Industry 4.0 is considered to be a sort of Industrial revolution. The term “Industrie 4.0”, shortened to I4.0 or simply I4, originated in 2011 in a German government project focused computerization of manufacturing. To make it simple, Industry 4.0 is “it is the idea of smart factories in which machines are augmented with web connectivity and connected to a system that can visualize the entire production chain and make decisions on its own”
Industry 4.0 is built on four principles:
It should be observed that data analytics, IoT, advanced human-machine interfaces, smart sensors, AI and Machine learning form the core of Industry 4.0.
How did we arrive at Industry 4.0?
Industry 4.0 revolution is touted to be distinctly unique in comparison to the previous industrial revolutions. If it needs to be categorised, the following are the previous industrial revolutions:
Industry 1.0: The transition from manual production to machines is considered to be the first industrial revolution.
Industry 2.0: The phase of rapid standardization and industrialization is considered to be the second revolution. It is also known as the ‘Technological’ revolution.
The major component of Industry 4:0 are:
- Augmented reality/ wearables
- 3D printing
- Mobile devices
- Internet of things (IoT) platforms
- Location detection technologies
- Human-machine interfaces
- Data visualization
The industry 4.0 market size was estimated to be USD 71.7 billion in 2019 expected to reach USD 156.6 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 16.9% from 2019 to 2024.
With the expectation of autonomous decision making based on data analytics, it is obvious that industrial Robots and Machine learning is going to be the second-largest market for industry 4.0. As per estimates of marketsandmarkets, the region-wise market size is as follows:
Industry 4.0 principles are expected to be adopted very strongly across the world. Increasing adoption of industrial internet in manufacturing units increased focus on efficiency of machinery and systems, and cost reduction will play a significant role in the growth of the market worldwide. The USA is expected to be a significant contributor to the Industry 4.0 market in North America. As per IOT analytics North America leads the way in Industry 4.0 adoption, as show in the graph below:
Closer to home, the Government of India the government aims for a $5 trillion economy by 2025, of which manufacturing would be $1 trillion. This presents excellent opportunities for the adoption of Industry 4.0 principles. Though India lags in comparison to it global counterparts, the GOI’s intentions and programs like Make in India, Skill India and Digital India will surely help in fueling change.
Griffyn Robotech – A 4.0 Set-up
Griffyn Robotech a company focused on leveraging emerging technology to create smart solutions for the manufacturing industry, focusing on leveraging emerging technology to develop smart manufacturing solutions. Griffyn explores the exciting realm of machine vision and combines it with Artificial intelligence and Machine learning. The result being platforms like:
DEEPSIGHT®: An advanced cosmetic grading machine for mobile phones and tablets.
OPTIVITY®: A machine vision-based quality control machine for gear, crankshaft, and cylinder inspection.
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