How Are Automation Components and Industry 4.0 Tools Boosting the Growth of the Manufacturing Sector?
The growing penetration of Internet services and the advent of advanced digital technologies have led to a new Industrial Revolution, called IR 4.0. This period is characterized by rapid technological development, transforming how companies operate and make long-term business decisions. In the case of the manufacturing sector, Industry 4.0 refers to the integration of smart technologies into various production processes to enhance the overall efficiency and productivity of the firm. Naturally, the demand for automation components and systems has increased significantly in the last few years due to a rise in adoption of new manufacturing techniques. Increased Preference for Automation Systems Creating New Investment Opportunities Recently, Allied Market Research published a report on the automation components market , which highlights that the industry accounted for $116.7 billion in 2021. The sector is expected to gather a revenue of $296.8 billion by 2031, ri...