Industry 4.0 Global Markets – Overview
Industry 4.0, also synonymously referred as industrial IoT (IIoT) owing to the perception of IoT presaging towards becoming the hottest trend in the field of 4.0 during the year 2018. Although 4.0 is still in its nascency people are already looking forward to its successor (Industry 5.0). This is due to the affordable solutions offered by 4.0 for the digital transformation of industrial processes which is a growing trend to increase competitiveness and manufacturing efficiency.
Industry 4.0 technology is allowing companies to digitalize their production processes quickly, connecting the machines and obtaining real-time data that can be used for fast, accurate monitoring. In addition, the platform promotes the development of advanced manufacturing skills, allowing production managers to set an example for their collaborators.
This technology has proven to be far more effective changing the whole spectrum of manufacturing across industries. This has allowed Industry 4.0 to garner a huge prominence on the global platform. Which further led its market garnering an exponential traction globally.
Acknowledging the kind of traction the market is garnering currently demonstrating the growth prospects worldwide, Market Research Future has recently published a study report giving out the complete market insight up to 2022. This study report indicates that the thriving Industry 4.0 Market further accruing enormously by 2022 will register a phenomenal CAGR over the period of 2016 to 2022.
The factors contributing to the growth of the market are evolution of cloud computing technologies, technological advancements in electronics industry, implementation of smart factory concept & factory automation technologies and government initiatives worldwide.
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On the other hand, Cyber security risks are the major threat involved in Industry 4.0 market. This may hinder with the market growth of Industry 4.0 up to some extent. However, some of the major growth drivers including digitization and integration of vertical and horizontal value chains, digitization of product and service offerings coupled with the digital business models, customer access, Faster, Flexible and Efficient Production and Increasing popularity of smart factories; will exponentially provide impetus to the market growth of Industry 4.0 furthering the market growth.
Industry 4.0 represents a clear opportunity for the manufacturing sector allowing sensors equipped drones to scan bar codes for inventory purposes, safely restock and pick merchandise on high shelves, and move small items quickly around the warehouse. Meanwhile, robotics and other technologies such as 3D printing, connected sensors and artificial intelligence are drastically transforming the way goods are manufactured.
The prominent players in the Industry 4.0 Market are – Bosch Rexroth AG (Germany), Maschinenfabrik Reinhausen GmbH (Germany), SAS (U.S.), Siemens AG (Germany), Wittenstein AG (Germany), General Electric Company (U.S.), Daimler AG (Germany), Klöckner & Co. SE (Germany), TRUMPF GmbH (Germany), Festo AG & Co. KG (Germany), Wittenstein AG (Germany) among others.
Industry 4.0 by Technology:
- Cloud computing
- IoT platforms
- Augmented reality
- Location detection technology
- Advanced human machine interfaces
- Big data Analytics
- Smart sensors
- 3D printing
- Mobile devices
Industry 4.0 by Application:
- Industrial Automation
- Smart Factory
- Industrial internet of things (IIoT)
Industry 4.0 by End-user:
- Industrial manufacturing
- Oil & gas
- Aerospace & defense
- Mining & metals
- Food & beverages
The regional analysis of Industry 4.0 market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. The study indicates that North America and Europe regions would dominate the industry 4.0 market by the forecast period. However countries like in Japan and Germany are the farthest along in digitizing internal operations and partnering across the horizontal value chain owing to the high investments in technology and employee training. They view their digital transformation, primarily in terms of gains in operational efficiency, cost reduction and quality assurance. China is one of the countries that stand to gain the most from automating and digitizing labor-intensive manufacturing processes. In addition, Chinese companies are highly flexible and are open to digital change, and the Chinese workforce is embracing digital technologies. The study reveals that at present Asia Pacific companies report the highest digitization and digital integration levels.
Industry/ Innovations/ Related News
January 29, 2018 – Two Italian companies – Italtel, a leading telecommunications company in IT system integration, managed services, Network Functions Virtualization and Internet of Things solutions, and Rold Elettrotecnica, a leading household appliances component supplier, announced their partnership in the field of Industry 4.0.
The two companies have signed a Memorandum of Understanding that will see them work together to develop technological solutions and jointly launch innovation projects to improve industrial processes. These will be aimed at the Industry 4.0 market, both in Italy and across the world, through the creation of an ecosystem of partners.
January 11, 2018 – Announcing the vital acquisition of IoT ImpactLABS, the renowned Context Labs mentioned that the company will integrate IoT ImpactLABS expertise into its core blockchain-based offerings to accelerate the ‘Supply Chain of Everything’.
January 04, 2018 – Bosch acquired 5 percent indirect ownership stake in HERE Technologies – seeing the possible synergies with data-based services for Industry 4.0, smart homes, and smart cities. The collaboration could happen in the Industry 4.0 domain, for example. One potential area of application is intralogistics. For example, high-definition indoor navigation maps could be used to automate and streamline flows of goods all the way to the production line.
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- Process Automation and Instrumentation Manufacturers
- Industrial Robot Manufacturers
- Semiconductor product designers and fabricators
- Automation product manufacturers
- Technology investors
- Hardware & software manufacturers
- MES (Manufacturing Execution System)
- MOM (Manufacturing Operations Management)
- System Integrators
- Government Organizations
- Research/Consultancy firms
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