The Asia Pacific Smart Manufacturing Market would witness market growth of 12.6% CAGR during the forecast period (2023-2029).
The Machine-to-Machine (M2M) communication, Wireless Sensor Networks (WSN), and Big Data concepts are all strongly tied to the Internet of Things (IoT) in terms of connectivity and the content outcomes generated. The Internet of Things (IoT) also includes data generated and communicated between machines (M2M) and between machines & people (M2P).
One of the most important applications among them is Big Data, which is regarded as one of the newest trends for market expansion. There is a great demand for big data applications due to the substantial, constantly growing volume of unstructured and structured data. In addition, the IoT is another significant trend in the market. On a single platform supported by artificial intelligence, IoT consists of smart homes, connected cars, sensors, as well as other connected components. These devices produce enormous amounts of data, which AI tools then process. Applications include pacemakers, intelligent thermostats, smart homes, self-driving/autonomous cars, and smart city systems.
The adoption of smart manufacturing in this region is being significantly influenced by the increasing use of technologies like IoT and IIoT, as well as the growing demand to maximize productivity and lower operating and maintenance costs. The increasing government backing in various regional nations promotes industrialization, and many governments have launched several initiatives. Initiatives like "Made in China 2025," and the "Samarth Udyog Bharat 4.0 (India)," were extremely focused on expediting the manufacturing capabilities of their nations. Similarly, "The Manufacturing Innovation Strategy 3.0 (or Strategy 3.0 of South Korea)," and the "Industrial Value Chain Initiative (IVI of Japan)," are likely to play significant roles in industrial development.
China has become one of the greatest manufacturing nations in the world owing to its manufacturing sector's continuous higher growth over the previous ten years. China produces most of the world's steel and other sectors. China, which has long been regarded as the world's factory for manufacturing, has made major efforts to switch from (cheap) labor-intensive production to high-end manufacturing through industrialization and digitization. Hence, the regional market will advance rapidly owing to numerous government efforts to strengthen their manufacturing sectors.
The China market dominated the Asia Pacific Smart Manufacturing Market by Country in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $60,034.3 million by 2029. The Japan market is poised to grow at a CAGR of 11.9% during (2023 - 2029). Additionally, The India market would generate a CAGR of 13.3% during (2023 - 2029).
Based on Application, the market is segmented into Product Lifecycle Management, Machine Execution System, Programmable Logic Controller (PLC), Supervisory Control and Data Acquisition (SCADA), Machine Vision & Machine Condition Monitoring, Human-Machine Interface (HMI), Discrete Control Systems, 3D Printing, Plant Asset Management, Enterprise Resource Planning and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on Industry, the market is segmented into Automotive, Chemical & Petrochemical, Electrical & Electronics, Food & Agriculture, Healthcare, Industrial Equipment, Aerospace & Defense and Oil & Gas, & Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Manufacturing Market is Projected to reach USD 576.3 Billion by 2029, at a CAGR of 12.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Ltd, Siemens AG, General Electric Company, Rockwell Automation, Inc., Schneider Electric SE, Honeywell International, Inc., Emerson Electric Co., FANUC Corporation, IBM Corporation, and Stratasys, Ltd.
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