Global Industry 4.0 Market to Grow at a CAGR of 18% During 2024-2032, Aided by the Rising Demand for Industrial Robots

In recent years, the cost of industrial robots has decreased, and programming has become much simpler. As a result, peripherals such as end effectors and vision systems have become easier to integrate. In response to the growing shortage of skilled workers in the manufacturing sector, manufacturers are turning to automation. As a result of the ability gap, robot density is expected to rise, especially in developed countries.  Manufacturing robots automate routine activities, lowering error margins to near-zero levels, and freeing up human employees to concentrate on more profitable aspects of the operation. Robotic process automation in manufacturing helps businesses to compete internationally by providing a cost-effective, viable alternative to offshoring and filling skills gaps. All of these factors are boosting the market.

The global coronavirus epidemic is expected to accelerate the implementation of Industry 4.0 and boost pandemic preparedness in the future. This is because, in the event of a pandemic, technologies such as automation and robotics will help reduce human dependency while still allowing the human workforce to protect itself from these risks. It also boosts production, avoiding plant shutdowns during a crisis.

The competitive landscape is fragmented due to the presence of several players in the market. The market players are striving to make product innovations and developments in the market to utilise the growth opportunities presented optimally. For instance, ABB (NYSE: ABB) announced a strategic alliance with Planar Motors Inc. in January 2021 to extend its computer automation offerings. Such developments are expected to have a positive influence on the market growth over the forecast period.

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Market Analysis by Technology, End User, and Region:

• On the basis of technology, the market is divided into industrial robotics, IIoT, AI and ML, blockchain, extended reality, digital twin, and 3D printing, among others.
• The market is segmented based on end user into manufacturing, automotive, oil and gas, energy and utilities, electronics, food and beverage, and aerospace and defence, among others.
• The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising penetration of Internet of Things is boosting the industry.
• The growing market for industrial robotics has provided a further impetus to the market growth.
• The research and development expenditure by key players for technological development is accelerating the demand for the product.
• The rising population, disposable income, and industrialisation has been providing thrust to the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for Industry 4.0 for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the technologies, end users, and regions of Industry 4.0. 
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global Industry 4.0 market are ABB Ltd., Rockwell Automation, Inc., Schneider Electric, Cisco Systems Inc., and Intel Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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