Reading time ( words)
The manufacturing industry players attribute growth in the global industry 4.0 market. This is due to the increasing focus on efficiency and cost of the production. Industrial 4.0 comprise of an integrated system of automation tool, big data analytics, and robotic control. The entire system helps in the gathering data and further integrate it with the digital services which help in better functioning and improved efficiency.
- The rising adoption of technologies like Internet of Things is projected to propel the global industry 4.0 market in the near future. In addition to this, development in the 3D printing industry is a major factor expected to improve manufacturing and supply of the Industry 4.0 in the coming few years.
- Based on technology, industrial robotics holds maximum potential for the global industrial 4.0 market. This is because of the immense benefit offered by them in improving manufacturing process. Such as reduce chances of human errors, increase the production volume, and reduce overall production cost. The rising demand of industry 4.0 in the automotive sector is a prominent factor driving the market.
- One of the major advantages of Industry 4.0 is it greatly help in analyzing condition of machine. Thus it contributes to avoid unplanned downtime and help reduce wastage in the manufacturing unit. Further, it helps to avoid any mishap at work place. Machine breakdown causes a huge loss to the industrial equipment manufacturers. Industry 4.0 greatly help to overcome delay the production process.
- On the basis of geography, Asia Pacific is expected to hold largest share for Industry 4.0 market. This is mainly because of the initiatives like Made in China 2025, Industrial Value Chain Initiative in Japan and Make in India, taken by the government of China, Japan and India in the respective countries.