Market Trends of Asia Industry 4.0 Industry
This section covers the major market trends shaping the Asia Industry 4.0 Market according to our research experts:
Manufacturing Industry to Hold Significant Market Share
- The manufacturing industry is a key contributor to the economy of the Asia-Pacific region and is presently undergoing a rapid technological digital transformation. Manufacturing firms are increasingly moving their operations to Southeast Asia to cut costs due to inexpensive workforce availability.
- Industrial IoT (IIoT) is being adopted significantly in the region of the manufacturing industry. Further, computer and network technologies, such as cloud computing and mobile computing, are also being implemented in these systems, which is expected to boost the adoption of advanced technologies in the country.
- According to MOSPI, in January 2022, the index of industrial production for the manufacturing sector across India in the financial year of 2021 stood at 116.9. In India, the manufacturing industry has gradually emerged as one of the high-growth sectors. The 'Make in India' program places India on the global map as the manufacturing hub provides international recognition to the Indian economy. Moreover, manufacturing giants such as GE, Siemens, HTC, Toshiba, and Boeing, have either set up or are setting up manufacturing plants in India. These trends are expected to boost the adoption of Industry 4.0 in their plants in the future.
- The trend is also augmented by Mitsubishi's investment of more than JPY 30 billion to increase the output of its factory automation system products to meet growing demand. Further, the company plans to establish a new plant near its existing facility in Aichi Prefecture and rebuild an existing plant in Nagoya to bolster production capacity. Similar initiatives are expected to boost the adoption of Industry 4.0 technologies across the region's manufacturing industry.
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Japan to Witness Significant Growth
- Japan has been transforming into an automated industrial economy and adopting Industry 4.0 faster in the Asia-Pacific region. The government of Japan has been emerging as a manufacturing hub for automation products and supplies to the regional markets in the Asia-Pacific region.
- The presence of multiple automobile manufacturers, the food processing industry, and the electronic product manufacturing industry makes Japan an essential market in the region. The country with highly-developed automation technologies and a robotic sector can be regarded as the global leader in the automation of production processes and employment of robotics.
- The manufacturing industry in Japan contributes around 20% to the country's nominal Gross Domestic Product (GDP). According to the International Monetary Fund, the country's manufacturing sector gained significant ground by implementing the Integrated Manufacturing Tax (ITC). Industry 4.0 in Japan has led to the development of advanced technologies, such as collaborative and AI-enabled robots. These have allowed companies to improve their efficiency and reduce errors by implementing them in various processes. Increasing workplace safety regulations and improving production capabilities are expected to drive demand for robotic systems.
- The increasing number of digitization initiatives in the country and the emergence of Industry 4.0 are expected to provide promising opportunities for the market. Even with the presence of various factors that have affected the country's economy, it has still managed to grow steadily. Moreover, the electronics and automotive sectors are Japan's most productive manufacturing sectors, which rely heavily on automation daily. This factor is likely to drive digital transformation and automation in the manufacturing processes of various goods.
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