Industry 4.0 Equipment Market Size Expected to be Reach US$125.6 Billion by 2026
Industry 4.0 Equipment Market Overview
Industry 4.0 Equipment Market is forecast to reach $125.6 billion by 2026, growing at a CAGR 12.0% from 2021 to 2026. Industry 4.0 is a term that describes a group of rapid changes in the design, manufacture, operation and service of production systems and products. Industry 4.0 is the broad industrial transformation of the whole industrial production ecosystem by combining digital technology and the internet with conventional industry. Industry 4.0 equipment is notable for its extensive generation and use of ‘big data,’ facilitated by constant, widespread internet connectivity. As LPWANs proliferate in factories, warehouses and industrial campuses, the supply chain will increasingly be able to share real-time monitoring data with sophisticated cloud analytics software about products, inventories and assets. The increasing number of investments by vertical end-users and the global acceptance of technology innovation to improve operational efficiency, a collaboration between humans and machines are driving the growth of the market of the industrial internet of things, which in turn affects the growth of the market of Industry 4.0 Equipment.
Industry 4.0 Equipment Market Segment Analysis – By Technology
During the forecast period Internet of Things segment is expected to grow at a CAGR of 14.1% through 2026. The potential benefits of IoT have prompted several manufacturers of industrial equipment to implement IoT. By connecting industrial equipment together using wireless connectivity and collecting sensor data from the equipment, manufacturers can accurately determine the machine’s current state, optimize its performance, identify potential failures and plan maintenance schedules accordingly. IoT’s ability to monitor company assets remotely and to carry out predictive maintenance is the primary reason for its increasing adoption. Remote monitoring is a necessity in industries, especially for equipment that is deployed under extreme conditions, such as wells or mines under subsea oil. Failure of equipment operating under such conditions can be potentially disastrous, as it can lead to heavy financial losses and can also threaten people’s lives. The increasing usage of IoT in self-driving cars is anticipated to strengthen the Industry 4.0 Equipment market.
Industry 4.0 Equipment Market Segment Analysis – By End Use Industry
The Aerospace and Defense Industry is projected to grow during the forecast period at the highest CAGR of 15.0% CAGR. The aerospace & defense industry needs to tackle unplanned downtime that could have a major impact on its operations. To this end, manufacturers are increasingly spending on smart fabrication solutions to enable asset monitoring in real-time. Manufacturers focus primarily on controlling the supply of components, improving product quality, shortening the production cycle and employing efficient production processes.
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Industry 4.0 Equipment Market Segment Analysis – By Geography
APAC is expected to dominate the global Industry 4.0 Equipment market with a share of more than 35.2%. Increasing robotics adoption in countries such as China, Japan, and South Korea is the major factor for the Industry 4.0 equipment market to grow. The APAC market is also expected to grow at the fastest rate of 14.9% CAGR through 2026. The major factors that make APAC a dynamic region for Industry 4.0 are government initiatives, R&D funding and an extensive industrial base, with Japan and China being the major contributors. The Asia-Pacific region is highly diverse with localised features, ranging from technologically advanced, high-cost manufacturing countries to low-cost, low-productivity nations. Countries such as China, Japan, South Korea, Taiwan and Singapore can be classified as mature manufacturing countries The market for Industry 4.0 is expected to register positive growth across Asia Pacific in the coming years and eventually it will help the growth of Industry 4.0 Equipment Market.
Industry 4.0 Equipment Market Drivers
A significant rise in the adoption of industrial internet
One of the major factors estimated to encourage the development of the global 4.0 industry market in the coming years is a significant rise in the adoption of industrial internet. Prominent players’ increasing focus on the cost and efficiency of manufacturing is expected to lead to digitization. This is expected to speed up overall market development in the coming few years. Besides this, the increasing adoption of automation for high-quality production is likely to ensure market growth in the coming years.
Industry 4.0 and Interactive Robots
The growing digitized world is the major factor attributing global industry growth to the 4.0 market. Industry 4.0 innovations such as IoT and smartphone voice assistants provide good shopping experience for customers. Another factor that fuels market growth is the manufacture of robots using Industry 4.0. Robots made using I4.0 will interact and work safely beside humans without causing any harm to them. These robots work more effectively than humans, and are available on the market at low cost.
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Industry 4.0 Equipment Market Challenges
Lack of Security
Manufacturing is the second-largest targeted industry for attacks, according to the 2019 IBM-X Force Threat Intelligence Index. Because of less security, Industry 4.0 technologies allow hackers to attack the manufacturer’s data and also to infect new detention systems and to sell confidential information. The scarcity of skilled workers is also estimated to reduce the rise of the industry 4.0 market over the next few years.
Industry 4.0 Equipment Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in Industry 4.0 Equipment Market. Industry 4.0 Equipment Market is expected to be dominated by major companies such as Bosch Rexroth AG, Hewlett Packard Enterprise Company, Oculus VR, ABB Ltd., General Electric Company, Stratasys Ltd., Mitsubishi Electric Corp., Intel Corp., Microsoft Corporation and others.
Acquisitions/Technology Launches
In May 2019, PTC launched its Industry 4.0 technology suite at IITD-AIA Foundation for Smart Manufacturing (FSM), at IIT Delhi, India to the Manufacturing Industry.In Feb 2020, LTTS Launched Industry 4.0 NOW to help global manufacturers scale up their digital initiatives.
Key Takeaways
The increasing number of investments made by vertical end-users and the global acceptance of technology innovation to improve operational efficiency, collaboration between humans and machines is driving the growth of the industrial internet of things market, which in turn affects the growth of the Industry 4.0 Equipment market.
The major factors that make APAC a dynamic region for Industry 4.0 are government initiatives, R&D funding and an extensive industrial base, with Japan and China being the major contributors
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