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AI Analysts Team
March 21, 2024

2024 Forecast: Top 10 Trends in the Industrial Sector

As we enter 2024, the industrials sector stands on the cusp of transformative change. This article delves into the 10 emerging trends that are reshaping this dynamic landscape. From groundbreaking advancements in automation and AI to revolutionary approaches in sustainability and supply chain management, these trends are not just redefining industry standards but also setting new benchmarks for efficiency, innovation, and environmental responsibility. We will explore how these trends are creating opportunities and challenges, and what they mean for businesses, investors, and policymakers in the industrials sector. The results come through SCOUT, MAPEGY’s Future Intelligence Platform, whose capabilities meticulously discover emerging technologies and decipher its ecosystems with cutting edge AI in 3 simple steps.

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Top 10 Industrials Emerging Trends

Below, the Top 10 Industrials Emerging Trends according to SCOUT, our Future Intelligence platform. The list is sorted by Signals.

1. Digital Transformation

Digital Transformation is a pivotal trend in the industrial sector, as evidenced by its remarkable growth and impact. The global Industry 4.0 market, encompassing digital transformation, is projected to reach $279.75 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 16.3% [source]. This growth is driven by the adoption of advanced technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and big data analytics, enhancing efficiency and decision-making processes in industries. Additionally, industries are focusing on integrating technology to create data-driven customer experiences. Big data analytics plays a critical role in this, offering solutions for data management, integration, administration, and optimization. Major companies like Accenture, Google, Siemens, IBM, and Microsoft are leading the market, continuously innovating and collaborating to enhance digital transformation strategies [source].

2. Machine Learning

Machine Learning (ML) is a significant emerging trend in the industrial sector, driven by the need for data-driven decision-making, automation, and the integration of advanced technologies. The global ML market is expected to expand from USD 36.73 billion in 2022 to USD 419.94 billion by 2030, demonstrating a staggering CAGR of 34.8% [source]. This surge is attributed to the increased adoption of cloud-based platforms, AI-integrated processors, and integrated memory systems. Key industry players, including IBM, SAP, Oracle, Microsoft, and Amazon, are at the forefront, introducing new functionalities and solutions in ML. Significant developments include Acquia's introduction of advanced retail ML models for customer data platforms and Oracle's launch of the Oracle Cloud Data Science Platform, aimed at enhancing data science programs' performance [source]. These initiatives highlight the sector's focus on innovation and the integration of ML in various industries, including advertising, media, healthcare, and BFSI.

3. Big Data

Big Data is a crucial trend in the industrial sector, with its global market predicted to reach USD 1088 billion by 2032, growing at a CAGR of 14.9% from 2024-2032. In the Big Data Analytics market, a similar upward trend is evident, with the market size valued at USD 271.83 billion in 2022 and expected to grow to USD 745.15 billion by 2030 [source]. Key industry players, such as IBM Corporation, SAP SE, Microsoft Corporation, SAS Institute Inc., and Oracle Corporation, are leading the market with strategic acquisitions and collaborations [source]. The expansion in Big Data is primarily due to its diverse applications across various industries, including manufacturing, retail, healthcare, and telecommunication, for customer analytics, fraud detection, compliance, and data warehouse optimization.

4. Additive Manufacturing

Additive Manufacturing (AM), commonly known as 3D printing, is increasingly becoming a significant trend in the industrial sector. The global additive manufacturing market is expected to reach a value of approximately USD 26.79 billion in 2024 and is projected to grow at a high-value CAGR of 21.6% [source]. Significant investments are being made in the defense sector by countries like China, the United States, the United Kingdom, and Russia [source]. The adoption of Industry 4.0 technologies is also leading to precision in electronics production, with 3D printing emerging as a solution to production challenges in the electronic industry. Overall, additive manufacturing is transforming various sectors including aerospace, automotive, healthcare, and defense, offering innovative solutions for complex manufacturing challenges.

5. Industrial Internet

The Industrial Internet market, which encompasses the broader concept of integrating advanced networking functionalities, big data, analytical tools, and wireless networks with physical and industrial equipment, is projected to grow at a CAGR of 10.77%, reaching approximately USD 485.717 billion by 2027, up from USD 237.419 billion in 2020 [source]. This growth is largely driven by the emergence of Industry 4.0 and rapid digitalization, which are enabling organizations across various industries to remotely monitor their assets using big data, leading to the optimization of production processes and reduced downtime. The integration of IoT has significantly boosted automation, allowing machines to make real-time data-based decisions. Key areas of application for the Industrial Internet include manufacturing, aviation, power generation, oil and gas, utilities, and various other sectors.

Key players in the Industrial Internet market include Oracle, General Electric Company, Honeywell, ThetaRay, Schneider Electric, Bosch Rexroth AG, Siemens, FANUC America Corporation, Hewlett Packard Enterprise Development LP, and Avea. These companies are enhancing their market share through various strategic developments, such as partnerships, new product launches, and expansions [source].

6. Industrial Robot

The industrial robotics market is  projected to reach USD 42.59 billion in 2024 and further expand to USD 79.87 billion by 2029, growing at a CAGR of 13.40% during the forecast period (2024-2029) [source]. Asia-Pacific is expected to hold a major market share in the industrial robotics sector, due to the massive electronic and automotive manufacturing industry deployment. The market is being driven by the increasing emphasis on workplace safety, emerging technologies in industrial robots, and the advent of Industry 4.0 driving automation across various industries. Key players in the market include ABB Ltd., Fanuc Corporation, KUKA AG, YASKAWA Electric Corporation, Comau S.p.A., Seiko Epson Corporation, Kawasaki Heavy Industries, Ltd., Mitsubishi Heavy Industries, Ltd., and others [source]. Overall, the industrial robotics market is highly fragmented and competitive, with numerous players participating and contributing to its growth.

7. Carbon Neutrality

Carbon Neutrality is a dominant trend in 2024 for the industrial sector, primarily due to the increasing adoption of carbon pricing mechanisms and a surge in corporate commitments to reduce carbon footprints. The market for carbon neutrality is expected to grow significantly, driven by reforms in existing carbon markets like California's and new programs like Washington's cap-and-invest scheme. A key factor is the expansion of carbon tariffs, with the EU's Carbon Border Adjustment Mechanism paving the way and countries like the UK, Canada, and Australia considering similar measures. The voluntary carbon market, though challenged, is moving towards greater transparency, while compliance carbon markets are extending to more sectors. Major industrial players are increasingly integrating carbon neutrality into their strategies, indicating a broader shift towards sustainable practices [source].

8. Mixed Reality

In 2024, the Mixed Reality (MR) market is expected to grow significantly, led by North America's market dominance, especially in the United States and Canada, driven by investments in product innovations and strategic partnerships. The market is projected to reach USD 1.2 billion by 2024, expanding at a CAGR of 39.1%, fueled by technological advancements and increased applications in automotive, aerospace, healthcare, entertainment, e-commerce, and retail [source]. This growth is driven by the integration of MR with advanced technologies and its increasing application in industrial segments such as automotive, aerospace, and manufacturing. Key industry players are focusing on developing MR hardware components like sensors and processors. Additionally, MR's adoption in industrial design, training, and process optimization is emerging as a significant trend, offering immersive and efficient solutions for complex industrial tasks​​​​​​​​ [source].

9. Fuel Cell

The fuel cell market in the industrial sector is expanding rapidly due to technological innovations, governmental support, and growing applications in both vehicular & stationary segments. Its global market was valued at over USD 5.4 billion in 2023 and is projected to expand at a CAGR of 12.8% from 2024 to 2032. The Asia-Pacific region, led by Japan and China, is a major driver of this growth, with hydrocarbon & hydrogen fuels playing key roles in market dynamics. Innovations in materials such as advanced ceramics and electrode compositions for solid oxide fuel cells are driving growth. Government incentives, tax credits, and subsidies are further augmenting the market [source]. Stationary fuel cells dominate the global market in terms of revenue, mainly due to their use in distributed generation facilities and backup power applications. The transportation segment is rapidly growing, driven by the rising demand for fuel cell-powered forklifts and research in mature economies [source]. Major players in the fuel cell market include Ballard Power Systems Inc., FuelCell Energy Inc., Mitsubishi Power Ltd., Plug Power Inc., and Cummins Inc., among others.

10. Renewable Electricity

In 2024, the renewable electricity sector is undergoing significant growth and transformation. The market share of renewable electricity is projected to increase to nearly 25%, with utility-scale solar installations and grid-scale battery storage capacity seeing considerable growth [source]. Green hydrogen is emerging as a key element in the renewable energy mix, with potential acceleration in investments following favorable tax credit guidance. Electrification across various sectors is contributing to the increased electricity demand, with EVs and electric heat pumps playing significant roles. Advancements in microgrids, AI, and blockchain technology are revolutionizing the management and distribution of renewable electricity. Furthermore, on-site power generation through solar panels is gaining popularity, providing a more direct and reliable source of renewable electricity [source].

Integrating Technology Intelligence with Industrial Trends

Technology Intelligence= AI × (Scouting + Landscaping)

Technology Intelligence can be defined as the synergistic combination of artificial intelligence (AI) with scouting and landscaping methodologies. Scouting involves actively seeking out and gathering information on emerging technologies, trends, and developments across various domains. Meanwhile, landscaping involves analyzing and mapping the technological landscape to identify key players, innovations, and potential disruptions. By leveraging AI algorithms and advanced data analytics, Technology Intelligence enables organizations to gain actionable insights into the ever-changing technological landscape, empowering them to make informed decisions, anticipate market shifts, and stay ahead of the competition.

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