DUBLIN–(BUSINESS WIRE)–The “Industry 4.0 Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
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).
- ABB Ltd
- Cognex Corporation
- Siemens AG
- Schneider Electric
- Swisslog Holding AG (Kuka AG)
- Rockwell Automation Inc.
- Honeywell International Inc.
- Robert Bosch GmbH
- Johnson Controls International PLC
- Emerson Electric Company
- General Electric Company
- Cisco Systems Inc.
- Intel Corporation
- Fanuc Corporation
- Denso Corporation
Key Market Trends
Industrial Robots are Expected to Witness Maximum Adoption
- Industrial robots play a vital role in the digitalization of manufacturing, as it aids in the creation of a virtual and connected ecosystem. Furthermore, it collects data associated with equipment, which is used to enhance the efficiency and scheduling. It also helps in predicting and mitigating any unforeseen error.
- For more organizations, using Industry 4.0 technologies, like robotization, is a part of day-to-day operations. For instance, project and office furniture manufacturer Vepa uses robotization in its warehouse, helping it to double the turnover. It is expected that there would be increased use of collaborative robots in manufacturing.
- According to the International Federation of Robotics, the market for collaborative robots is expected to reach USD 12.3 billion by 2025. Intelligent robots work alongside workers and can be programmed by most factory workers to take on the most routine, tedious tasks, and deliver with accuracy.
- Collaborative robots have become increasingly used in the manufacturing industry, as they are easy to train, and are making workplace environments safer for humans, by taking their place in potentially dangerous situations. According to IFR, the operational stock of industrial robots is expected to reach 3,788 thousand units by 2021 from 2,408 thousand units in 2018.
- Owing to such positive trends in the market, the vendors are entering into strategic partnerships and collaborations to enhance their market presence globally. For instance, in February 2020, AHS (Advanced Handling Systems), a full-service provider of integrated fulfillment, distribution, and robotic solutions, partnered with Mobile Industrial Robots, an autonomous industrial mobile robotic supplier based in Denmark as a Certified Systems Integrator.
North America is Expected to Hold a Dominant Position
- North America is expected to dominate the Industry 4.0 market globally, as the companies in North America are rapidly adopting the concept of smart manufacturing. Industry 4.0 technologies provide improved operational efficiency, enhanced productivity, optimization of costs, and reduction in downtime. Most of the factories are already equipped with modern machines and smart factory technology, enabling the other companies to switch over to smart manufacturing compared to traditional manufacturing forms.
- Growth in the number of SMEs and increasing digitization in manufacturing by large organizations, such as IBM and General Electric, are aiding the growth of the Industrial IoT in the regional manufacturing market of the country. SMEs are becoming increasingly flexible in incorporating new technologies with their existing systems, whereas large manufacturers have heavy budgets for digitization.
- Moreover, the market penetration of AI, along with machine learning capabilities, will significantly enhance speed, accuracy, and data analysis for processes in the assembly and production lines, further driving the market in the United States. Due to this, the Federal Government and the private sector in the United States are investing in Industry 4.0 IoT technologies to increase the American industrial base, which was taken over by China and other low labor cost countries.
- Due to the Covid-19 pandemic, robots are projected to play a major role in bringing jobs back to the United States, improving factory productivity, and helping manufacturers adapt to the changing preferences of the consumer. As the robots cost the same to the Chinese and American companies, they are expected to shrink the Chinese labor cost advantage in the future. Robot maker ABB has started working with smartphone manufacturers to bring back jobs to the United States. Robot density in the United States manufacturing industry is now more than double that of China and is ranked seventh globally.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.3 Market Drivers
4.3.1 Favorable Governmental Initiatives and Collaborations Between Stakeholders
4.3.2 Growth in Demand for Industrial Robotics
4.3.3 Digital Transformation Initiatives Undertaken by SME’s
4.4 Market Restraints
4.4.1 Relative Lack of Awareness on the ROI Related to Adoption of Industry 4.0
4.4.2 Workforce and Standardization Related Challenges
4.5 Impact of COVID-19 on the Market
4.6 Technology Snapshot
5 MARKET SEGMENTATION
5.1 Technology Type
5.2 End-user Industry
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/bxyn0q
Laura Wood, Senior Press Manager
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