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Recent TrendsNexus Integra, a company based in Valencia, Spain, launched Nexus Integra Platform, which is a software predicted to drive the transformation of an industrial company into Industry 5.0.
The platform is an integrated system for largescale management of industrial assets. It is claimed to assist companies to take the big leap towards digital transformation.
The global industry 5.0 market is estimated to garner a hefty amount of revenue by recording a remarkable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the rising emergence of advanced technologies, namely industrial internet of things (IIoT) and artificial intelligence, as these are indispensable for effective data collection, analysis and feeding the gathered insights into manufacturing process to create improved products. Along with these, the world is witnessing an upsurge in demand for striking a healthy balance between automation and human involvement during industrial processes. This in turn is expected to provide impetus to the market growth, as the industry 5.0 trend focuses on the alliance of humans and collaborative robots.
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None of the industrial revolution, including industry 4.0, focused on environment protection. However, industry 5.0 enables the deployment of sustainable industrial policies, such as minimal waste generation and cost-cutting. As a result, it is forecasted to be a crucial factor projected to offer lucrative opportunities to the market in the near future.
Additionally, growing usage of industrial robots in several verticals, increase in the number of connected devices, and escalating government expenditure for industrialization are also assessed to bolster the expansion of the market. According to the International Federation of Robotics, a total of 422,271 units of industrial robots were installed globally in 2018, witnessing a hike by 6 percent from the previous year. In addition, automotive industry was the largest consumer of the product that year holding a share of 30% of the total robot installations.
The market is segmented by technology into industrial robotics, cyber security, internet of things (IoT), 3D printing, advanced human-machine interface (HMI), big data, augmented reality & virtual reality, cloud computing, cognitive computing, and others, out of which, the cognitive computing and industrial robotics segments are anticipated to hold notable shares in the global industry 5.0 market attributing to the largescale adoption of these technologies as both involves usage of platforms employing AI techniques. Furthermore, the collaborative robots sub-segment in the industrial robotics segment is predicted to acquire the largest share owing to the increasing use of cobots for simple and intuitive interaction with humans. The ability of these robots to replicate human actions is also evaluated to contribute to the segment’s growth in the future. In addition, on the basis of end-use vertical, the segment for manufacturing is analyzed to occupy the most significant share over the forecast period ascribing to the high implementation of SCARA robots for assembly operations in the industry, and rise in the volumes of data generated from field devices.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global industry 5.0 market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the surging adoption of industrial automation, and growing installation of robots in automotive sector in the region. In addition, India, specifically, is expected to gain a notable share in the Asia Pacific industry 5.0 market with the emergence of manufacturing as one of the primary-growth sectors in India and rising government initiatives associated with digitization. Moreover, the market in Europe is anticipated to grab the largest share during the forecast period, which can be credited to the high deployment of connected objects and substantial industrial output in the region, especially in Germany. As per the reports of the Organization of Economic Co-Operation and Development (OECD), the industrial production in the manufacturing sector in Germany reached an index value of 105.5 in the year 2018, up from 104.4 and 101.4 in the years 2017 and 2016, respectively.
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The global industry 5.0 market is further classified on the basis of region as follows:
Our in-depth analysis of the global industry 5.0 market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Ans: The major factors driving market growth are growing advent of IIoT and AI technologies worldwide and increasing technological developments in industrial robotics.
The market is anticipated to attain a remarkable CAGR over the forecast period, i.e., 2022 – 2030.
Data risks regarding integration of advanced technologies are estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the surging adoption of industrial automation, and growing installation of robots in the region’s automotive sector.
The major players in the market are KUKA AG, ENSAI INGENIERIA S.L., Siemens AG, Rockwell Automation Inc., Schneider Electric, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, end-use vertical, and by region.
The manufacturing segment is anticipated to hold largest market size and is estimated to grow at a steady CAGR over the forecast period and display significant growth opportunities.
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