The usage of industrial robots is increasing, and the additive manufacturing and 3D printing sectors are expanding rapidly, which is driving the market for Industry 4.0 globally. Global manufacturing is changing as a result of Industry 4.0, which is defined by the integration of cutting-edge technologies including artificial intelligence (AI), the Internet of Things (IoT), and industrial automation.
Due to the considerable presence of industry players, government efforts, and investments in smart manufacturing solutions, North America is predicted to lead the Industry 4.0 market. The Asia Pacific area, led by manufacturing powerhouses like India, Japan, South Korea, and China, is anticipated to experience significant development while Europe trails closely behind.
Rise of Industrial Robotics
Industrial robots are becoming more common in manufacturing centers around the world as a result of quick technology breakthroughs and their affordability. The demand for industrial robots is anticipated to have a significant impact on the Industry 4.0 market in the near future due to the growth of industrialization and the manufacturing industries.
Manufacturing Additive Fuels Growth
The creation of ventilator valves during the COVID-19 epidemic is one of many applications driving the rapid growth of the additive manufacturing and 3D printing sectors. The new Phantom Edge technology’s integration of AI and IoT is enhancing the growth potential for companies in Industry 4.0 in sectors like retail, healthcare, agriculture, and mobility.
Problems for startups
Industrial robots can enhance productivity and decrease downtime, but their high implementation costs are still a problem for start-up businesses. Individual robots can cost upwards of US$20,000, making it financially difficult for start-ups to enter the Industry 4.0 industry.
The COVID-19 Effect
The market for Industry 4.0 first experienced a downturn because to the COVID-19 epidemic. The use of Industry 4.0 solutions in manufacturing workflows, however, was pushed by the crisis, leading to higher productivity and efficiency. This beneficial effect is anticipated to fuel additional market expansion.
