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Industry 5.0 Market Size

Report ID: GMI8756
Published Date: Mar 2024
Report Format: PDF

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Industry 5.0 Market Size

Industry 5.0 Market was valued at over USD 51.5 billion in 2023 and is anticipated to grow at a CAGR of over 31.5% between 2024 and 2032. Industry 5.0 promotes flexible and adaptable manufacturing systems that can quickly respond to changing market demands, product variations, and customization requirements. Collaborative robots, digital twins, and agile production processes enable rapid reconfiguration and retooling of production lines, facilitating faster time-to-market and increased responsiveness to customer needs.

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For instance, in May 2023, ABB Beijing celebrated a new milestone with the official opening of an automated flexible miniature circuit breaker (MCB) production line. The factory has integrated advanced principles within the concept of Industry 5.0. The new enhanced manufacturing capabilities are projected to increase the production, availability, and quality of MCBs for ABB’s extensive customer network.

With the proliferation of IoT devices and sensors in the manufacturing field, Industry 5.0 ensures the collection of vast amounts of real-time data from production systems. Analyzing this data using AI and machine learning algorithms enables companies to gain insights into production performance, identify bottlenecks, and make data-driven decisions to optimize productivity and resource utilization.

Industry 5.0 Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industry 5.0 Market Size in 2023:	USD 51.5 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	31.5%
2032 Value Projection:	USD 600 Billion
Historical Data for:	2018 - 2022
No. of Pages:	220
Tables, Charts & Figures:	250
Segments covered:	Technology, organization size, end-use industry
Growth Drivers:	Rising focus towards high productivity and efficiency Growing concern of improved quality and accuracy Rising trend towards flexibility and adaptability Integration with AI and ML Rising demand for customization and personalization
Pitfalls & Challenges:	Technological Complexity Data Security and Privacy Concerns

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Implementing Industry 5.0 solutions involves integrating multiple advanced technologies such as artificial intelligence, robotics, and Internet of Things (IoT). Managing the complexity of these technologies, ensuring proper interoperability, and overcoming integration challenges can be a complex task for organizations, particularly smaller manufacturers with limited resources and expertise.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for industry 5.0 crossed USD 51.5 billion in 2023 and is expected to register over 31.5% CAGR from 2024-2032 owing to the proliferation of IoT devices and sensors in the manufacturing field worldwide.

Industry 5.0 market from the digital twin segment is expected to register over 34% CAGR from 2024-2032 due to its ability to bridge the gap between the physical and digital worlds, enable predictive and proactive decision-making, and optimize production processes.

Asia Pacific market is expected to register over 32% CAGR from 2024-2032 due to businesses in the region continuing to prioritize agility, flexibility, and technological advancement to stay competitive in the global landscape.

Honeywell International Inc., Stratasys, ABB Ltd., Rockwell Automation, 3D System, Ericsson Electric Co, and Nexus Integra, are some of the major industry 5.0 companies worldwide.