USD 40.01 Billion
Industry 5.0 Market Size, Share, Growth Analysis, By Sustainability(Waste-to-Energy Conversion, Recycled Material, Bio-based Material), Technology(Digital Twin, Industrial 3d Printing, Robotics, Industrial Sensors, AR&VR, 5G Industrial IOT), Industry, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2103 |
Region:
Global |
Published Date: June, 2024
Pages:
199
|Tables:
0
|Figures:
0
Industry 5.0 Market Insights
Global Industry 5.0 Market size was valued at USD 40.01 Billion in 2022 and is poised to grow from USD 52.61 Billion in 2023 to USD 470.43 Billion by 2031, growing at a CAGR of 31.5% during the forecast period (2024-2031).
Industry 5.0 refers to the idea of machines and humans working alongside each other harmoniously to enhance productivity and efficiency. Industry 5.0 promotes the use of advanced technologies such as artificial intelligence, smart robots, etc. To usher in a new era of productivity in industrial operations. Rapid adoption of automation and advancements in collaborative technologies are forecasted to be the primary factors driving Industry 5.0 demand over the coming years. Advancements in artificial intelligence and emphasis on mass customization in industries are also forecasted to create new opportunities for Industry 5.0 companies in the future. On the contrary, complexity in integration, skill gaps, high costs, and cybersecurity concerns are slated to impede Industry 5.0 market growth potential over the coming years.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Digital Twin
Fastest Growth
Industrial 3D Printing
Growth Rate
31.5%
Global Industry 5.0 Market ($ Bn)
Country Share for North America Region (%)
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Industry 5.0 Market Segmental Analysis
Global Industry 5.0 market can be segmented by sustainability, technology, industry, and region. Based on sustainability, the market can be divided into Waste-to-energy conversion, Recycled materials, Bio-based materials. Based on technology, the market is sub-segmented into Digital Twin Industrial 3D Printing, AI In Manufacturing, Robotics, Industrial sensors, Augmented Reality & Virtual Reality (AR & VR). Based on industry, the market is segmented into Process industries (Energy & power, Oil & gas, Food & beverages, Medical, Chemicals, Metals & mining, Others), Discrete industries (Automotive, Aerospace, Semiconductor & electronics, Others). Based on region the global Industry 5.0 Market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Technology
Digital twin technology is projected to account for a major chunk of the global Industry 5.0 market share. This technology helps in the optimization of processes, workflows, and even systems in the industrial setting. Growing emphasis on improving the adaptability of industrial processes and systems is slated to enhance the market share of this segment. High demand for predictive maintenance is also expected to contribute to the high market share of this segment.
Meanwhile, the demand for industrial 3D printing technologies is projected to rise at a robust pace over the coming years. Growing use of additive manufacturing practices and advancements in 3D printing technologies are also expected to contribute to robust market growth over the coming years.
Analysis by Sustainability
Waste to energy conversion technologies are projected to account for a dominant share of the global Industry 5.0 market. Rising emphasis on sustainability and energy conversion in industrial settings is contributing to the high market share of this segment going forward. Moreover, rising investments in the development of novel waste-to-energy conversion technologies will also create new business opportunities going forward.
On the other hand, the use of recycled materials is projected to increase at a robust pace going forward. Growing emphasis on reducing waste and recycling most products are forecasted to contribute to the global Industry 5.0 market growth over the coming years. Advancements in recycling technology will be elemental in promoting market development via this segment.
Global Industry 5.0 Market By Technology ($ Bn)
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Industry 5.0 Market Regional Insights
Robust technological infrastructure and quick adoption of advanced technologies allows North America to dominate the global Industry 5.0 market. Supportive regulatory framework and the presence of key Industry 5.0 technology providers in this region also helps dominance of North America. The United States and Canada are estimated to be the most opportune markets for Industry 5.0 companies in this region.
Meanwhile, the demand for Industry 5.0 in Asia Pacific is slated to rise at a robust pace over the coming years. Growing adoption of automation in industries of this region is offering lucrative opportunities for Industry 5.0 companies going forward. Moreover, rapid industrialization and digitization are also slated to promote the demand for Industry 5.0 in this region. Japan, China, and India are slated to be the top markets for Industry 5.0 companies operating in the Asia Pacific region.
Global Industry 5.0 Market By Region
- Largest
- Fastest
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Industry 5.0 Market Dynamics
Drivers
- Growing Demand for Human-Machine Collaboration
Industries across the world are moving towards automation and they want to create an environment where humans and machines work together to maximize productivity. Emphasis on improving human-machine collaboration is slated to promote adoption of Industry 5.0 technologies.
- Demand for Mass Customization
Industries are focusing on producing highly personalized products efficiently to meet the rising consumer demand for tailored goods around the world, which is projected to promote adoption of Industry 5.0 technologies.
Restraints
- Complexity in Integration
Integrating Industry 5.0 solutions with existing infrastructure requires substantial investments in terms of capital and resources, and even then it is very complex to handle. This complexity is slated to impede market growth.
- Skill Gaps
Skilled professionals who can manage and deal with Industry 5.0 technologies are not readily available and there is a lot of skill gap among current industry workers. Filling in this skill gap will be essential to unlock the full growth potential of Industry 5.0 companies.
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Industry 5.0 Market Competitive Landscape
The global Industry 5.0 market is highly opportune for companies who focus on innovation. Developing new technologies that solve the current industry problems will pay of big time for Industry 5.0 companies. Launching new technologies and enhancing current ones will be a key focal point for all Industry 5.0 companies in the future.
Top Player’s Company Profiles
- ABB (Switzerland)
- Honeywell International Inc (US)
- Advanced Micro Devices (US)
- 3D Systems (US)
- IBM Corporation (US)
- Rockwell Automation (US)
- Siemens (Germany)
- Emerson Electric Co (US)
- Schneider Electric (France)
- Yokogawa Electric Corporation (Japan)
- Cisco Systems, inc. (US)
- STRATASYS (Israel)
- AlBrain (US)
- Addverb Technologies (India)
- Universal Robots (Denmark)
- Techman Robot (Taiwan)
- Nvidia (US)
- John Bean Technologies Corporation (US)
- Intel (US)
- Daifuku (Japan)
- Cognex Corporation (US)
Recent Developments
- In November 2023, Rockwell announced that it had invested in Momenta’s Industry 5.0 Fund. The USD 100 million fund was created by Momenta, a venture capital firm from Switzerland in partnership with the European Union Commission to support new companies in the Industry 5.0 space. This move will allow Rockwell to have early access to innovative Industry 5.0 technologies.
- Accel, a renowned venture capital firm, announced the names of start-ups that were going to be a part of its accelerator program and focused on Industry 5.0 and AI in March 2024. This is expected to fast-track innovation in the Industry 5.0 space going forward.
- ABB deployed its Industry 5.0 technologies to enhance and automate the production of miniature circuit breakers (MCB) for its facility in Beijing, China, back in May 2023. The ABB LV Installation Materials Co., Ltd. Beijing facility now acts as a showcase for ABB’s expertise in the industry 5.0 business.
Industry 5.0 Key Market Trends
- Incorporation of Ethical Manufacturing: From ethical raw material sourcing to ethical management of human resources to improve society and sustainability, almost all aspects of Industry 5.0 should improve the industry. Companies should design their industry 5.0 technologies to be more ethically responsible towards the environment and society collectively.
Industry 5.0 Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rapidly increasing digitization of the industrial sector and growing use of automation are projected to be key factors promoting the demand for Industry 5.0 over the coming years. However, high initial investments, complexity in integration, and skill gaps are projected to are slated slow down Industry 5.0 market growth across the forecast period and beyond. North America is slated to spearhead the adoption of Industry 5.0 owing to presence of a strong technological infrastructure and high acceptance of automation. Incorporating ethical practices through Industry 5.0 technologies is projected to be a key area of interest for Industry 5.0 companies in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 40.01 Billion |
| Market size value in 2031 | USD 470.43 Billion |
| Growth Rate | 31.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industry 5.0 Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industry 5.0 Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industry 5.0 Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industry 5.0 Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industry 5.0 Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industry 5.0 Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Industry 5.0 Market Report Snapshots
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