Industry 4.0 to boost production efficiencies

Industry 4.0 technologies will be critical to driving business efficiencies in the next three to four years, said research firm, Frost & Sullivan. Industry 4.0 is the digital transformation of manufacturing/production and related industries and their value creation processes.
The growing need for intelligent test equipment in end-user verticals such as food and beverage (F&B) presents tremendous potential for Industry 4.0, said the firm. The complexity involved in creating products drives demand for predictive and proactive maintenance of machines used in mechanical testing. Traditional inspection and test mechanisms can no longer inspect and test such intricate products, data showed.
Sujan Sami, research manager at Frost & Sullivan, said test and measurement enterprises could use artificial intelligence (AI)-based analytics to model solutions. The technology can help make intelligent decisions, intensify human innovations, optimise costs, perfect operations that involve high precision, and perform many more tasks.
Simulation and immersive visualisation technologies will also play a vital role in achieving immersive human-machine interaction in the industrial environment. In addition, the new solutions can help achieve safety and production optimisation in a factory environment.
"Going forward, prominent Industry 4.0 technologies impacting the mechanical test equipment market are sensors and Internet of Things (IoT), cloud, analytics, and visualisation,” Sami said.
Primarily driven by the rise and prevalence of supporting technologies, the global Industry 4.0 in the mechanical test market is likely to experience a nearly two-and-a-half-fold growth. Data shows the market can reach US$257.9 million by 2024 from $109.9 million in 2019, up at an "impressive" compound annual growth rate (CAGR) of 18.6%. Additionally, the firm’s findings reveal that the COVID-19-triggered disruptions to businesses and the economy have also compelled companies to adopt Industry 4.0 technologies because their deployment ensures business efficiencies. (Image from F&S)

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