5.0 Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising importance of adaptable and resilient supply chains
Government support for the adoption of automated technologies across industries

Market Restraints

High cost of technologies associated with Industry 5.0

Market Opportunities

Rapid development of new technologies that enable smarter and highly efficient industrial processes
Growing emphasis on sustainable development and responsible production

Market Challenges

Security & privacy concerns with the usage of Industry 5.0

Market Segmentation Analysis

Technology: Growing usage of artificial intelligence (AI) in manufacturing to enhance production efficiency
End-Use: High potential of Industry 5.0 in the automotive industry to meet diverse consumer needs and environmental goals

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industry 5.0 Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industry 5.0 Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Rockwell Automation Invests in Industry 5.0 Technology Fund

Rockwell Automation has made a strategic investment in Momenta's Industry 5.0 Fund, a significant move highlighting its commitment to fostering resilient, sustainable, and human-centric industrial operations. This collaboration grants Rockwell early access to disruptive technologies and also enables it to contribute its extensive expertise and strategic connections to support the digital transformation across energy, manufacturing, smart spaces, and supply chains.

TDK Ventures Invests in Infinite Uptime's Industry 5.0 Digital Intelligence Platform

TDK Corporation, through its investment arm TDK Ventures Inc., has made a strategic investment in Infinite Uptime, a leading startup at the vanguard of Industry 5.0. This collaboration highlights Infinite Uptime's innovative digital intelligence platform which harnesses cutting-edge sensor technology, sophisticated analytics, and machine-learning algorithms to ensure continuous monitoring and maintenance of critical industrial machinery.

EU Backs USD 100 Million Industry 5.0 Fund

In a strategic collaboration with the European Commission, the venture capital entity Momenta has established a groundbreaking USD 100 million Industry 5.0 Fund targeted at bolstering innovators in Europe and North America. This initiative signifies a critical shift from the Industry 4.0 model, placing a renewed emphasis on human-centric development, resilience, and sustainability in alignment with the EU's vision.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industry 5.0 Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Industry 5.0 Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Atos SE, ATS Corporation, Bosch Rexroth AG, Emerson Electric Co., Endress+Hauser Group Services AG, Fujitsu Limited, General Electric Company, Hexagon AB, Hitachi, Ltd., Honeywell International, Inc., Mitsubishi Electric Corporation, Nokia Corporation, NVIDIA Corporation, Omron Corporation, Parker Hannifin Corporation, Rockwell Automation, Inc., SAP SE, Schneider Electric SE, Siemens AG, Stratasys Ltd., TE Connectivity Ltd., Texas Instruments Incorporated, and Yokogawa Electric Corporation.

Market Segmentation & Coverage

This research report categorizes the Industry 5.0 Market to forecast the revenues and analyze trends in each of the following sub-markets:

Technology
Al In Manufacturing
Augmented Reality
Digital Twin
Industrial 3D Printing
Robotics
Virtual Reality
Application
Cognitive Computing
Customization & Personalization
Digitalization & Interconnectivity
Human-Machine Collaboration
Sustainability
End-Use
Aerospace
Automotive
Chemicals
Energy
Food & Beverage
Medical
Metals & Mining
Oil & Gas
Semiconductor & Electronics
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year