CHICAGO, Feb. 22, 2024 /PRNewswire/ -- The global industry 5.0 market is expected to be valued at USD 65.8 billion in 2024 and is projected to reach USD 255.7 billion by 2029; it is expected to grow at a CAGR of 31.2 % from 2024 to 2029 according to a new report by MarketsandMarkets. Several factors are propelling the growth of the Industry 5.0 market across diverse industries, including rapid technological advancements in artificial intelligence, robotics, the Internet of Things (IoT), and industrial 3d printing. This evolution responds to the increasing demand for customized products and personalized experiences, fostering a human-centric approach to manufacturing that empowers workers with advanced tools and technologies.
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Browse in-depth TOC on "Industry 5.0 Market"
257 - Tables
48 - Figures
210 - Pages
Industry 5.0 Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 65.8 billion |
Estimated Value by 2029 | $ 255.7 billion |
Growth Rate | Poised to grow at a CAGR of 31.2% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Technology, Sustainability, Industry and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Necessity for continuous technological advancements |
Key Market Opportunities | Proliferation of 3D printing technology in the manufacturing of medical equipment and customized drugs |
Key Market Drivers | Escalated focus on implementing green technologies for sustainable manufacturing |
The digital twin segment is expected to grow fastest during the forecast period.
The digital twin segment is expected to grow fastest in the industry 5.0 during the forecast period. Digital twins play a central role in this integration by providing virtual representations of physical assets, processes, and systems. As industries increasingly adopt Industry 5.0 principles to enhance efficiency, productivity, and customization, the demand for digital twin solutions rises accordingly to facilitate real-time monitoring, analysis, and optimization. Secondly, digital twins enable predictive maintenance, where machines can anticipate equipment failures and recommend proactive maintenance actions, minimizing downtime and reducing maintenance costs. This capability aligns with the goals of Industry 5.0 to optimize operations and enhance asset performance. Additionally, digital twins support the human-centric approach of Industry 5.0 by empowering workers with data-driven insights and decision-making capabilities, fostering collaboration between humans and machines.
The automotive segment is projected to grow significantly during the forecast period.
The automotive industry leverages technologies, such as automation, IoT, data analytics, and AI, to revolutionize production processes. This approach boosts efficiency, reduces downtime, and enables rapid customization to meet market demands. Factors driving its growth include the need for cost-effective and sustainable production, the demand for personalized vehicles, and the push for real-time monitoring to ensure quality and optimize resource allocation.
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Asia Pacific is expected to grow at significant rate throughout the forecast period.
Asia Pacific industry 5.0 industry is projected to grow at a CAGR of 31.2%. The major factors driving the growth of the Industry 5.0 market in Asia Pacific are the rising demand for smart tools, the growing adoption of technologies, such as IoT and IIoT, and the increasing need to optimize productivity and reduce operational and maintenance costs. Government support to drive industrialization will also boost the demand for Industry 5.0 Several governmental initiatives have been implemented across the region, each aimed at fostering industrial development. For example, China's "Made in China 2025," Japan's "Industrial Value Chain Initiative (IVI)," South Korea's "The Manufacturing Innovation Strategy 3.0 (Strategy 3.0)," and India's "Samarth Udyog Bharat 4.0" are anticipated to significantly contribute to industrial progress. These initiatives are expected to unlock growth prospects for the industry 5.0 market by creating conducive environments for advancement.
Key Players
The industry 5.0 companies includes significant Tier I and II players such as ABB, Honeywell International Inc, 3D Systems, Rockwell Automation, Siemens, Emerson Electric Co, among others and so on are some of the key players in the industry 5.0 market.
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