Industry 5.0 Market Expand $557.28 Billion By 2032, CAGR: 30.9%

Industry 5.0 Market Size Worth $557.28 Billion By 2032 | CAGR: 30.9%

The global Industry 5.0 market size is expected to reach USD 557.28 billion by 2032, according to a new study by Polaris Market Research. The report “Industry 5.0 Market Share, Size, Trends, Industry Analysis Report, By Technology (AI in Manufacturing, Digital Twin, Industrial Sensors, AR/VR, Industrial 3D Printing, Robots); By Industry; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growth is propelled by the increasing prevalence of advanced technologies, particularly the Industrial Internet of Things (IIoT) and artificial intelligence. These technologies are essential for efficient data collection, analysis, and integration of gathered insights into the manufacturing process, leading to the creation of enhanced products and driving business success in the era of Industry 5.0. As an example, it is anticipated that there will be over 30 billion connected devices worldwide by 2025.

The swift digitization of industries is expected to drive market growth. The industrial sector is undergoing rapid transformation through digitalization. As a result, the manufacturing sector is swiftly adopting new technologies to enhance various aspects of the production process, including data analytics and factory automation.

Industry 5.0 aims to transform the manufacturing sector by emphasizing product personalization and customization through various software levels and the capabilities of 3D digital product production. An example of this is additive manufacturing, which enables the creation of intricate and unique products with extensive degrees of personalization. This allows businesses to produce goods that precisely align with the distinctive requirements and preferences of their clients.

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Industry 5.0 encompasses the collaboration between humans and robots or machines, aiming to integrate people with cooperative robots to reintroduce a human touch in development and production. The overarching goals include achieving sustainability and enhanced resilience. Additionally, businesses can enhance the efficiency of intelligent automation and create smoother interactions between people and machines by incorporating collaborative robots and immersive technologies like virtual reality (VR).

Industry 5.0 Market Report Highlights

  • The automotive sector is projected to play a substantial role in the Industry 5.0 market share in 2023. This segment is anticipated to experience rapid growth in the coming years, influenced by the principles of Industry 5.0. The advent of Industry 5.0 signifies a significant shift in manufacturing processes, emphasizing collaborative work between machines and knowledge workers.
  • In the forecast period, the digital twin segment is expected to dominate in the Industry 5.0 market. Digital twin technology, entailing the generation of virtual replicas for physical objects or systems, has garnered considerable attention for its transformative influence across diverse industries.
  • The North American region held a leading position in the global market, securing the largest market share in 2023. In North America, this shift in paradigm is supported by several factors, including a strong ecosystem comprising innovative startups, technology firms, and research institutions. Additionally, well-established infrastructure and a skilled workforce contribute to the region's prominence in this regard.
  • The global key market players include 3D Systems, ABB, Emerson Electric Co., Honeywell International Inc., Piher Sensing Systems, Rockwell Automation, Siemens, and Stratasys.

Polaris Market Research has segmented the Industry 5.0 market report based on industry, technology, and region:

Industry 5.0, Industry Outlook (Revenue - USD Billion, 2019 - 2032)

  • Semiconductor & Electronics
  • Oil & Gas
  • Aerospace
  • Chemicals
  • Metals & Mining
  • Food & Beverage
  • Automotive
  • Medical
  • Energy
  • Others

Industry 5.0, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

  • AI in Manufacturing
  • Digital Twin
  • Industrial Sensors
  • AR/VR
  • Industrial 3D Printing
  • Robots

Industry 5.0, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of MEA