Innovations will Boost Industry 4.0 Market Growth in the Foreseeable Future

Posted by mahendra lunkad on October 25th, 2017

The fourth industrial revolution is characterized by increasing interconnection and digitalization of products, business models including value chains for the industrial sector. In this revolution the automation and computers will come together with robotics connected remotely to the systems which are equipped with machine learning algorithms. In this revolution, Internet of Things (IoT) is the physical systems for cooperating and communicating with both each other and with human beings in real-time via wireless web.

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The factory or system to be considered under industry 4.0 should have information transparency, interoperability, technical assistance, and decentralized decision-making features. Machines, sensors, devices and people connecting and communicating with each other is considered under interoperability feature. Information transparency is system analyzing of sensor data in order to contextualize information by creating a virtual copy of physical world having both the ability of assisting humans with difficult tasks and supporting them in making critical decisions which are quite difficult for humans.

The digital transition is expected to significantly transform the companies backed by considerable investments. The industry experts estimates the investments share in industry 4.0 solutions is expected to account above 50% of planned capital investments for the next five years. Germany industrial sector is expected to invest about US$ 47 billion each year by 2020 in industry 4.0.

The interconnection and digitization of services and products supports the industry 4.0 demand as it is expected to contribute strongly for ensuring competitiveness by promising additional 2% to 3% average revenue growth per year. Emerging disruptive digital business models is also expected to drive the fourth revolution industry over the forecast timeline. These business models offer tailor-made solutions offering additional value to the consumers. These new business models are categorized by the significant increase of horizontal cooperation across the ecosystem, as well as integrated analysis of data thereby capable of fulfilling customer requirements.

Data security issues raised by the integration of new systems and their access poses challenges to the industry 4.0 market over the forecast timeline. Moreover, high degree of stability and reliability are needed for successful physical-cyber communication which can be difficult to maintain and achieve. Maintaining production integrity with less human oversight can become potential barrier for this industry. Loss of human jobs is a major concern with the introduction of new automations along with constant threat of technical problems causing excessive production outages.

The industry 4.0 market can be segmented by technology into cyber security, industrial robotics, 3D printing, internet of things (IoT), advanced human machine interface (HMI), big data, artificial intelligence and augmented reality & virtual reality. Industrial robotics is an important segment of industry 4.0 market owing to their improved productivity, increased production volume, and reduced human error chances. Increasing automobile demand, especially from developing regions has encouraged the manufacturers to adopt automation for meeting supply demand by increasing the production volumes.

By application, the industry can be classified into electrical & electronics equipment, automotive, aerospace, industrial equipment, food & agriculture, energy & power, oil & gas, and healthcare. Industrial equipment manufacturing involves production of various machinery used in construction, defense, or other manufacturing applications. Stamping, forming, bending, and machining some of the important processes used for shaping individual metal pieces. Increasing need for preventive maintenance solutions is supporting this segment as unplanned downtime and machine breakdowns leads to the production processes delay causing huge losses to the industrial equipment manufacturers.

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The prominent competitors in industry 4.0 market are International Business Machines Corporation, General Electric Company, Stratasys Ltd., ABB Ltd., Alphabet Inc., Mitsubishi Electric Corporation, Hewlett-Packard Enterprise Company, Intel Corporation, Qualcomm Inc., Siemens AG, Samsung Electronics Co. Ltd., Rockwell Automation Inc., Texas Instruments Inc., 3D Systems Corporation, Basler AG, Cognex Corporation, and Denso Corporation.

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mahendra lunkad
Joined: September 6th, 2017
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