Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Asia-Pacific Smart Manufacturing Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific Smart Manufacturing Market size is estimated at USD 49.87 billion in 2023, and is expected to reach USD 74.23 billion by 2028, growing at a CAGR of 8.28% during the forecast period (2023-2028).
Manufacturing is one of the most significant contributors to Asia-Pacific's economy and is undergoing a rapid transformation. As the population ages, along with rising labor costs in Europe and North America, the legacy model based on inexpensive workers is no longer sustainable. Due to such factors, low-end manufacturing firms are increasingly moving their operations to Southeast Asia to cut costs.
Key Highlights
- Industry 4.0 is the latest revolution in the manufacturing landscape. Factories integrate production machines, wireless connectivity, and sensors and link them to a system platform ecosystem that oversees the production line process and executes decisions autonomously. With the help of smart manufacturing, regional manufacturers can transform businesses and achieve significant value by leveraging the Industrial Internet of Things (IIoT), cloud, and analytics solutions.
- Big data analytics can refine complicated processes and support new business models, like mass customization and product-as-a-service (which can be made possible by smart manufacturing), apart from the traditional operational models like "on-demand." As big data analytics allows an enterprise to use smart manufacturing to shift from reactionary practices to predictive ones, The increase in industrial 4.0 practices across various manufacturing industries provides more scope for accepting big data analytics in the region.
- Manufacturing has emerged as one of the high-growth sectors in India. The "Make in India" program places India on the world map as a manufacturing hub and provides global recognition to the Indian economy. In order to succeed in the "Make in India" program, manufacturers in India need to manufacture more efficiently and deploy innovation to stay competitive. Smart manufacturing solutions can help with that. Manufacturers can focus more on enhancing competitiveness by streamlining supply chains, reducing costs, and improving safety in the workplace. Simultaneously, solutions like robotics, analytics, and cybersecurity strengthen their ability to meet quality norms.
- Further, the automated industrial economy has opened in Japan, and the development of Industrial Version 4.0 is speeding up. Japan has become a manufacturing hub for factory automation products, supplying them to other regional markets in the Asia-Pacific region and making factory automation more affordable. Products from Japan are prone to lower shipment costs and have better after-sales support networks in the region.
A selection of companies mentioned in this report includes
- ABB Ltd
- Honeywell International Inc.
- Fanuc Corporation
- Mitsubishi Electric Corporation
- Emerson Electric Company
- Rockwell Automation Inc.
- Schneider Electric SE
- Robert Bosch GmbH
- Siemens AG
- Yokogawa Electric Corporation
- Cisco Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ankwfj
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