Industry 5.0 Market Growth Opportunities by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO , Oct. 25, 2022 /PRNewswire/ -- Industry 5.0 Market by Technology, Device, Application and Geography - Global Forecast to 2027. Industry 5.0 refers to the production model where main objective is to leverage human expertise in collaboration with smart macheneries and robots. It focuses on obtaining resource-efficient and user-preferred industrial manufacturing solutions compared to that of Industry 4.0.
The adoption of Industry 5.0 helps to achieve cost optimization, leveraging greener and environmental friendly solutions, and focus on personalization and creativity areas in the industrial manufacturing sectors. Big Data, internet of things, human-machine interface, cyber security, industrial robots, augmented reality and virtual reality, and 3D printing, are some of the advanced technologies focused under Industry 5.0 ecosystem.
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Surging adoption of industrial robotics and automation across manufacturing sector
Increasing demand for industrial robotics and automated machineries across manufacturing and processing facilities will drive the Industry 5.0 market growth. The industrial robot helps to cut down production costs, achieve economies of scale, and saves timeline in manufacturing facilities. According to World Robotics 2021 report, the annual installations of industrial robots accounted for 435,000 units in 2021 and it is expected to reach 518,000 units by 2024 with a 6% y-o-y growth rate. Also, as of October 2021, over 3 million industrial robots were operating in manufacturing facilities around the world. The increasing deployment of industrial robots will support the Industry 5.0 market growth over the forecast period.
Proliferation of smart factories across the globe will accelerate the Industry 5.0 market growth
With the evolution of Industry 5.0, and rising adoption of noval technologies such as digital twin, machine learning, artificial intelligence, internet of things, etc. across industrial sector has led to increasing demand for smart factories world wide. Favorable government initiatives and investment schemes to support advancements in manufacturing is support the adoption of smart factories. For instance, in December 2021, Ministry of Industry and Information Technology (MIIT), Government of China has released a 5-year plan which targets digitalization of over 500 smart factories across the country by 2025. Such supportive initiatives will fuel the Industry 5.0 market growth over the forecast timeframe.
The study categorizes the Industry 5.0 market based on by End-use and Geography - Global Forecast to 2027.
Industry 5.0 Market, by End-use Vertical
- Manufacturing
- Supply Chain Management
- Automotive
- Healthcare
- Electronics & Foundry
Industry 5.0 Market, By Region
- Introduction
- North America
- Europe
- APAC
- RoW
High cost associated with the adoption of Industry 5.0 solutions by SMEs
The cost of implementing advanced technologies such as edge computing, blockchain, human-machine interface, virtual reality, is on the higher side. This costly investments is not suitable for small and medium-sized enterprises (SMEs) especially when they are engaged into low-volume productions. This may pose a major challenge for the growth of Industry 5.0 market to some extent.
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Key players in the Industry 5.0 market
- ABB
- KUKA,
- Nexus Integra,
- Siemens AG,
- Rockwell Automation Inc.
- Schneider Electric,
- IBM
- Microsoft Corporation
- Cisco Systems, Inc.
Challenges: High maintenance leads to hours of shutdown
- In August 2022, ABB (Switzerland) launched its new smart factory in India which follows Industry 5.0 standards that includes human and cobots collaboration. The launch of new smart factory will enhance the productivity by 40%, and expected to have a test automation ration of around 50%.
- In August 2021, UnifyTwin, Inc. (US) announced the launch of new Industry 5.0 solution which focuses on unifying human and machine intelligence to eliminate the digital blind spots to achieve smart manufacturing operations.
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