Industry 5.0 Market

Industry 5.0 Market Size, Share, Growth Analysis, By Technology(Digital Twin Industrial 3D Printing, AI In Manufacturing, Robotics, Industrial sensors), By Sustainability(Waste-to-energy conversion, Recycled materials, Bio-based materials), By Industry(Discrete Industries, Process industries), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45D2103 | Region: Global | Published Date: October, 2024
Pages: 199 | Tables: 137 | Figures: 77

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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FAQs

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).

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. '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)'

Growing Demand for Human-Machine Collaboration

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.

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.

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Industry 5.0 Market

Report ID: SQMIG45D2103

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