Industry 4.0 Market to reach $618.39 billion, Globally, by 2031 at 18.8% CAGR: Allied Market Research

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Apr 17, 2023, 03:07 ET

Rise in adoption of industrial robots and increase in deployment of additive manufacturing drives the growth of the global industry 4.0 market.

PORTLAND, Ore., April 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Industry 4.0 Market by Technology (Industry Automation, 3D Printing, Digital Twin, Artificial Intelligence (AI) and Machine Learning (ML), Blockchain, Extended Reality (XR), Industrial Internet Of Things (IIoT), and Others), End User (Manufacturing, Automotive, Oil and Gas, Energy and Utilities, Food and Beverages, Aerospace and Defense, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global generated $113.39 billion in 2021, and is estimated to reach $618.39 billion by 2031, witnessing a CAGR of 18.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

Factors such as the rise in adoption of industrial robots and increase in deployment of additive manufacturing primarily drive the growth of the industry 4.0 market. However, expensive deployment costs of industrial robots and complications in integration and interoperability of Industrial robot hamper the market growth to some extent. Moreover, an increase in adoption of 5G in the field of cloud automation is expected to provide lucrative opportunities for the market growth during the forecast period.

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Covid-19 scenario-

Digitalization across sectors is accelerating quickly as the COVID-19 pandemic decimates the global industry 4.0 market environment.
The COVID outbreak is accelerating the emergence of Industry 4.0, catapulting companies from various industries to a higher degree of Internet of Things (IoT) technology and workflow.
For manufacturers and businesses worldwide, adaptability in analyzing and adjusting inventory requirements, optimizing supply chains, and increasing manufacturing capacities with cutting-edge technologies will be essential in this situation. In addition, supportive government efforts are anticipated to help businesses survive the pandemic.
During the COVID-19 pandemic, the industry was being transformed by a number of technologically cutting-edge technologies, including cloud computing, artificial intelligence (AI), 5G networks, and big data.

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The industry automation segment to rule the market-

By technology type, the industry automation segment held the major share in 2021, garnering nearly two-third of the global Industry 4.0 market revenue. The blockchain segment would also showcase the fastest CAGR of 22.3% during the forecast period, owing to essential elements of Industry 4.0 to detect, measure, analyze, and process various transitions in industrial production facilities, such as changes in positions, length, height, exterior, and dislocations.

The manufacturing segment to dominate by 2031-

By end user, the manufacturing segment accounted for nearly two-fifth of the global Industry 4.0 market share in 2021, and is expected to rule the boost by 2031. The aerospace and defense segment would also display the fastest CAGR of 22.2% throughout the forecast period, owing to increased flexibility enables producers to use mass customization to better satisfy client requests, eventually aiming to maximize efficiency with, in many circumstances, a lot size of one.  

Asia-Pacific garnered the major share in 2021-

By region, North America garnered the highest share in 2021, holding nearly one-third of the global Industry 4.0 market revenue in 2021, and is projected to retain its dominance by 2031. The Asia-Pacific region would also portray the fastest CAGR of 21.0% during the forecast period, owing to analytics, automation, and machine-learning algorithms have released human operators from performing a significant percentage of the detailed work that was previously their duty.

Leading Market Players-

Cognex Corporation
Schneider Electric SE
Emerson Electric Co.
Rockwell Automation Inc.
Cisco Systems Inc.
ABB Ltd.
Siemens AG
Honeywell International Inc.
General Electric Company
International Business Machines Corporation

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The report analyzes these key players in the global industry 4.0 market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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