The Latin America, Middle East and Africa Industry 4.0 Market would witness market growth of 22.8% CAGR during the forecast period (2022-2028).
Many companies are engaging in cutting-edge technology like human-machine interaction, analytics, sophisticated engineering, networking, data, and processing power to improve production efficiency and save costs by reducing production downtime. Companies can estimate and anticipate any problems that could develop with continuing operations with the help of Industry 4.0 technologies. Preventive maintenance is typically performed manually according to schedule or time. But with the development of IoT, preventive maintenance has become much more simplified and automated. Systems are able to predict problems before they occur or determine whether machinery needs to be repaired, which enables firms to address possible problems before they escalate.
In the past, manufacturing companies that wanted to stay competitive had to outsource to low-wage countries. Richer nations are now able to compete again because to technological advancements. As a result, rather than making decisions largely based on wages, companies may now select locations based on technical skills and proximity to market demand.
To expand its economy and entice foreign businesses, the Abu Dhabi Department of Economic Development (ADDED) unveiled a new Smart Manufacturing programme in October 2021. The UAE Ministry of Industry and Advanced Technology's federal "Industry 4.0" project coexists with this new effort. By cooperation with top international tech organizations, the project aims to boost the digital competencies of hundreds of local manufacturers.
By 2031, the UAE wants to expand GDP by $6.8 billion and grow manufacturing all across board by 30%. The Emirate of Abu Dhabi's Smart Manufacturing Project promotes the implementation of cutting-edge manufacturing techniques by offering fresh financing options via the system of commercial banks. This Smart Manufacturing Project seeks to raise new commercial money in order to use cutting-edge technology to make factories in the Emirate more automated, secure, and productive.
The Brazil market dominated the LAMEA Industry 4.0 Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,447.6 million by 2028. The Argentina market is poised to grow at a CAGR of 23.4% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 22.4% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Industry 4.0 Market is Predict 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.
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