Asia Pacific Smart Manufacturing Market Size, Growth | 2031

Report Description

Asia Pacific Smart Manufacturing Market Outlook 2031

The Asia Pacific Smart Manufacturing Market size was USD 46.06 Billion in 2022 and is likely to reach USD 94.24 Billion by 2031, expanding at a CAGR of 8.28% during 2023–2031. Growth of the market is attributed to increasing emphasis on industrial automation in the manufacturing process, increasing government commitment to support industrial automation and reduce time and cost.

Smart manufacturing is a process that aims to optimize the concept, production, and transaction process of a product. Smart manufacturing involves the use of automated equipment. This production reduces the workload and provides greater flexibility throughout the process.

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Automated manufacturing is fully integrated collaborative manufacturing equipment that can take action in real time to meet the different requirements and conditions of supply chains, factories, and customer needs. The smart manufacturing market in the Asia-Pacific region is mainly aimed at manufacturing.

In the competition for the leader in the growth of smart manufacturing market, India ranks second after China because the government initiated an initiative to become a global leader in smart manufacturing applications and increase thousands of jobs.

The COVID-19 pandemic affected the demand and supply of the Asia Pacific smart manufacturing market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Smart Manufacturing Market Trends, Drivers, Restraints, and Opportunities

• Rising trend of industry 4.0, adoption of new automated machinery, and use of robotics in production is expected to boost the market during the forecast period.
• Rapid growth of the manufacturing industry owing to make in India policy by government and setup of new manufacturing plants with automation tools is major factors fueling the market in the coming years.
• Increasing demand for internet of things and online 3D printing is anticipated to drive the market during forecast period.
• High investment cost for smart manufacturing systems and lack of standardization of equipment is projected to restrict the market growth.
• Lack of skilled labor and constant software upgrades act as major factors that can hamper the market growth during the forecast period.
• R&D investment and technological advancement in sensor technology and improvement in standardization of equipment is anticipated to offer lucrative opportunities for the market players.

Scope of Asia Pacific Smart Manufacturing Market Report

The report on the Asia Pacific smart manufacturing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Asia Pacific Smart Manufacturing Market Segment Insights

The distributed control system segment is anticipated to hold a major market share

In terms of enabling technologies, the market is segregated into machine vision system, cyber security, cloud analytics & platform, sensors & transmitters, industrial robotics, communications, industrial control systems, and others. The industrial control system segment is further segregated into distributed control system, programmable logic controller, supervisory controller & data acquisition, human machine interference, manufacturing execution systems, and product lifecycle management.

The distributed control system segment is expected to represent a key share of the market during the forecast period owing to flexibility and simplicity of processes such as control, monitoring, and reporting, which helps it to become more visible in the market. On the other hand, the machine vision system segment is anticipated to expand at a rapid pace during the forecast period owing to a combination of hardware and software to provide operational control of image acquisition and processing equipment.

These systems are based on sensors with special optical elements to process, analyze, and measure various features for decision-making. The main components of the vision system include lighting, lens, image sensor, vision, and communication. The automatic image processing system is a next-generation intelligent system, used for detection, identification, measurement, and verification in industrial applications.

These systems are used to control automated robots, also known as "self-navigating robots." Industries such as the automotive, food and beverage, and pharmaceutical industries want to reduce labor-intensive processes and increase accuracy and speed.

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The oil & gas segment is expected to grow at a rapid pace

Based on end users, the Asia Pacific smart manufacturing market is fragmented into oil & gas, automotive, pharmaceuticals, food & beverages, chemical & petrochemical, semiconductor, aerospace & defense, and others. The oil & gas segment is projected to hold a key share of the market during the forecast period. Oil and gas industry is a pioneer in preventive maintenance.

The key factor is the need to reduce maintenance costs through sensors that can now be easily installed on equipment, while reducing the risk of environmental disasters. The oil and gas industry generates large amounts of data, most of which include exploration, production and reservoir records such as drilling and logging, seismic surveys, traditional and professional core analysis, static pressure and flow.

Solutions provided by suppliers in the region enable companies to automatically extract data from these documents using artificial intelligence technologies such as natural language processing and computer vision. This need for real-time data visualization and analysis has led to cooperation with analysis providers. Indian Petroleum Corporation decided to launch an artificial intelligence solution to combat oil thefts in parts of the country.

Pipeline oil thefts in these areas are on the rise after that, Oil India plans to transmit the data to oil and gas collection stations in real time for detailed analysis, thereby immediately discovering operational disruptions.

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China is anticipated to dominate the market

On the basis of regions, the market is classified as India, China, Japan, South Korea, and Rest of Asia Pacific. China is anticipated to dominate the market during the forecast period. China is an integral part of Asia's growing shift towards smart applications. The Chinese government has strengthened smart manufacturing design by implementing various circuits and demonstrations while developing a standard system.

Many large and medium-sized domestic manufacturers began to equip data analysis equipment to optimize production operations, improve equipment utilization and product quality, while reducing energy consumption and operating costs. This helps them plan manufacturing operations and product delivery to reduce costs and increase efficiency. Using data mining technology, engineers and technicians can gain new knowledge about machine failures. The automation system is one of the most modern production systems in the industry.