Industry 4.0 Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The industry 4.0 market was valued at USD 86.03 billion in 2020 and expected to reach USD 267.01 billion by 2026 and grow at a CAGR of 20.71% over the forecast period (2021 - 2026). The global coronavirus outbreak is expected to further drive the adoption of Industry 4.0 and improve resilience to future pandemics. This is because in a pandemic technologies, like automation and robotics, help decrease human dependence and allow the human workforce to safeguard against these threats. It also enhances productivity, hence, preventing the shutdown of plants in a crisis.

• With the advent of Industry 4.0 in the manufacturing industry, various industrial plants are embracing digital technologies to enhance, automate, and modernize the whole process, hence, improving the performance metrics of the plants.
• The gradual increase in the number of connected devices, combined with the humongous growth in the volume of data from field devices and the changing technology landscape, has made it essential for companies to quickly adapt their products and services to the digital world.
• For instance, According to Cisco, India would have around 2.1 billion internet-connected devices by 2023. The country is expected to cross the 900 million mark of internet users in the country, according to the recently published Cisco Annual Internet Report (2018–2023), owing to the increased penetration of affordable smartphones and cheaper internet plans.
• Moreover, Industry 4.0 has persuaded OEMs to adopt IoT across their operations. Owing to the gradual increase in the adoption of IoT and digital transformation across several industries, the European Commission estimated that the value of IoT in Europe itself is expected to exceed EUR 1 trillion in 2020. Also, the Maryville University estimates that by 2025 over 180 trillion gigabytes of data will be created worldwide every year. IIoT-enabled industries will generate a large portion of this.

Scope of the Report

Digital transformation in the manufacturing industry marks the advent of Industry 4.0, which addresses several global issues within the industry. It modernizes and automates the supply chains of the manufacturing companies, which not only helps in data-driven planning but also provides a competitive advantage over counterparts and helps the companies stay ahead in the market. Technologies, like Industrial Robotics, IIoT, 3D printing, artificial intelligence, and machine learning, are some of the technologies used across different manufacturing organizations.

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Key Market Trends

Manufacturing is Expected to hold a Significant Market Share

• The stock of industrial robots operating in factories is at the highest level in history, which is driven by the success story of smart production, and automation has experienced an increase of about 85% within the last five years. The slowdown in sales by 12% reflects the difficult times of the two major customer industries, automotive and electrical/electronics.
• Manufacturing robots automate repetitive tasks, reduce margins of error to negligible rates, and enable human workers to focus on more productive areas of the operation. Robotic process automation in manufacturing allows companies to remain competitive globally, offering an efficient, viable alternative to offshoring and fulfilling the skills gap.
• Many vendors in the market are expanding their flexible manufacturing portfolio through acquisition or collaboration in order to strengthen their market positions. For instance, in January 2021, ABB announced the strategic partnership with Planar Motors Inc. to expand its machine automation offering.
• It will integrate PMI’s magnetic levitation technology into its Machine Automation Division’s (B&R) portfolio that will accelerate industry’s transition from strictly linear production to an open, adaptive manufacturing space.
• Due to the rising demand for industrial robots in the manufacturing sector, many vendors are investing in developing advanced robots that have a superior perception, adaptability, integrability, and mobility. For instance, in 2019, Mobile Industrial Robots (MiR) launched its MiR1000 autonomous mobile robot, with the ability to automatically pick up, transfer, and deliver pallets and other heavy loads up to 1,000 kg (2,200 lbs).

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