PUBLISHER: Inkwood Research | PRODUCT CODE: 1329844
PUBLISHER: Inkwood Research | PRODUCT CODE: 1329844
The Asia-Pacific machine vision market is estimated to record a CAGR of 6.34% across the forecasting period of 2023-2032. Some of the key factors driving the region's market growth are the implementation of various government initiatives, coupled with the high demand from the industrial sector owing to the increased outsourcing of manufacturing activities to the Asia-Pacific.
The Asia-Pacific machine vision market growth examination encompasses the evaluation of China, South Korea, Singapore, Japan, India, Australia & New Zealand, and Rest of Asia-Pacific. In India, the manufacturing sector has emerged as a high-growth industry. Aligning with this, the 'Make in India' program has positioned the country as a global manufacturing hub, earning it international recognition for its economic prowess. With this momentum, India is on track to become one of the world's largest manufacturing nations. Furthermore, esteemed manufacturing giants such as GE, HTC, Siemens, Toshiba, and Boeing have either established or are in the process of setting up manufacturing plants in the country.
The country has also become an attractive destination for investments in the manufacturing sector. Notably, The Chatterjee Group (TCG) plans to establish a Continuous Polymerisation (CP) and spinning unit. Additionally, India's Digital India Corporation, a nonprofit entity established by the Ministry of Electronics and Information Technology (MeitY), envisions future expansions into cutting-edge technologies like artificial intelligence, machine learning, and language technologies. These centers aim to assist SMEs in implementing Industry 4.0 technologies, fostering awareness about smart manufacturing solutions that can propel enhanced efficiency and productivity. Hence, these factors are anticipated to augment the machine vision market growth in the Asia-Pacific over the forecast years.
Prominent firms operating in the market are: Keyence Corporation, Omron Corporation, etc.