Market Overview:
The global Industry 5.0 market size is projected to be worth around USD 658.4 billion by 2030 from USD 131.13 billion in 2022, growing at a CAGR of 18% during the forecast period from 2022 to 2030.
Industry 5.0 is a new manufacturing paradigm that places a premium on human-machine interaction. The rise of the digital industry preceded Industry 5.0 with innovations such as the Industrial Internet of Things or the merging of Artificial Intelligence and Big Data created a new form of technology that can provide firms with data-based knowledge. The objective of this phase of Industry 4.0 has been to reduce human participation as much as possible while prioritizing process automation. To some extent, humans have been forced to compete against robots, with the latter being pushed aside in a variety of situations. The tendency is reversing in Industry 5.0, intending to strike a balance where machine-human interaction can provide the most advantages.
Top Key Players for Industry 5.0 Market:
KUKA AG, ENSAI INGENIERIA S.L., Siemens AG, Rockwell Automation Inc., Schneider Electric, ABB Ltd., IBM Corporation, Microsoft Corporation, Cisco Systems Inc., General Electric Company and Other Major Players.
Market Dynamics and Factors for Industry 5.0 Market:
Drivers:
Extensive Adoption Of Advanced Industrial Robotics
The rise of advanced technologies, such as the industrial internet of things (IIoT) and artificial intelligence, can be attributed to the market's growth, as these are essential for effective data collection, analysis, and feeding the gathered insights into the manufacturing process to create better products. Along with this, the globe is seeing an increase in demand for industrial processes that strike a good balance between automation and human interaction. As the industry 5.0 trend focuses on the collaboration of people and collaborative robots, this is projected to boost market development.
Opportunities:
Predictive Analytics In Supply Chain And Maintenance Presents A Bright Opportunity
Predictive maintenance is a new method to reduce maintenance downtown and improve production performance. It refers to predictive maintenance, as opposed to the current preventative maintenance. Smart sensors, IoT devices, and bespoke software aid in the early detection and prediction of potential faults. Only the machines that are most prone to break down will be halted for maintenance. Sustainability. Manufacturing in Industry 5.0 promises to use resources effectively and adapt to the present requirement. Flexible business models are the result of human-machine collaboration.
Segmentation Analysis of the Industry 5.0 Market:
By Technology, the Industrial Robotics segment is expected to be dominating the Industry 5.0 market during the forecasted period. COVID-19 has a significant influence on 2020 globally, but it also provides an opportunity for modernization and digitization of industry on the road to recovery.
By End-User Vertical, the Manufacturing segment is expected to dominate in the Industry 5.0 Market. The manufacturing sector is the most potential area to implement industry 5.0 elements. To boost efficiency and reduce resources wastage, manufacturing plant management is one of the essential factors which got solved by elements from industry 5.0, such as industrial robotics, machine sensors, high-performance software, Integration of AI, ML, and Digital Twin.
By Technology
- Industrial Robotics
- Cyber Security
- Internet of Things (IoT)
- 3D Printing
- Advanced Human-Machine Interface (HMI)
- Big Data
- Augmented Reality & Virtual Reality
- Cloud Computing
- Cognitive Computing
- Others
By End-Use Vertical
- Manufacturing
- Supply Chain Management
- Automotive
- Healthcare
- Electrical & Electronics Equipment
- Others
Regional Analysis of the Industry 5.0 Market:
The Asia Pacific is dominating the Industry 5.0 market and excels during the forecasted period. The majority of the share in the market is held by China with the largest industrial robotics installation in the last five years. The development of robot density in China is the most dynamic in the world: the density rate increased from 49 units in 2015 to 246 units in 2020, owing to a considerable increase in robot installations. China's robot density is now ranked 9th in the world, up from 25th just five years ago. The Republic of Korea has a maximum robot density that is seven times higher than the world average (932 units per 10,000 workers).
Key Industry Development:
August 2021, Bengaluru-based technology trendsetter Knowledge Lens announces the launch of UnifyTwin, the first Industry 5.0 solution that unifies machine and human intelligence to eliminate digital blind spots for smarter manufacturing operations.
March 2020, Nexus Integra debuted its new Machine Learning software for advanced factories, the app will handle many algorithms and come with detailed reports, templates with use cases, and automated learning to help users make the best business decisions possible by analyzing historical patterns and real-time data.
