Northbrook, IL -- (SBWIRE) -- 12/16/2021 -- The industry 4.0 market is projected to grow from USD 64.9 billion in 2021 to USD 165.5 billion by 2026; it is expected to grow at a CAGR of 20.6% from 2021 to 2026. The key factors fueling the growth of the industry 4.0 market include rapid adoption of Artificial Intelligence (AI) and Internet of Things (IoT) in manufacturing sector, increasing demand for industrial robots in pharmaceutical and medical device manufacturing sector, rising government investments in 3D printing and additive manufacturing, and growing adoption of blockchain technology in manufacturing industry. Additionally, increasing application of AI and IoT in medical wearables is expected to create a growth opportunity for the industry 4.0 market.
COVID-19 impact on the Industry 4.0 Market
The outbreak of the COVID-19 pandemic has significantly impacted the major countries contributing to the Industry 4.0 market. Various regions are still affected, and governments in these regions are responding to the pandemic in different ways. With the COVID-19 pandemic continuing to rage in North America and developing Asian countries, the manufacturing sector is facing tremendous challenges. The US automotive industry, one of the world's largest, has been stagnating since the 3rd quarter of 2020. The decreasing demand has caused various automotive companies to downsize their manufacturing activities across the region, rendering useless automation technologies such as IoT, AI, and Blockchain employed in these manufacturing units. Mexico is a big beneficiary of the automotive industry in North America. However, since automobile production has been significantly reduced, the Mexican automotive sector is also suffering a tremendous loss.
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The industrial sensors segment to hold the largest size of industry 4.0 market by 2026
Industrial sensors are used to track, monitor, and maintain various equipment within a smart factory. These sensors form the basis of industry 4.0 ecosystem enabling connectivity throughout manufacturing operations.
APAC projected to be the largest market for an industry 4.0 from 2021 to 2026
The increasing adoption of robotics in the manufacturing sector in China, Japan, and India is among the major factors leading to the growth of the Industry 4.0 market in APAC. Low production cost in APAC countries enables market players to set up manufacturing facilities in this region. APAC is also one of the fastest-growing regions in this market due to the continuous technological advancements, financial support from governments in the region, and extensive industrial base, with Japan and China being the major contributors.
Key Market Players
The industry 4.0 players have implemented various types of organic as well as inorganic growth strategies, such as new product launches, and acquisitions to strengthen their offerings in the market. The major players in the industry 4.0 market are General Electric(US), Siemens (Germany), Honeywell International (US), ABB (Switzerland), Emerson Electric (US), 3D Systems (US), Advantech (Taiwan), Basler (Germany), Cisco Systems (US), Cognex Corporation (US), Daifuku (Japan), IBM (US), Intel (US), John Bean Technologies Corporation (US), Nvidia (US), Stratasys (Israel), Techman Robot (Taiwan), Universal Robots (Denmark), Addverb Technologies (India), AIBrain (US), Algolux (Canada), Beckhoff Automation (Germany), BigchainDB GmbH (Germany), LogiLube (US), Pratiti Technologies (India), Sculpteo (France), Sigfox(France)