WESTFORD, Mass., July 26,
2024 /PRNewswire/ -- According to SkyQuest, the
global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow
from USD 154.6 billion in 2023 to
USD 513.89 billion by 2031, growing
at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use
of automation and interconnectivity. Employment of advanced
technologies such as artificial intelligence, machine learning,
robotics, and connected devices to improve the productivity and
efficiency of industries. Rapid digitization and advancements in
technology are forecasted to bolster the Industry 4.0 market growth
over the coming years. The global Industry 4.0 market is segmented
into technology, industry vertical, and region.
Download a detailed overview:
https://www.skyquestt.com/sample-request/industry-4-0-market
Industry 4.0 Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 154.6
billion
|
Estimated Value by
2031
|
$ 513.89
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 16.2%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Technology, Industry
and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Internet of Things
(IoT) technology takes centerstage for Industry 4.0
adoption
|
Key Market
Opportunities
|
Adoption of smart
manufacturing and additive manufacturing practices
|
Key Market
Drivers
|
Rising demand for
automation across all industry verticals
|
Segments covered in Industry 4.0 Market are as
follows:
- Technology
-
- Robots (Traditional Industrial Robots {Articulated robots,
Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA),
Cylindrical Robots, Others}, Collaborative Robots), Blockchain in
Manufacturing, Industrial Sensors (Level Sensors, Temperature
Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force
Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial
3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera},
Frame Grabbers, Optics, and LED Lighting, Processor and Software),
HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI,
Advanced PC-based HMI, Others], Software [On-premises HMI,
Cloud-based HMI], Services}), Configuration ({Embedded HMI,
Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI,
Acoustic HMI}, End-user Industry {Process industries [Oil &
Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy &
power, Metals & mining, Water & wastewater, Others],
Discrete industry [Automotive, Aerospace & defense, Packaging,
Medical devices, Semiconductor & electronics, Others]}), AI In
Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA,
ASIC, Memory, Network], Software [AI solutions- |
On-premises, Cloud |, AI platform- | Machine learning framework,
Application program interface |], Services [Deployment &
integration, Support & maintenance]}, Technology {Machine
learning [Deep learning, Supervised learning, Reinforcement
learning, Reinforcement learning, Others], Natural language
processing [Context-aware computing, Computer vision]}, Application
{Predictive maintenance and machinery inspection, Material
movement, Production planning, Field services, Quality control,
Cybersecurity, Industrial robots, Reclamation}, Digital Twin
{Technology [Internet of Things (IOT), Blockchain, Artificial
intelligence & machine learning, Artificial intelligence &
machine learning, Big data analytics, 5G], Usage Type [Product
digital twin, Process digital twin, System digital twin],
Application [Product design & development, Performance
monitoring, Predictive maintenance, Inventory management, Business
optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow
vehicles, Unit load carriers, Pallet trucks, Assembly line
vehicles, Forklift trucks, Others], Navigation Technology [Laser
guidance, Magnetic guidance, Inductive guidance, Optical tape
guidance, Vision guidance, Others]}, Machine Condition Monitoring
{Monitoring Technique [Vibration monitoring, Embedded systems,
Vibration analyzers and meters, Thermography, Oil analysis,
Corrosion monitoring, Ultrasound emission, Motor current analysis],
Offering [Hardware - Vibration sensors, Accelerometers,
Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors,
Spectrum analyzers, Corrosion probes], Software [Data integration,
Diagnostic reporting, Order tracking analysis, Parameter
calculation], Deployment Type [On-premises deployment, Cloud
deployment], Monitoring Process [Online condition monitoring,
Portable condition monitoring]})
- Industry
-
- Manufacturing, Automotive, Energy, Medical, Semiconductor &
Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals
& Mining, Chemicals, and Others
Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/industry-4-0-market
Internet of Things (IoT) Technology to Remain Indispensable
for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in
global Industry 4.0 market growth owing to its role in
interconnectivity and automation across different verticals.
Advancements in connectivity technologies and rising use of
automation in different industry verticals are also estimated to
help this sub-segment gain an impressive market share. Surging
demand for predictive maintenance will also boost the adoption of
IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction
in the Industry 4.0 market. Growing acceptance of robots and high
investments in advancements of robotic technologies are also slated
to create new opportunities for providers of advanced robotics in
the Industry 4.0 market. The low margin of error and the immense
scope of automation are key benefits of robotics that help this
sub-segment flourish.
Artificial intelligence (AI) will be another popular technology
in the Industry 4.0 world going forward. Increasing demand for
continuous monitoring, real-time analytics, and predictive
maintenance are slated to help the demand for artificial
intelligence in the future. The rising use of IoT devices will also
boost the demand for cloud computing technology in the long
run.
View report summary and Table of Contents
(TOC):
https://www.skyquestt.com/report/industry-4-0-market
Manufacturing Vertical to Spearhead Industry 4.0 Market
Development
The manufacturing vertical is estimated to be at the forefront
when it comes to Industry 4.0 adoption. The surge in use of
robotics, advanced technologies, and smart manufacturing practices
sets the tone for Industry 4.0 in this industry vertical. High
emphasis on improving manufacturing efficiency, reducing downtime,
and maximizing profits are all contributing to the high market
share of this sub-segment.
The automotive industry is another vertical where Industry 4.0
market players could invest to get good returns. The high adoption
of advanced robotics and other smart manufacturing technologies to
maximize production allows this sub-segment to become a crucial one
for Industry 4.0 providers. The aerospace and defense industry
vertical also shows a lot of promise for Industry 4.0 companies
going forward. Growing demand for advanced manufacturing techniques
and technologies to create complex aerospace components is helping
Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry
4.0 trend with open hands as they try to improve their operations
and promote better resource utilization. High demand for predictive
maintenance to reduce downtime and the growing adoption of digital
oilfield solutions are estimated to bolster Industry 4.0 market
development in the long run.
To sum it up, the application scope for Industry 4.0 is endless
as automation and digitization pick up pace around the world. High
investments in development of IoT and AI technologies will create
better opportunities for Industry 4.0 companies in the future. The
manufacturing industry will remain the top revenue generating
sub-segment and more opportunities for aerospace, automotive, and
oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology