Industry 4.0 Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Industry 4.0 Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Industry 4.0 Market

The industry 4.0 market size was valued at USD 114.55 billion in 2021, and the market is now projected to grow from USD 130.90 billion in 2022 to USD 377.30 billion by 2029, exhibiting a CAGR of 16.3% during the forecast period of 2022-2029.

Pandemic has elevated digitalization across industries, requiring agencies to undertake Industry 4.0 and IoT technology. Supply chain instability has brought about extended call for and disruptions, necessitating superior technology and danger management. However, early transitioning producers may face challenges, necessitating flexibility in stock analysis and supply chain optimization. Government tasks are expected to assist businesses sustain via the pandemic.

Robots have evolved from luxurious machines to cheaper, multipurpose machines capable of appearing diverse responsibilities. Industrial robots are more and more used in manufacturing hubs due to their speedy advancements in robotics. These multipurpose manipulators are automatically managed and programmable, performing obligations like welding, heavy-lifting, ironing, assembling, selecting, positioning, palletizing, product inspection, and trying out. The International Federation of Robotics said that round 486,800 devices were shipped globally in 2021. Industrial robots do away with human exertions and may operate in risky environments, making robotics generation a key trend within the enterprise.

Digital twins, virtual models that follow the lifecycle of bodily entities, have won attention because the Internet of Things (IoT) grows. These models allow OEM manufacturers and automakers to remotely music and control system, imparting real-time insights between the physical and virtual worlds. This generation helps discover bottlenecks, streamline tactics, and innovate product growth. Companies are incorporating digital twin generation to locate anomalies and irregularities in operations, enabling predictive upkeep and improved revenue. Advanced virtual twin solutions, along with Huawei Technologies' digital site twins and Siemens' Teamcenter X Software, provide better visibility into equipment and improved operational performance. These tasks are predicted to make contributions to the industry 4.0 market growth in the forecast duration.

Comprehensive Analysis of Industry 4.0 Market

The market is categorized into industrial automation, smart factories, and industrial IoT. Industrial IQT leverages IoT technology to improve machine state estimation, performance, and potential failures. Automation reduces human intervention and enhances manufacturing processes. Smart factories meet customer requirements profitably and enable flexible response to disorders. The global market is divided into manufacturing, energy & utilities, automotive, oil and gas, aerospace, defense, electronics, and consumer goods. The manufacturing segment is expected to dominate, with automotive, transportation, and chemical sectors emerging as promising verticals implementing i4.0. The automotive sector is expected to see high investment in advanced solutions, with IoT-enabled devices allowing customization and self-driving vehicles becoming a reality.

The North America region lead the industry 4.0 market share by benefitting a market size of USD 30.52 billion in 2021 due to North American groups are embracing smart production, leading to a dominance inside the marketplace. Most factories are geared up with new machinery and smart factory generation, enabling companies to transition from conventional techniques. Major players, government initiatives, and elevated investment for studies and development make North America a dynamic location for marketplace increase opportunities.

Major marketplace players like Oracle Corporation and Cisco Systems Inc. Are deploying advanced solutions like virtual twins and 3m printing. High market opposition is forcing them to attention on acquisition strategies to bolster their positions. Key corporations anticipated consist of ABB Ltd, Siemens AG, Cognex Corporation, Schneider Electric SE, Honeywell International Inc., Emerson Electric Co., Rockwell Automation, General Electric Company, Robert Bosch GmbH, and Cisco Systems Inc.

In March 2021, Nokia Corporation partnered with Brazilian electricity and automation corporation WEG Industries to decorate the development of the Nokia Digital Automation Cloud platform and launch an enterprise 4.0 solution.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2018-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2018-2020

Unit Value (USD billion)

Segmentation By Application, Vertical, and Region

By Application Industrial Automation

Smart Factory

Industrial IoT

By Vertical Manufacturing

Energy & Utilities

Automotive

Oil and Gas

Aerospace and Defense

Electronics and Consumer Goods

Others (Transportation)

By Region North America (By Application, By Vertical, By Country)

U.S. (By Application)

Canada (By Application)

Europe (By Application, By Vertical, By Country)

U.K. (By Application)

Germany (By Application)

France (By Application)

Scandinavia (By Application)

Rest of Europe

Asia Pacific (By Application, By Vertical, By Country)

China (By Application)

India (By Application)

Japan (By Application)

South Korea (By Application)

Southeast Asia (By Application)

Rest of Asia Pacific

Middle East & Africa (By Application, By Vertical, By Country)

GCC (By Application)

South Africa (By Application)

Rest of Middle East & Africa

Latin America (By Application, By Vertical, By Country)

Brazil (By Application)

Mexico (By Application)

Rest of Latin America

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