New York, NY, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Industry 5.0 Market Share, Size, Trends, Industry Analysis Report, By Technology (AI in Manufacturing, Digital Twin, Industrial Sensors, AR/VR, Industrial 3D Printing, Robots); By Industry; By Region; Segment Forecast, 2024 - 2032" published by Polaris Market.
The global industry 5.0 market size and share are currently valued at USD 49.70 billion in 2023. It is anticipated to generate an estimated revenue of USD 557.28 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 30.9% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is Industry 5.0? How Big is Industry 5.0 Industry Size & Share?
The terminology industry 5.0 indicates people employed beside robots and smart machines. It's about robots assisting humans to perform better and speedier by capitalizing on progressive technologies such as the Internet of Things and big data. The rapidly rising demand for industry 5.0 market can be attributed to the fact that it attaches a distinctive e human touch to the industry 4.0 verticals of automation and productivity. In manufacturing surroundings, robots have factually accomplished detrimental, tedious, or physically taxing work such as welding and painting in car factories and loading and unloading bulky substances in warehouses.
Industry 5.0 market growth can be attributed to the compressed amalgamation of progressive technologies such as AI, IoT, robotics, and 3D printing. These advancements provide makers the potential to execute a gamut of tasks with automation and tailored commodities and enhance the extensive productivity of their functions. Usage of AI and robotics, for instance, for an excessively effective production line and an escalated degree of feasibility ushers us with a superior standard of commodities and a better capitalization of sources.
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Industry 5.0 Market Key Companies
- 3D Systems
- ABB
- Emerson Electric Co.
- Honeywell International Inc
- Piher Sensing Systems
- Rockwell Automation
- Siemens
- Stratasys
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Key Highlights
- The usage of AI and robotics for an excessively effective production line and an escalated degree of feasibility ushers us a superior standard of commodities and has pushed for market expansion.
- The industry 5.0 market is primarily segmented based on industry, technology, and region.
- North America dominated the market in 2023.
Market Developments
- Growth Drivers:
Green technologies: Green technologies involve several substances, techniques, and perspectives important for reprocessing waste and clean energy apart from the alternate features that aim the decrease influences stemming from climate change. The industry 5.0 market size is expanding as the acquisition of such technologies, such as the usage of renewables and repositories and waste to energy clarifications and AI combined for carbon emissions observing and green framework advancement, sanctions the manufacturing zone to lean production and lessen its discharge while diligently engaging with climate change. This fabrication scheme thus reserves the aggregate of waste generated and simultaneously assists in a substantial topple in the holistic environmental influence that is connected to the production procedure.
Mass customization: Customer expectations are moving ahead to tailor-made commodities against one-size-fits-all. The industry 5.0 market sales are soaring as the modular commodity blueprints, flexible manufacturing cells, and supplementary techniques permit the making of tailor-made products at scale. With lot size one manufacturing empowered by Industry 5.0, firms can align production instantly with discrete customer requirements and desired orders. This permits contemporary business models dependent on customization.
- Industry Trends:
Consumer involvement: Consumer demands are, in truth, a prominent enabler in the surfacing of industry 5.0. Consumers now need more than just foreseeable commodities. The progression towards customization, viability, and the potential to reach the altering trends in the market speedily is now escalating. Industry 5.0 responds to these provocations by initiating supple and receptive manufacturing models, which renders it feasible for firms to consider the independent anomalies of their clients while fabricating their goods. Custom-made as more and more firms divert customer-oriented approach is gaining momentum in manufacturing, and consumer involvement is becoming an indispensable determining factor.
Technology progressions: Generally, the increasing demand for industry 5.0 is inspired by technological progressions, altering consumer propensity as well as the prerequisite of suppleness and viability. In the industry 5.0 market, such an interposed phase in manufacturing is distinguished by the merger of the most contemporary technologies, a move towards customization as well as the stationing of resources for both productivity and the conservation of worker's health. The collaboration of this vigor in generating an agile and action-packed market topography strengthens the fact that it carries some extremely extensive ramifications for the future of industrial manufacturing.
- Restraints
Shortage of required skills: The paucity of pertinent expertise becomes a symphonic obstacle to carrying out the notion of the market. In spite of the barrier emerging from restrictions in being capable of intricate technologies and cultural provocations towards it, the amalgamation, application, and employment of aptitude initiates added intricacies. Albeit the online movement is escalating, the bulk of firms need to perceive what can be achieved through manifold technologies and how they operate due to their intricacy and paucity of comprehension of technology.
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Segmentation Overview
- The Automotive Segment Witnessed a Steep Rise
Based on industry, the automotive segment witnessed a steep rise. Industry 5.0 indicates a sizeable transformation in manufacturing procedures where machines operate cohesively with knowledgeable workers. The industry 5.0 market demand is on the rise as one of the important zones of the automobile industry is changing, such as automated manufacturing potential, associated vehicles, and uplifted consumer experiences that speed up development. Industry 5.0 is an advancement in manufacturing technology to that of smart systems that utilize this technology for data inspection, prophetic maintenance, and adjustable production procedures.
- The Digital Twin Segment Dominated the Market
Based on technology, the digital twin segment dominated the market. The industry 5.0 market trends include this technology involving generating virtual reproduction of tangible products has procured notable momentum because of its metamorphic influence on several industries. This perspective sanctions real-time surveillance, inspection, and maximization of tangible benefits, procedures, or systems.
Industry 5.0 Market: Report Scope & Dynamics
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 557.28 Billion |
| Market size value in 2024 | USD 64.79 Billion |
| Expected CAGR Growth | 30.9% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | 3D Systems, ABB, Emerson Electric Co., Honeywell International Inc., Piher Sensing Systems, Rockwell Automation, and others. |
| Segments Covered | By Industry, By Technology, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Regional Insights
North America: This region held the largest industry 5.0 market share due to it indicating metamorphic development in manufacturing and industry, underlining the amalgamation of progressive digital technologies with conventional procedures to improve efficacy, productivity, and aggression. In North America, this patterned shift is strengthened by several elements, including a strong habitat of inventive start-ups, technology organizations, and research establishments, besides an entrenched framework and a proficient workforce.
Browse the Detail Report “Industry 5.0 Market Share, Size, Trends, Industry Analysis Report, By Technology (AI in Manufacturing, Digital Twin, Industrial Sensors, AR/VR, Industrial 3D Printing, Robots); By Industry; By Region; Segment Forecast, 2024 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/industry-5-market
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Key Questions Addressed in the Report:
- Who are the top players in the industry 5.0 market?
Ans: The top players in the market are 3D Systems, ABB, Emerson Electric Co., and Honeywell International Inc.
- Which region contributes notably towards the market?
Ans: North America contributes notably towards the market.
- What is the expected industry size?
Ans: The industry 5.0 market size is expected to reach USD 557.28 billion by 2032.
- What are the key segments in the industry?
Ans: The key segments in the industry are industry, technology, and region.
Polaris Market Research has segmented the Industry 5.0 market report based on industry, technology, and region:
By Industry Outlook
- Semiconductor & Electronics
- Oil & Gas
- Aerospace
- Chemicals
- Metals & Mining
- Food & Beverage
- Automotive
- Medical
- Energy
- Others
By Technology Outlook
- AI in Manufacturing
- Digital Twin
- Industrial Sensors
- AR/VR
- Industrial 3D Printing
- Robots
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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