LONDON, Oct. 30, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Industry 4.0 Global Market Report 2023, the market is poised to expand from $139 billion in 2022 to $167.12 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 20.2%. Furthermore, the industry 4.0 market is anticipated to reach an impressive valuation of $341.49 billion in 2027, driven by a strong CAGR of 19.6%. This report delves into the key drivers and trends behind this industry 4.0 market growth and provides valuable insights for stakeholders.
Rise of Industrial Robots: A Driving Force
The surging adoption of industrial robots stands out as a prominent driver propelling the industry 4.0 market to new heights. These mechanical marvels are designed to automate production-related tasks in industrial settings. This results in enhanced productivity, adaptability, and operational efficiency in manufacturing processes.
For instance, the International Federation of Robotics reports that in 2022, a total of 72,000 industrial robots were set to be installed in the European Union, marking a 6% increase from the previous year.
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Key Players in the Industry 4.0 Market
Prominent companies driving the industry 4.0 market include Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., and others. These industry giants are at the forefront of technological innovation and are instrumental in shaping the future of the industry 4.0 landscape.
Embracing Technological Innovation
In the realm of industry 4.0, technological innovation is a pivotal trend that has gained significant traction. Companies operating within the industry 4.0 market are continuously adopting innovative solutions to maintain their competitive edge. One striking example is Unbox Robotics, which unveiled UnboxSort in August 2022, a groundbreaking vertical robotic sortation solution. Driven by Swarm Intelligence and Autonomous Mobile Robots (AMRs), this technology offers efficient parcel sorting in fulfillment centers and warehouses.
Regional Dynamics
Europe takes the lead in the industry 4.0 market, demonstrating the region's commitment to technological advancement and automation. However, Asia-Pacific is poised to be the fastest-growing region during the forecast period.
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Segmentation Insights
The industry 4.0 market encompasses a diverse range of technologies, components, enterprise sizes, and end-users:
- Technology: The market features various technologies such as industrial robots, blockchain, industrial sensors, industrial 3D printing, machine vision, human-machine interface (HMI), artificial intelligence in manufacturing, digital twin, automatic guided vehicles (AGV), and machine condition monitoring.
- Component: It can be categorized into two segments - solutions and services, providing a holistic approach to catering to the needs of diverse stakeholders.
- Enterprise Size: Industry 4.0 extends its benefits to both small and medium enterprises (SMEs) as well as large enterprises, embracing all scales of operations.
- End-User: Industry 4.0 applications are prevalent across various industries, including manufacturing, automotive, oil and gas, energy and utilities, electronics and foundry, food and beverage, aerospace and defense, and other sectors.
Industry 4.0 Global Market Report 2023 by The Business Research Company provides insights on the industry 4.0 market size, industry 4.0 market segments, industry 4.0 market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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