PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1442279
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1442279
The global Industry 5.0 market was valued at USD 65.8 billion in 2024 and is estimated to reach USD 255.7 billion by 2029, registering a CAGR of 31.2% during the forecast period. Implementing Industry 5.0 principles enables different industries to leverage cutting-edge technologies such as artificial intelligence, the Internet of Things, advanced robotics, and big data analytics to optimize operations, improve product quality, and create new business models. Additionally, Industry 5.0 promotes collaboration and partnership among industry players, developing ecosystems and value networks that drive innovation and growth.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Technology, Sustainability, Industry and Region |
Regions covered | North America, Europe, APAC, RoW |
"AI in manufacturing technology is expected to grow at a significant CAGR during the forecast period."
AI offers numerous advantages in the manufacturing process, revolutionizing traditional methods by introducing unprecedented levels of efficiency, precision, and adaptability. Through machine learning algorithms and predictive analytics, AI enables predictive maintenance, allowing manufacturers to anticipate equipment failures before they occur, thereby reducing downtime and optimizing production schedules. AI-driven automation streamlines repetitive tasks, increasing productivity and freeing up human resources for more complex and creative endeavors. Quality control benefits from AI's ability to detect defects with unmatched accuracy, ensuring that only flawless products reach the market. Furthermore, AI enhances supply chain management by optimizing inventory levels and forecasting demand, leading to cost savings and improved customer satisfaction. Overall, AI empowers manufacturers to achieve higher levels of efficiency, flexibility, and competitiveness in an increasingly dynamic and data-driven industry landscape.
"Energy & Power segment is projected to contribute significant share in the industry 5.0 market."
By integrating advanced digital technologies such as AI, IoT, and big data analytics, energy and power companies can optimize their operations in real time, enhancing grid management, asset performance, and energy distribution. Predictive maintenance enabled by Industry 5.0 technologies minimizes downtime and extends the lifespan of critical infrastructure, ensuring a reliable energy supply while reducing maintenance costs and environmental impact. Moreover, smart grid systems empowered by Industry 5.0 facilitate the integration of renewable energy sources and demand response programs, promoting sustainability and energy conservation. AI-driven predictive analytics improves energy forecasting accuracy, enabling more effective resource allocation and grid balancing.
"North America to dominate industry 5.0 market."
In recent years, North America has witnessed several transformative initiatives aligned with the principles of Industry 5.0. Notable efforts include promoting automated manufacturing practices through initiatives like the National Institute of Standards and Technology's innovation programs related to manufacturing. Additionally, industry-academia collaborations, exemplified by partnerships between research institutions such as MIT and Stanford University with industry players, drive innovation in advanced technologies like artificial intelligence and robotics. Many manufacturing companies across North America have embarked on digital transformation journeys, embracing technologies such as cloud computing, big data analytics, and IoT sensors to optimize operations and enhance competitiveness. Moreover, regions like Silicon Valley, the Research Triangle Park, and the Greater Toronto Area have established themselves as advanced manufacturing hubs, fostering collaboration and innovation in the sector. These initiatives collectively embody the essence of Industry 5.0, integrating digital technologies with traditional manufacturing to drive efficiency, innovation, and competitiveness in North America's industrial landscape.
In-depth interviews have been conducted with chief executive officers (CEOs), Directors, and other executives from various key organizations operating in the industry 5.0 market place.
ABB (Switzerland), Honeywell International Inc (US), 3D Systems (US), Rockwell Automation (US), Siemens (Germany ), and Emerson Electric Co (US), among others, are some of the key players in the industry 5.0 market.
The study includes an in-depth competitive analysis of these key players in the industry 5.0 market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the Industry 5.0 market by offering, deployment, technology, application, end-use industries, and region (North America, Europe, Asia Pacific, and RoW). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the industry 5.0 market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements. New product and service launches, acquisitions, and recent developments associated with the industry 5.0 market. Competitive analysis of upcoming startups in the industry 5.0 market ecosystem is covered in this report.
Reasons to buy this report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall industry 5.0 market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.