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Industry 5.0 Market to Reach $637.4 Billion, Globally, by 2032 at 17.3% CAGR: Allied Market Research

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The industry 5.0 market is projected to experience significant growth due to increase in use of collaborative robots, surge in demand for manufacturing industry, and growing availability of cost and energy-efficient robots.

WILMINGTON, Del., March 6, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Industry 5.0 Market by Technology (Robotics, Internet of Things (IoT), Automation, Augmented Reality and Virtual Reality, Cloud Computing, Big Data, and Others) and End-Use Vertical (Manufacturing, Healthcare, Telecommunication, Automotive, Semiconductor, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global industry 5.0 market was valued at $129.1 billion in 2022, and is projected to reach $637.4 billion by 2032, registering a CAGR of 17.3% from 2023 to 2032.

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(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)

250– Pages129 – Table52 – Charts

Prime Determinants of Growth

The Industry 5.0 market is expected for significant expansion, driven by increase in adoption of collaborative robots, surge in demand within the manufacturing sector, and rise in availability of cost-effective and energy-efficient robotic solutions. Furthermore, the integration of predictive analytics in supply chain and maintenance operations, coupled with rise in prevalence of automation technologies, is anticipated to present lucrative avenues for market growth during the forecast period. However, challenges such as elevated installation costs and apprehensions surrounding data privacy and regulatory compliance serve as constraints to the overall expansion of the Industry 5.0 market.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size In 2022

$129.1 Billion

Market Size In 2032

$637.4 Billion

CAGR

17.3 %

No. Of Pages in Report

250

Segments Covered

Technology, End-Use Vertical, And Region.

Drivers

Increase In Use Of Collaborative Robots

Surge In Demand For Manufacturing Industry

Growing Availability Of Cost And Energy-Efficient Robots

Opportunities

Utilization Of Predictive Analytics In Supply Chain And Maintenance

Increase In Use Of Automation Technologies

Restraints

High Installation Cost

Concerns Over Data Privacy And Regulations

 

The Robotics Segment to Maintain its Leadership Status during the Forecast Period

By technology, the robotics segment held the highest market share in 2022, accounting for nearly one-fourth of the global industry 5.0 market revenue, and is estimated to maintain its leadership status during the forecast period, as it is expected to fulfill the growing demand for automation and automotive application around the globe.

The Manufacturing Segment to Maintain its Leadership Status during the forecast period

By end-use vertical, the manufacturing segment held the highest market share in 2022, accounting for one-third of the global industry 5.0 market revenue and is estimated to maintain its leadership status during the forecast period. In addition, the automotive segment is projected to attain the highest CAGR of 18.9% from 2023 to 2032 owing to increase in installation of collaborative robots and service robots in the automotive manufacturing units globally.

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Asia-Pacific to Maintain its Dominance by 2032

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting for more than one-fifth of the global industry 5.0 market revenue. Asia-Pacific is expected to witness the fastest CAGR of 18.0% from 2023 to 2032, owing to continuous expansion of telecommunication networks, particularly the deployment of 5G technology in smart warehouses, buildings and other applications during the forecast period. 

Leading Market Players: –

ABBKuka AG.Universal Robots A/SNexus IntegraSiemens A.G.Rockwell Automation, Inc.Schneider ElectricCisco Systems, Inc.FANUC CORPORATIONYaskawa Electric Corp

The report provides a detailed analysis of these key players of the global industry 5.0 market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders:

As per the industry 5.0 market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industry 5.0 market analysis from 2022 to 2032 to identify the prevailing industry 5.0 market opportunities.The industry 5.0 Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the industry 5.0 market segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global industry 5.0 market trends, key players, market segments, application areas, and industry 5.0 Market growth strategies.

Industry 5.0 Key Segments:

By End-Use Vertical

ManufacturingHealthcareTelecommunicationAutomotiveSemiconductorOthers

By Technology

RoboticsInternet of Things (IoT)AutomationAugmented Reality and Virtual RealityCloud ComputingBig DataOthers

By Region

North America (U.S., Canada, Mexico)Europe (Germany, UK, France, Spain, Italy, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)

Procure Complete Report (250 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/industry-5-0-market/checkout-final/

Trending Reports in Semiconductor and Electronics Industry: 

Mobile Robotics Market was valued at $9,340 million in 2018, and is projected to reach $39,585 million by 2026, registering a CAGR of 21.5% from 2019 to 2026 

Mobile Logistics Robot Market was valued at $2,420.7 million in 2017, and is projected to reach $11,269.1 million by 2025, registering a CAGR of 21.2% from 2018 to 2025

Robotic Sensors Market  was valued at $1.8 billion in 2021, and is projected to reach $4.9 billion by 2031, growing at a CAGR of 10.78% from 2022 to 2031

Factory Automation Market generated $242.5 billion in 2021, and is anticipated to generate $558.8 billion by 2031, witnessing a CAGR of 8.7% from 2022 to 2031

Building Automation and Control Market size was valued at $101.91 billion in 2019, and is expected to reach $215.59 billion by 2027 growing at a CAGR of 11.10% from 2020 to 2027

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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BASX Hosts Ribbon-Cutting Ceremony for New State-of-the-Art Weld Shop

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REDMOND, Ore., Sept. 19, 2024 /PRNewswire/ — BASX (“BASX” or the “Company”), a leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, and custom HVAC systems, is proud to announce the official ribbon-cutting ceremony for its newly completed 36,000-square-foot weld shop. The Redmond Chamber of Commerce performed the ribbon cutting on September 18th, 2024, at BASX headquarters.

The weld shop will create significant job opportunities in the Central Oregon region, with the capacity to fill an additional 30 welding positions. Positions range from entry-level to experienced roles, with professional opportunities in various growing departments within the Company.

“This new facility is a major investment not just in our company, but in the future of Central Oregon,” said Dave Benson, AAON VP and BASX President. “We can now deliver even higher levels of quality and efficiency while providing more job opportunities for the community. We’re proud to support local manufacturing growth and look forward to seeing the impact this expansion will have on both BASX and the region.”

The new shop marks a major expansion in the Company’s production capabilities, introducing state-of-the-art welding technology within a climate-controlled environment. Equipped with advanced air filtration systems, including an AAON make-up air unit and multiple air scrubbers, the shop ensures exceptional air quality for its workers. The space also features two 5-ton overhead cranes and six ½-ton cantilever jib cranes, allowing for efficient movement of materials across the facility.

A key highlight of the facility is its cutting-edge tube laser, capable of precision cutting and profiling round and square tubes, as well as C-channel and I-beam profiles up to 27 feet in length. Additionally, a 75-foot-long dual-zone robotic welding cell is scheduled to be installed and operational in early 2025, enabling the welding of large subassemblies up to 10 tons.

The shop’s innovative capabilities will support the Company’s growth and solidify its position for ongoing expansion. In addition to the 30 new welding jobs, BASX is actively hiring across various departments to support its continued success. To learn more about available positions and apply, visit the BASX careers page at www.basxsolutions.com/careers.

About BASX
Founded in 2014 in Central Oregon, BASX is an industry leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems, and modular solutions. Acquired by AAON in 2021, BASX continues to focus on quality, innovation, and state-of-the-art technology. The Company is proud to display the Made-in-America emblem on all its products. For more information, please visit www.basx.com.

Contact Information
Christina Lattanzio
Marketing Manager
(918) 508-9272
Email: Marketing@basx.com

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SOURCE AAON

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NASA Sets Coverage for Astronaut Tracy C. Dyson, Crewmates Return

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WASHINGTON, Sept. 19, 2024 /PRNewswire/ — NASA astronaut Tracy C. Dyson, accompanied by Roscosmos cosmonauts Nikolai Chub and Oleg Kononenko, will depart from the International Space Station aboard the Soyuz MS-25 spacecraft, and return to Earth.

Dyson, Chub, and Kononenko will undock from the orbiting laboratory’s Prichal module at 4:37 a.m. EDT Monday, Sept. 23, heading for a parachute-assisted landing at 8 a.m. (5 p.m. Kazakhstan time) on the steppe of Kazakhstan, southeast of the town of Dzhezkazgan.

NASA’s live coverage of return and related activities will stream on NASA+ and the agency’s website. Learn how to stream NASA content through a variety of platforms, including social media.

A change of command ceremony also will stream on NASA platforms at 10:15 a.m. Sunday, Sept. 22. Kononenko will hand over station command to NASA astronaut Suni Williams for Expedition 72, which begins at the time of undocking.

Spanning 184 days in space, Dyson’s mission includes covering 2,944 orbits of the Earth and a journey of 78 million miles. The Soyuz MS-25 spacecraft launched March 23, and arrived at the station March 25, with Dyson, Roscosmos cosmonaut Oleg Novitskiy, and spaceflight participant Marina Vasilevskaya of Belarus. Novitskiy and Vasilevskaya were aboard the station for 12 days before returning home with NASA astronaut Loral O’Hara on April 6.

Kononenko and Chub, who launched with O’Hara to the station on the Soyuz MS-24 spacecraft last September, will return after 374 days in space and a trip of 158.6 million miles, spanning 5,984 orbits.

Dyson spent her fourth spaceflight aboard the station as an Expedition 70 and 71 flight engineer, and departs with Kononenko, completing his fifth flight into space and accruing an all-time record 1,111 days in orbit, and Chub, who completed his first spaceflight.

After returning to Earth, the three crew members will fly on a helicopter from the landing site to the recovery staging city of Karaganda, Kazakhstan. Dyson will board a NASA plane and return to Houston, while Kononenko and Chub will depart for a training base in Star City, Russia.

NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):

Sunday, Sept. 22
10:15 a.m. – Expedition 71/72 change of command ceremony begins on NASA+ and the agency’s website.

Monday, Sept. 23
12:45 a.m. – Hatch closing coverage begins on NASA+ and the agency’s website.

1:05 a.m. – Hatch closing

4 a.m. – Undocking coverage begins on NASA+ and the agency’s website.

4:37 a.m. – Undocking

6:45 a.m. – Coverage begins for deorbit burn, entry, and landing on NASA+ and the agency’s website.

7:05 a.m. – Deorbit burn

8 a.m. – Landing

For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge, and making research breakthroughs that are not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust low Earth orbit economy, NASA is focusing more resources on deep space missions to the Moon as part of Artemis in preparation for future human missions to Mars.

Learn more about International Space Station research and operations at:

https://www.nasa.gov/station

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SOURCE NASA

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Global claims guidance leader EvolutionIQ joins as CALI’s inaugural Life Partner

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — US-based EvolutionIQ, a global leader in claims guidance technology, has signed on as the Council of Australian Life Insurers (CALI)’s first Life Partner as part of its corporate partner program.

The CALI Partner Program is designed to foster collaboration and create a connected ecosystem of industry experts.

CALI Life Partners share the industry’s mission to make life insurance accessible, understandable and trusted. They are companies that support Australian life insurers to help Australians and their families have peace of mind about their future so they can live in the most healthy, confident and secure way.

“We are pleased to welcome EvolutionIQ as CALI’s inaugural Life Partner. The CALI Partner Program plays an important role in connecting our members to the latest innovators, like EvolutionIQ, that can move their businesses forward,” said CALI CEO Christine Cupitt.

“We want to work closely with each of our partners to strengthen and support the life insurance industry to deliver better customer experiences for millions of Australians on their best and worst days.”

Headquartered in New York, EvolutionIQ has expanded significantly since 2019. Its clients include major insurance carriers such as Sun Life, Reliance Matrix and Principal Financial. Their AI-powered software makes insurance claims processes more personalised, fair and cost-effective so that more people can recover faster and return to work.

“We are committed to supporting the Australian life insurance ecosystem and being a CALI Life Partner enables us to specialise our products to meet the dynamic needs of the Australian markets,” said EvolutionIQ’s Co-CEO, Mike Saltzman.

“Our partnership with CALI means we can contribute to and shape customer experiences in Australia, and ultimately help more people return to health and a livelihood sooner.”

About EvolutionIQ
EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 185 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

About CALI
We support Australians to make informed choices about their future and help them live in a healthy, confident and secure way over their lifetime.

Our members’ products and services give people peace of mind when making important decisions and provide a financial safety net during life’s biggest challenges.

We advocate for national policy settings that expand Australians’ access to the life insurance protection that suits them when they need it most.

CALI represents all life insurers and reinsurers in Australia. The Australian life insurance industry is today a $26.4billion industry, employing thousands of Australians and paying billions of dollars of benefits each year.

To view CALI’s corporate partners visit www.cali.org.au/about-us/#our-partners

For more information, visit www.cali.org.au

Media Contact
Jason Kapler
Vice President of Marketing
EvolutionIQ
(917) 740-5608
Press@evolutioniq.com

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SOURCE EvolutionIQ

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