Industry 5.0 Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: SE24102201 | Research Suite: Report (PDF) & Market Data (Excel)
Industry 5.0 is a significant change in the industrial
landscape, indicating a shift from the previous focus on efficiency and
productivity and efficiency and toward a more comprehensive strategy that
prioritizes sustainability, resilience, and human well-being. This concept has
increasingly been recognized by organizations and governments as a necessary
response to the challenges posed the quick changes in society and technology.
MARKET
OVERVIEW
The industry 5.0 market is valued at approximately USD 52.2 billion in 2023 and is projected to reach USD 1035.01 billion by 2034 exhibiting a compound annual growth rate (CAGR) of 31.2% during the forecast period of 2024-2034. Industry 5.0 combines a human-centric strategy with cutting-edge technology including collaborative robotics, big data analytics, the Internet of Things (IoT), and artificial intelligence (AI).
GROWTH
DRIVERS
The rise of Industry 5.0 is significantly fueled by the
integration of cutting-edge machine learning and artificial intelligence (AI)
technology. These technologies enable the analysis of real-time data, the
optimization of manufacturing processes, the prediction of maintenance needs,
and the enhancement of product quality. For instance, AI systems are capable of
analyzing production data to identify inefficiencies and suggest improvements,
which is likely to result in a reduction in downtime and enhanced operational
efficiency.
The growing demand for personalized products is forcing
manufacturers to adopt flexible production systems that are able to accommodate
customization without compromising quality. Industry 5.0 enables rapid
production of tailored products based on individual customer preferences
through technologies like 3D printing.
The market is anticipated to further grow due to human-centric
manufacturing practices, sustainability initiatives, increased collaboration
between humans and robots, and workforce development efforts.
MARKET
SEGMENTATION:
By Sustainability
-
·
Waste-to-Energy Conversion
·
Recycles Materials
·
Bio-Based Material
By Technology
-
·
Industrial Sensors
·
AR/VR
·
Digital Twin
·
Industrial 3D Printing
·
AI in Manufacturing
·
Robots
By End
User -
·
Automotive
·
Energy
·
Medical
·
Semiconductor & Electronics
·
Food & Beverage
·
Oil & Gas
·
Aerospace
·
Metals & Mining
·
Chemicals
·
Others end-use industries
By
Region –
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East and Africa
Industry
5.0 Market By Sustainability Segment Review:
Waste-to-energy (WtE) conversion is the process of converting non-recyclable waste materials into energy that are likely to be used, usually in the form of heat or electricity. This segment is becoming increasingly popular as industries and governments strive to reduce landfill usage and greenhouse gas emissions. WtE technologies are expected to see substantial growth in the global market due to the stricter waste management rules and rising waste generation.
It is crucial to the circular economy because it uses less
energy, produces fewer greenhouse gas emissions, and consumes fewer fresh raw
resources. The market for recycling is driven by rising consumer consciousness
of sustainability, government policies promoting recycling initiatives, and
advancements in recycling technologies that enhance efficiency.
Industry
5.0 Market By Technology Segment Review:
A digital twin is essentially a real-time monitoring,
analysis, and optimization tool that is a virtual version of actual assets,
processes, or systems. The digital twin segment is predicted to hold the
largest market share in the forecast period as this technology allow producers
to produce customized items at a time when consumer preferences are changing
quickly by modeling several design options and production processes. Companies
benefit from this flexibility in responding quickly to market demands while
maintaining high quality.
Industry
5.0 Market By End User Segment Review:
It is anticipated that the automotive sector is going to
account for a largest portion of the market over the projected period. The
industry is undergoing rapid technological advancements, which include electric
vehicles (EVs), autonomous driving technologies, and connected car systems.
These advancements demand advanced manufacturing techniques that follow the
guidelines of Industry 5.0.
The energy industry
is going through a significant transformation towards renewable energy sources
like hydropower, wind, and solar energy. Industry 5.0 facilitates this shift by
utilizing smart grid and IoT integration to optimize energy production
operations.
Industry
5.0 Market By Region Segment Review:
The market in Asia Pacific is expected to account for the
largest share globally due to rapid industrialization, substantial investments
in automation technologies, and government initiatives aimed at digitization. North
America is projected to grow at the fastest rate during the forecast period due
to advanced manufacturing techniques and a strong emphasis on integrating AI
with human ingenuity.
Industry
5.0 Market Regional Synopsis:
The North American market is expected to grow at the maximum
rate during the forecast period. The region benefits from a robust ecosystem of
technology companies, research institutions, and innovative startups, which
fosters an environment conducive to rapid technological advancements.
Europe is also leading the way in the adoption of industry
5.0 because of the regulatory support and investment in smart manufacturing
practices that emphasize sustainability and human-centric production methods.
The Asia Pacific market is expected to dominate the global
market due to the government initiatives like “Made in India” and “Made in
China,” which aim to establish these countries as global manufacturing hubs.
This region is particularly well-suited for implementing Industry 5.0
technologies because of its robust industrial foundation in sectors such as
such as consumer goods, electronics, and automotive.
The market in Latin America is developing due to region’s
increasing efforts to improve manufacturing efficiency and reduce costs through
modernized practices.
The market in the Middle East & Africa region is expected to grow at a slower rate. This regional market is growing due to the need to enhance manufacturing competitiveness and reduce production costs.
Industry
5.0 Market Key Challenges:
As Industry 5.0 relies heavily on interconnected ecosystems
and data exchange among several devices, ensuring robust cybersecurity is a top
priority. Protecting sensitive data while adhering to changing IT standards
often becomes challenging for organizations. The increase in connectivity
brings up concerns about potential vulnerabilities that are likely to be
exploited by malicious users, necessitating implementation of comprehensive
security measures.
The absence of a skilled workforce is one of the major obstacles
in this industry. This barrier poses challenges in integration, implementation,
and talent acquisition due to their knowledge and skill gaps in complex
technologies and their cultural resistance to change. Additionally, despite the
growing popularity of digitalization, many organizations are not fully aware of
the capabilities of various technologies because of their complex structure and
lack of process understanding.
Industry
5.0 Market Competitive Landscape:
The global market for Industry 5.0 is characterized by a
competitive environment that includes a mix of established players and emerging
companies, all vying for market share in this rapidly growing industry.
Companies are utilizing different strategies, such as
product launches, collaborations, acquisitions, and expansion to enhance their
product offerings and maintain a competitive edge. For instance, in October
2023, Rockwell Automation, Inc. acquired Clearpath Robotics Inc. and its
industrial offering OTTO Motors to enhance Rockwell's capabilities in
autonomous robotics for industrial applications.
Industry
5.0 Key Players:
·
ABB Ltd.
·
Emerson Electric Co.
·
Honeywell International Inc.
·
Schneider Electric
·
Stratasys
·
Siemens
·
3D Systems, Inc.
·
Yokogawa Electric Corporation
·
Cisco Systems, Inc.
·
Albrain Inc.
·
Other Key & Niche Players