The global industry 4.0 market is set to gain impetus from the increasing demand for the Internet of Things (IoT). It has given rise to the surging usage of digital twins to remotely manage and track systems and equipment in real-time. In February 2020, for instance, China-based Huawei Technologies Co., Ltd. introduced its latest 5G digital engineering solution. It can develop a replica of a physical site and allow operations on the digital site. This information is given by Fortune Business Insights™ in a new report, titled, “Industry 4.0 Market, 2021-2028.” The report further states that the market size is projected to grow from USD 116.14 billion in 2021 to USD 337.10 billion in 2028 at a CAGR of 16.4% in the forecast period. It stood at USD 101.69 billion in 2020.
COVID-19 Pandemic: Surging Digitalization in Various Sectors to Affect Growth Positively
The outbreak of the COVID-19 pandemic has accelerated digitalization in a wide range of industries. It is providing multiple opportunities for prominent companies to adopt and create creative solutions for boosting digital transformation. The concept of industry 4.0 would help organizations run their businesses smoothly by adopting IoT and other similar technologies. But, some of the companies have stopped their manufacturing processes because of supply chain disturbances. Our reports will help you to better understand the current situation.
Industrial Automation Segment Held Share of 21.0% in 2020
Based on the vertical, the market is categorized into manufacturing, energy & utilities, automotive, oil and gas, aerospace and defense, electronics and consumer goods, and others. By the application, it is trifurcated into industrial automation, smart factory, and industrial IoT. Amongst them, the industrial automation segment generated 21.0% in 2020 in terms of the industry 4.0 market share. Various manufacturers are connecting their industrial equipment wirelessly to collect data, which, in turn, is helping them to recognize potential failures of machines, improve their performance, and estimate their current state.
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North America to Grow Steadily Fueled by Increasing Investments in R&D Activities
Geographically, North America is anticipated to remain in the dominant position throughout the forthcoming years. This growth is attributable to the rising acceptance of smart manufacturing by various reputed firms. Additionally, surging investments in R&D activities, coupled with favorable government initiatives would accelerate growth in this region. Europe, on the other hand, held USD 34.60 billion in terms of revenue in 2020. The presence of robust tech giants, namely, General Electric, Honeywell, and Siemens is set to spur the demand for industry 4.0 in this region. Coupled with this, the increasing establishment of real-time data processing and connectivity is anticipated to propel growth.
Key Players Focus on Developing New Solutions to Intensify Competition
The global market houses numerous manufacturers that are trying to develop state-of-the-art and easy-to-use solutions for various sectors. Most of them are participating in partnerships and acquisitions to compete in the market. Below are the two latest industry developments:
- February 2020: Tech Mahindra and Honeywell collaborated to develop ‘Industries of the Future.’ Both companies are planning to capitalize on software, Industry 4.0, 5G, and digital transformation capabilities.
- March 2019: Ericsson introduced a novel connectivity solution named Ericsson Industry Connect. It would help communication service providers to provide dedicated cellular networks at warehouses and factories.
A list of renowned providers of industry 4.0 present in the global market:
- ABB Ltd (Zürich, Switzerland)
- Siemens AG (Berlin, Germany)
- Cognex Corporation (Massachusetts, United States)
- Schneider Electric SE (Rueil-Malmaison, France)
- Honeywell International Inc. (North Carolina, United States)
- Emerson Electric Co. (Missouri, United States)
- Rockwell Automation, Inc. (Wisconsin, United States)
- General Electric Company (New York, United States)
- Robert Bosch GmbH (Stuttgart, Germany)
- Cisco Systems Inc. (California, United States)
- Denso Corporation (Aichi, Japan)
- Intel Corporation (California, United States)
- Fanuc Corporation (Yamanashi, Japan)
- L&T Technology Services (LTTS) (Vadodara, India)
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