DUBLIN–(BUSINESS WIRE)–The “Industry 4.0 Market by Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV’s, Machine Condition Monitoring) and Geography – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The industry 4.0 market is projected to grow from USD 64.9 billion in 2021 to USD 165.5 billion by 2026; it is expected to grow at a CAGR of 20.6% from 2021 to 2026.
The growth of the industry 4.0 market is driven by the rapid adoption of Artificial Intelligence (AI) and Internet of Things (IoT) in the manufacturing sector, increasing demand for industrial robots in pharmaceutical and medical device manufacturing sector, rising government investments in 3D printing and additive manufacturing, and growing adoption of blockchain technology in the manufacturing industry
The industrial sensors segment is projected to account for the largest share of the industry 4.0 market during the forecast period.
Industrial sensors are used to track, monitor, and maintain various equipment within a smart factory. These sensors form the basis of the industry 4.0 ecosystem enabling connectivity throughout manufacturing operations.
The market for digital twins is expected to grow at the highest CAGR during the forecast period
Using a digital twin, a factory engineer can monitor the condition of various electrical and mechanical parts of a system; gauge equipment life-cycles and ascertain the need for spare parts. This helps eliminate unnecessary downtime, thereby increasing efficiency and cutting maintenance costs. Digital twins are used across various process and discrete industry verticals.
APAC held the largest share of the industry 4.0 market during the forecast period.
The increasing adoption of robotics in the manufacturing sector in China, Japan, and India is among the major factors leading to the growth of the Industry 4.0 market in APAC. Low production cost in APAC countries enables market players to set up manufacturing facilities in this region. APAC is also one of the fastest-growing regions in this market due to the continuous technological advancements, financial support from governments in the region, and extensive industrial base, with Japan and China being the major contributors.
The key players operating in the industry 4.0 market include General Electric (US), Siemens (Germany), Honeywell International (US), ABB (Switzerland), and Emerson Electric (US).
- 3D Systems
- Addverb Technologies
- Beckhoff Automation
- Bigchaindb GmbH
- Cisco Systems
- Cognex Corporation
- Emerson Electric
- General Electric
- Honeywell International
- John Bean Technologies Corporation
- Pratiti Technologies
- Techman Robot
- Universal Robots
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