The increasing adoption of the industrial Internet and increased focus on efficiency and cost of production are the major drivers for the Industry 4.0 market.
Growing demand for vehicles, especially from developing countries, has encouraged automotive manufacturers and OEMs to opt for automation to increase production volume and meet market demand. This has contributed to the high demand for industrial robotics systems from this vertical. In April 2017, Tesla received a huge shipment of robots for its production line at its Fremont factory, Kuka AG (Germany).
Industrial robotics forms an important part of implementing Industry 4.0, as they improve productivity, reduce chances of human errors, and increase the production volume.
Industrial equipment manufacturing comprises the production of various kinds of machinery used in defense, construction, or manufacturing applications. Some important processes for manufacturing these devices are stamping, bending, forming, and machining, which required to shape the individual pieces of metals.
The Industry 4.0 market is expected to reach USD 152.31 Billion by 2022, at a CAGR of 14.72% between 2017 and 2022.
The major players in the Industry 4.0 market are General Electric Company (US), International Business Machines Corporation (US), Cisco Systems (US), Microsoft Corporation (US), Stratasys Ltd. (US), Alphabet Inc. (US), ABB Ltd. (Switzerland), Mitsubishi Electric Corporation (Japan), Intel Corporation (US), Hewlett-Packard Enterprise Company (US), Siemens AG (Germany), Qualcomm Inc. (US), Samsung Electronics Co. Ltd. (South Korea), Texas Instruments Inc. (US), Rockwell Automation Inc. (US), 3D Systems Corporation (US), Cognex Corporation (US), Basler AG (Germany), and Denso Group (Japan).