North America Industry 4.0 Market Size, Share & Industry Trends Analysis Report By Technology (Industrial Sensors, Machine Vision, Industrial Robots, HMI, Blockchain, Industrial 3D Printing, AI in Manufacturing, Digital Twin, Machine Condition Monitoring, and Automated Guided Vehicles), By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Industry 4.0 Market would witness market growth of 19.6% CAGR during the forecast period (2022-2028).
Businesses have been "digitizing" their plants for years by implementing distributed as well as supervised control systems, as well as, in certain cases, cutting-edge process controls. While this has substantially enhanced visualizations for operators, the majority of businesses with large amounts of assets really haven't maintained with the most recent developments in analytics and AI-powered decision-support systems.
Operators continue to rely on their prior knowledge, gut instinct, and discretion. For instance, today's smaller teams of control-room operators are required to manually examine a variety of signals on a variety of screens and make adjustments as necessary. They must simultaneously troubleshoot, conduct tests, and conduct trials, to mention a few duties that exceed the boundaries of their human capacity. Because of this, several operators prioritize urgent tasks that do not necessarily offer value and take shortcuts.
The American automobile industry makes up the majority of the market for industrial robots, but other sectors are now implementing automation in their manufacturing processes. Industrial robot manufacturers in the United States are not as large as those in other countries. Like Mexico and the US, Canada is a significant auto-producing nation. In 2016 and 2017, there was an increase in foreign investment in the automotive sector as major automakers announced plans to contribute in expanding or modernizing current processes in Canada. These initiatives are creating more growth opportunities for the market players across this region in the coming years.
The US market dominated the North America Automated Guided Vehicles Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.1 billion by 2028. The Canada market is experiencing a CAGR of 22.2% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 21.2% during (2022 - 2028).
Based on Technology, the market is segmented into Industrial Sensors, Machine Vision, Industrial Robots, HMI, Blockchain, Industrial 3D Printing, AI in Manufacturing, Digital Twin, Machine Condition Monitoring, and Automated Guided Vehicles. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Industry 4.0 Market is Estimated to reach $195.8 Billion by 2028, at a CAGR of 19.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Advantech Co., Ltd., Basler AG, Cisco Systems, Inc., Cognex Corporation, Daifuku Co., Limited, Emerson Electric Co., General Electric (GE) Co., Honeywell International, Inc., and IBM Corporation.
Scope of the Study
Market Segments Covered in the Report:
- Industrial Sensors
- Machine Vision
- Industrial Robots
- Industrial 3D Printing
- AI in Manufacturing
- Digital Twin
- Machine Condition Monitoring
- Automated Guided Vehicles
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- ABB Group
- Advantech Co., Ltd.
- Basler AG
- Cisco Systems, Inc.
- Cognex Corporation
- Daifuku Co., Limited
- Emerson Electric Co.
- General Electric (GE) Co.
- Honeywell International, Inc.
- IBM Corporation
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