Global Smart Manufacturing Industry 4.0 (2015-2023)
India, 17 September 2018
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Global Smart Manufacturing industry 4.0
Industry 4.0 is the new era of industrial revolution, which has transformed the manufacturing arena by collaborating with information technology (IT) such as Big Data and Cloud Computing along with robotics, physical machinery and human resource. Automation is replacing human effort, involvement through powerful machinery and programming commands. The global Industry 4.0 market is expected to grow at a CAGR of 11.73% (2015 –2023) leading to a global revenue of USD 648.93 Bn. by 2023.
The industrial automation segment is expected to grow due to evolving technologies such as automated vehicles, robots enabled with artificial intelligence (AI), and 3D printing. Industrial automation contributes to 39—40% market size in Industry 4.0 segment.
Smart factory segment, on the other hand, is expected to grow at a CAGR of 10.08% (2017–2022). The demand for error-free production and on-time delivery of finished goods is leading to the higher usage of digitally embedded machineries in factories.
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IIoT (Industrial IoT) revenue is expected to grow at a CAGR of 18.90% (2017–2022). It can be expected that 50% of IoT spending would be driven towards manufacturing, logistics, utilities and transportation.
By end users, the market is segmented into industry such as aerospace, automotive, healthcare, electrical and electronics equipment, chemicals and materials, industrial equipment, food and agriculture, and others (includes pharmaceutical; metal & mining; paper, pulp, & packaging; water & waste water; foundry & forging; textile & cloth; precision & optics sectors).
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Key growth factors
Market growth by 50 - 60% can be expected in the manufacturing segment due to an upsurge in consumption of goods in developing countries and regions. Increasing usage of technology is expected to strengthen the market growth by offering several advantages such as network flexibility, real-time self-monitoring machinery, and robust maintenance capacity. Implementation of digital technologies such as industrial robotics, IoT, and cybersecurity has augmented the use of automation in this sector.
In addition to these, growth towards green manufacturing and increasing focus towards economic innovation are high in the manufacturing industry. It can be concluded from several surveys that demand for commercial products are at the top and consumers prefer to buy durable, low-cost products than expensive, fragile ones.
Threats and key players
Although the industry 4.0 market is expected to have a positive growth globally, yet, there is a deficiency of skilled workforce for smart factories. Moreover, the increase in automation is gradually leading to downsizing and unemployment. The cost of re-engineering the business process based on could computing network is also high.
Also, the manufacturing industry is prone to cyber-attacks and data breaches as the entire value chain relies on complex interconnected digital assets for constant exchange of data, information, and knowledge. Communication and system within IIoT have to be highly secure because the assets involved are extremely costly and are vulnerable to risk.
Some of the major players in the telematics market are IBM Security, Cisco, KUKA, Raytheon Company, Emerson Electric Corporation, Stratasys Ltd, Alpine Data Labs, and ABB Ltd.
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Submitted by Bharat Book, Bharat Book Bureau on Monday, 17 September 2018 at 2:53 PM
Category: News & Media
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