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Chicago, May 14, 2023 (GLOBE NEWSWIRE) — According to a 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″ , published by MarketsandMarkets, Japan Smart Manufacturing Industry to Grow at a CAGR 18.7% from 2021 to 2027.
Promotion of digitalization and adoption of advanced technologies driving the market in Japan
According to the International Monetary Fund (IMF), Japan is the third largest economy after US and China. The country’s economy is highly developed and technologically advanced, driven by its manufacturing and service sectors. The manufacturing industry serves as a crucial engine for Japan’s economy. It contributes about 20% of the country’s total GDP, leading in producing automobiles, electronics, and industrial machinery globally. Japan’s manufacturing sector is highly regarded for its superior quality and efficiency, with its products being widely exported to various destinations worldwide.
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Furthermore, according to the MarketsandMarkets report, the Smart manufacturing market in Japan is driven by the presence of many automobiles, consumer electronics, semiconductors, and iron and steel manufacturing companies. These manufacturing companies focus on increasing automation and utilizing emerging smart technologies such as AI, IIoT, Big Data, and Cloud computing to improve quality and productivity. The smart manufacturing market in Japan was valued the second highest in the Asia Pacific at USD 10.1 billion in 2021 and is projected to reach USD 26.2 billion by 2027; it is expected to grow at a CAGR of 18.7% during the forecast period.
Japan has a long history of innovation in manufacturing technologies. The country has pioneered robotics and automation technologies, with many Japanese companies adopting robots in their factories decades ago. Today, Japanese companies are among the leaders in developing collaborative robots designed to work alongside human workers to improve efficiency and productivity. In addition, the country is leading in developing and implementing advanced technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI). These advanced technologies enhance quality control, foresee equipment failures and maximize supply chain operations.
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In addition, the government of Japan introduced the concept of “connected industries” aimed to promote the adoption of the Internet of Things (IoT), cloud computing, and other advanced technologies in the manufacturing sector. It was a part of the Japanese government’s larger strategy to promote Industry 4.0. The policy includes providing subsidies and financial support to companies to help them invest in new technologies, establishing new standards and guidelines for IoT devices, and promoting collaboration between different industries and organizations.
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).
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