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Industry 4.0 Market to Exhibit 16.4% CAGR till 2028; L&T Technology Services Launches its Latest Framework for Industry 4.0 to Address Various Issues

April 26, 2021 | Information & Technology

The global industry 4.0 market size is projected to grow from USD 116.14 billion in 2021 to USD 337.10 billion in 2028. Digital twin technology is gaining momentum worldwide because of its ability to improve product reliability by OEMs. Also, various companies are introducing unique products to provide greater operational efficiency and better visibility into equipment. In October 2018, for instance, Microsoft Corporation unveiled Azure Digital Twins. It will help automakers and manufacturing companies to create project models and gain an extensive visibility into production processes. Fortune Business Insights™ presented this information in a new study, titled, “Industry 4.0 Market Size, Share & COVID-19 Impact Analysis, By Application (Industrial Automation, Smart factory, and Industrial IoT), By Vertical (Manufacturing, Energy & Utilities, Automotive, Oil and Gas, Aerospace and Defense, Electronics and Consumer Goods, and Others), and Regional Forecast, 2021-2028.” As per the study, the market size was USD 101.69 billion in 2020. It is set to exhibit a CAGR of 16.4% in the forecast period between 2021-2028.


NOKIA and WEG Launch Open Lab WEG/V2COM Project to Accelerate Industry 4.0 in Brazil


In March 2021, WEG and NOKIA unveiled a new project named Open Lab WEG/V2COM to boost the development of industry 4.0 solutions. It will be integrated with the Nokia Digital Automation Cloud (DAC) platform. The National Telecommunications Agency (Anatel) and the Brazilian Agency for Industrial Development (ABDI) joined hands with both companies to run this project. As per a company official, “Our new project will aid us in researching about the deployment of 5G in Brazil. At the same time, it will accelerate the development of solutions, products, and tests for our clients.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-4-0-market-102375


Increasing Installation of Industrial and Automotive Robots to Favor Growth


The manufacturing sector across the globe has started accepting the adoption of robotics engineering and technology in every product process. The ongoing development in robotics is one of the vital reasons for the same. The International Federation of Robotics (IFR) declared in its report that in 2017, around 381,000 robotic units were shipped globally, while approximately 2.1 million stand-alone automotive and industrial robots were installed. These robots have several benefits. They can eliminate the need for human labor and can perform repeatable tasks. However, industry 4.0 systems are very prone to cyberattacks as hackers can easily collect sensitive data of organizations. This factor is expected to obstruct the industry 4.0 market growth in the near future.


Key Players Aim to Acquire Local Companies to Strengthen Their Positions


Most of the major providers of industry 4.0 solutions are currently incorporating advanced technologies, such as 3D printing and digital twins to cater to the high industrial demand. Cisco Systems Inc. and Oracle Corporation are the two leading companies in the market. As the market scenario is very competitive, most of the firms are focusing on the acquisition strategy to strengthen their positions.


Fortune Business Insights™ lists out the names of reputed providers present in the global market. They are as follows:



  • ABB Ltd. (Zürich, Switzerland)

  • Siemens AG (Berlin, Germany)

  • Cognex Corporation (Massachusetts, United States)

  • Schneider Electric SE (Rueil-Malmaison, France)

  • Honeywell International Inc. (North Carolina, United States)

  • Emerson Electric Co. (Missouri, United States)

  • Rockwell Automation, Inc. (Wisconsin, United States)

  • General Electric Company (New York, United States)

  • Robert Bosch GmbH (Stuttgart, Germany)

  • Cisco Systems Inc. (California, United States)

  • Denso Corporation (Aichi, Japan)

  • Intel Corporation (California, United States)

  • Fanuc Corporation (Yamanashi, Japan)

  • L&T Technology Services (LTTS) (Vadodara, India)


A Notable Industry Development-



  • February 2020: L&T Technology Services (LTTS) introduced its new framework for industry 4.0 to address the issue of uncertain returns of investment, elimination of human labor, and scalability challenges.


Further Report Findings-



  • Europe earned USD 34.60 billion in terms of revenue in 2020. The region is set to grow significantly backed by the rising investments by companies in developing technologies. Besides, establishment of ubiquitous information, real-time data processing, networked objects, and connectivity would also lead to regional growth.

  • North America is set to remain at the forefront in the near future on account of the surging deployment of smart factory technology and new machinery in factories.

  • Asia Pacific, on the other hand, is anticipated to grow considerably because of the major contributions of South Korea, China, and Japan. These developing countries are taking exhaustive measures to implement disruptive technologies and industrial automation in their manufacturing system value chain.

  • Based on the application, the industrial automation segment generated 21.4% in the U.K. and 21.0% globally in terms of the market share in 2020. This growth is attributable to the ability of industry 4.0 to recognize potential failures and improve performances of machines in an organization.


The global market can be segmented in the following way:








































  ATTRIBUTE



  DETAILS



Study Period



  2017 – 2028



Base Year



   2020



Forecast Period



  2021 – 2028



Historical Period



  2017 – 2019



Unit



   Value (USD Billion)



Segmentation



By Application



  • Industrial Automation

  • Smart Factory

  • Industrial IoT



By Vertical



  • Manufacturing

  • Energy & Utilities

  • Automotive

  • Oil and Gas

  • Aerospace and Defense

  • Electronics and Consumer Goods

  • Others (Transportation, Etc.)



By Region



  • North America (By Application, By Vertical, By Country)

    • The U.S. (By Application)

    • Canada (By Application)



  • Europe (By Application, By Vertical, By Country)

    • UK (By Application)

    • Germany (By Application)

    • France (By Application)

    • Scandinavia (By Application)

    • Rest of Europe



  • Asia Pacific (By Application, By Vertical, By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • South Korea (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific



  • The Middle East & Africa (By Application, By Vertical, By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa



  • Latin America (By Application, By Vertical, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of South America




Industry 4.0 Market
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