The MarketsandMarkets research report, "Japan Smart Manufacturing Market by Information Technology, Enabling Technology, Industry (Process and Discrete), and Geography (North America, Europe, Asia Pacific, Rest of World) - Global Forecast to 2027," emphasises the industry's significant growth potential. The analysis predicts that from 2021 to 2027, the Japan Smart Manufacturing Industry would expand at a remarkable Compound Annual Growth Rate (CAGR) of 18.7%.
During the projection period, Japan's smart manufacturing industry is anticipated to undergo significant breakthroughs and transformations. The industry's expansion is projected to be fueled by the uptake of cutting-edge technologies including the Internet of Things (IoT), artificial intelligence, big data analytics, robots, and automation. These technologies have the potential to completely transform current industrial procedures, resulting in higher productivity, lower production costs, and better product quality.
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Promotion of digitalization and adoption of advanced technologies driving the market in Japan
Japan is ranked as having the third-largest economy in the world by the International Monetary Fund (IMF), behind China and the United States. The economy of Japan stands out as being highly advanced technologically, with its growth being driven by strong manufacturing and service industries. Notably, the manufacturing sector contributes over 20% of Japan's total Gross Domestic Product (GDP), playing a significant role in the country's economic landscape.
Japan's manufacturing industry, which excels in the production of vehicles, electronics, and industrial machinery, occupies a prominent position globally. Japan's manufacturing prowess is renowned for its inventiveness and efficiency, and its products have a solid reputation for being of the highest quality. The nation's manufacturing products are widely exported to a variety of locations throughout the world, further strengthening its place as a major participant in the industry.
Japan's smart manufacturing market is expanding significantly, which is mostly due to the country's abundance of businesses producing iron and steel, consumer electronics, semiconductors, and autos. To improve the overall quality and productivity of their operations, these businesses are aggressively embracing automation and utilising cutting-edge smart technologies like Artificial Intelligence (AI), the Industrial Internet of Things (IIoT), Big Data, and Cloud computing.
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The smart manufacturing market in Japan, as a result of these developments, was valued at USD 10.1 billion in 2021, making it the second-highest market in the Asia Pacific region. Additionally, this market is anticipated to see a significant growth, with a projected value of USD 26.2 billion by the year 2027. A phenomenal Compound Annual Growth Rate (CAGR) of 18.7% is predicted by the growth trajectory for the forecasted period.
Japan has a long history of technological innovation in the manufacturing sector and was a leader in the development of robots and automation. Japanese businesses have been early users of robots in their workplaces for many years, successfully integrating them into production procedures. Japanese businesses are currently at the forefront of the development of collaborative robots, which are created expressly to work alongside human workers to increase productivity and efficiency.
The research and application of cutting-edge technologies like the Internet of Things (IoT) and Artificial Intelligence (AI) continue to be world-leading activities in Japan. These cutting-edge technologies have a substantial impact on many manufacturing processes and provide important benefits. Better quality control and preventative maintenance are made possible by IoT since it enables continuous connectivity and data sharing between machines.
Through the adoption of the "connected industries" idea, the Japanese government has taken proactive steps to promote technology improvements in the manufacturing sector. In line with the worldwide Industry 4.0 trend, this effort seeks to encourage the mass adoption of cutting-edge technologies like the Internet of Things (IoT) and cloud computing.
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The government has proposed a number of measures under the "connected industries" programme to assist and encourage businesses as they pursue technological innovation. One important component is encouraging businesses to invest in new technology and improve their manufacturing processes by offering them subsidies and financial support. With the integration of IoT and cloud computing technologies made easier, Japanese industries should become more productive, efficient, and competitive.
Top Key Market Players in Smart Manufacturing Companies
ABB (Switzerland),
Siemens (Germany),
Schneider Electric (France),
Rockwell Automation (US),
Honeywell International Inc. (US),
Emerson Electric Co. (US),
IBM (US), and General Electric (US).
News Covered:
https://www.globenewswire.com/en/news-release/2023/05/15/2668352/0/en/Japan-Smart-Manufacturing-Industry-to-Grow-at-a-CAGR-18-7-from-2021-to-2027.html
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