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APAC Demand For Machine Tools On The Upswing As Manufacturers Invest In New Production Facilities

APAC Demand For Machine Tools On The Upswing As Manufacturers Invest In New Production Facilities

The growing purchasing power of middle-class consumers in Asia has led to an increase in spending on consumer goods. In a rush to meet the escalating demand, manufacturers catering to the APAC region are investing in new production plants and machines, creating a requirement for machine tools in the process. An analysis by Frost & Sullivan reveals that this requirement will push the Asia-Pacific machine tool market to grow at a CAGR of 2.2 percent from 2018 to 2023, reaching $10.5 billion in revenue.

“Business expansion strategies and plant localisation of end-user industries are set to drive the growth of the machine tool industry in the APAC region,” said Divya Saiprasad, Principal Consultant, Industrials at Frost & Sullivan.  “The rise in demand for machine tools can be attributed to the increase in the production of auto components and growth of the automotive industry.”

Japan, South Korea, and Taiwan are expected to remain the top three markets for machine tools in the region in 2023, contributing 69.5 percent. Additionally, emerging economies such as Vietnam, Indonesia, and Thailand are anticipated to showcase strong growth over the next three years, driven by foreign direct investment (FDI) inflow in the manufacturing sector.

“On the end-user vertical front, engineering and automotive sectors are projected to remain dominant,” noted Saiprasad. “The aviation sector is also expected to further supplement the market for machine tools, given the demand from the burgeoning upper-middle-class population.”

Machine tool vendors can tap into further growth by:

  • Integrating new features and technologies into additive manufacturing to increase the overall efficiency of multi-tasking machine tools.
  • Including new technologies such as IoT and Big Data for preventive and predictive maintenance of machines to help machine tool companies enhance their customers’ rate of operations in manufacturing, thereby increasing their brand recognition in the market.
  • Developing and selling smart machines equipped with AI, robots, and software technologies to expand sales and improve the productivity of customers in ASEAN countries.
  • Increasing production efficiency, shortening delivery times, and maintaining price competitiveness to increase sales and improve market profitability.
  • Expanding sales, distribution, and aftermarket service channels in emerging Asian countries to retain customers.

For other exclusive articles, visit www.equipment-news.com.

 

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Hypertherm Implements Strategies to Enhance Preventive Maintenance Program In Asia

TRUMPF Reports Higher Sales, But Decline In Orders Received

 

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COVID-19 Impact On Global Machine Tool Market

COVID-19 Impact On Global Machine Tool Market

According to a MarketsandMarkets report, the COVID-19 impact on global machine tool market size is projected to reach USD 68.9 billion by 2021 from an estimated USD 65.6 billion in 2020, growing at a CAGR of five percent.

The projections were based on the ongoing automotive industry production drop, which is the biggest consumer of machine tools and, additionally, the supply chain disruptions caused by the COVID-19 pandemic in the manufacturing industry. Economies rely on machinery for production, and machine tools form the crux of it.

Companies are expected to recover from the recession slowly by taking preventive measures to meet production needs. Chinese firms have also become creative and resourceful to recruit the workforce. Some firms negotiated with local governments for permission to send in charted buses and even airplanes to bring back the workforce from remote regions. Others have started to adopt automation to make up for labour shortages. Some are also applying technologies to do crash training for newly recruited manual labour workforce.

Asia Pacific is expected to recover at a faster growth than compared with other regions post COVID crisis during the forecast period

Even with COVID-19 originating from China, the country has been successfully implementing strategies to control the spread, where it has been successful when compared to Europe and North America. Recently, China has slowly started its production activities with the minimum workforce.

With Asia being the largest automotive producer, the Machine Tool Market is expected to rebound faster with investments in new technologies like Chipmaking equipment, which is expected to propel growth. The field likely will see an increase in demand amid advancement in technologies for 5G communication and artificial intelligence.

Supply chain disruptions during the COVID-19 have made machine tool manufacturers, and other end-use industries realise the over-reliance on China could be destructive.

Problems in the supply of materials have affected machine tool manufacturers due to supply shortages from China, has most of the materials were imported from China and due to the lockdown or limited production, other countries were looked upon for the supply of material. Due to the demand, large suppliers of components that dominate the Machine Tool Market prioritised big companies to SMEs at the time of recovery.

Also, the recent disruptions in the supply chain have revealed that machine tool manufacturers over-rely on suppliers of key components and their weak negotiation power vis-à-vis suppliers of CNC, electronic components, casting, high precision components, and others.

 

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Automotive Manufacturing Developments In Southeast Asia Amid COVID-19

Automotive Manufacturing Developments In Southeast Asia Amid COVID-19

Amid the global economic slowdown in 2019, and the current COVID-19 pandemic, global vehicle sales forecast 2.5 percent fall in 2020 instead of the previously predicted 0.9 percent drop compared to 2019 (Moody’s Investor Service).

Here’s a roundup of the latest developments happening in the automotive manufacturing industry in Southeast Asia.

Thailand

  • Thailand’s 2025 Automotive Roadmap: The Government has drawn a plan to transform Thailand into a regional hub for electric vehicles by 2025
  • Auto parts sector will continue shrinking as car factories close or cut production and global purchasing power weakens. (Federation of Thai Industries)
  • Toyota Motor Thailand
    • Predicts that sale of domestic vehicles will drop 6.7 percent to 940,000 units in 2020
    • Extending of closure: Temporary suspensions of Thailand production operation in Samrong, Ban Pho, and Gateway facilities will continue until the end of April
  • Honda Automobile Thailand announced the suspension of completely built-up (CBU) operations in its vehicle production plants in Phra Nakhon Si Ayutthaya and Prachinburi provinces from March 27 until April 30.
  • Mitsubishi Motors
    • Halted production at three automobile and engine plants in Chonburi province temporarily from April 1.
    • BOI has approved Mitsubishi’s 5.48 billion baht ($167 million) electric and hybrid vehicle production plan project to renovate existing production lines at a plant in Laem Chabang Industrial Estate
  • Auto Alliance Thailand which makes vehicles for Ford and Mazda, and Ford Thailand Manufacturing has also announced they will be shuttering the factory for the time being.

Vietnam

  • Vietnam Ministry of Industry and Trade has forecast that most automakers will experience partial shortages during this time of crisis and sourcing from other markets would be difficult due to familiarity of technical standards of Chinese parts
  • Vietnam’s industrial production growth could drop 2.3 percent due to reduced imports of parts from China (VinaCapital)
  • According to Vietnam Automobile Manufacturers Association (VAMA), sales of members decreased 26 percent to 31,908 in end of February due to the impact of Covid19.
  • Vietnamese government has issued several incentives in the form of tax breaks, delayed tax payments, and land-use fees for businesses impacted by the COVID-19 outbreak.
  • Vingroup:
    • Produce (invasive and non-invasive) ventilators of all types and body thermometers to the domestic market.
    • With the capacity of VinFast and VinSmart factories, the group can produce up to 45,000 non-invasive ventilators and 10,000 invasive ventilators per month
    • VinFast have decided to temporarily cease their operations, starting on April 5
  • Toyota Motor Vietnam, Ford, Honda Vietnam, Nissan Vietnam and TC Motor has temporarily ceased vehicle productions.

Philippines

  • Fitch Solutions forecasted the country’s automotive industry to grow by 0.4 percent this year to 371,345 units, lower from its previous projection of 7.4 percent, due to negative impacts of the Covid-19 outbreak.
  • According to figures collected by the Association of Vehicle Importers and Distributors (AVID), sales across all segments—passenger cars, light commercial vehicles (LCV), and commercial vehicles—are down by 31 percent in January 2020 compared to the prior year. Overall, vehicle sales have fallen by 16.2 percent compared to the same period in 2019.
  • The Covid-19 crisis has delayed the rollout of the government’s Public Utility Vehicle (PUV) Modernisation Program, which aims to replace aging PUVs with more environmentally friendly Euro 4-compliant light commercial vehicles.
  • Honda Cars Philippines Inc. has shut down its production plant in Sta. Rosa, Laguna province. But, automobile sales and after-sales services will continue through Honda’s regional network.
  • Mitsubishi Motors Philippines Corp. (MMPC) has signed a Memorandum of Understanding with its five dealers to roll out a next-generation Showroom, DENDO DRIVE STATION which features solar power system and vehicle to home (V2H) equipment.

Malaysia

  • Malaysia has more than 20 manufacturing and assembly plants that produce passenger and commercial vehicles, as well as two-wheelers.
  • National Automotive Policy (NAP) 2020: incorporates three new advanced technology elements—Next Generation Vehicle, Mobility as a Service and Industry Revolution 4.0 and focuses on three strategies—for value chain development, human capital development as well as safety, environment and consumerism.
  • The following are the biggest beneficiaries of the NAP:
    • Perodua has purchased a total of RM43.5 billion worth of components from local suppliers, including RM5.4 billion in 2019, and targeted to spend RM6 billion for 2020.
    • UMW Toyota Motor Sdn Bhd’s Bukit Raja plant is equipped with automation, skilled manpower and the capacity to align with the government’s vision, with further investment to introduce more completely-knocked-down hybrid cars in the future.
  • Car sales have come to a stop since the Movement Control Order (MCO) was imposed by the government on March 18 and vehicle sales are expected to plummet in March and April. The automotive industry has been grounded to a halt with “nothing really moving”, according to Datuk Aishah Ahmad, Malaysian Automotive Association (MAA) president
  • Car production plants and after-sales services have also been shuttered during the 28-day MCO.
  • Total industry volume (TIV), which covers the sales of passenger and commercial vehicles, fell 5.3 percent or 2,249 units to 40,403 in February against the previous month due to delays in new model launches and the negative impact of the COVID-19 outbreak on consumers’ sentiments.
  • Sales volume for March 2020 is expected to be lower than February 2020 following restrictions due to the MCO, according to MAA.
  • The country is also bracing for a possible recession and dented consumer sentiments.

Indonesia

  • Covid-19 is pushing Indonesia’s automotive total industry volume in 2020 to 2008 levels (Globaldata)
    • According to Indonesian Automotive Industry Association (GAIKINDO), domestic vehicle sales volume in March 2020 declined by 20 percent as compared to February 2020: revised 2020 vehicle sales projection to 600,000 units
  • Honda Prospect Motor (HPM) will suspend car production at its factory in Karawang, West Java for two weeks starting from April 13, 2020
  • Hyundai Motor Manufacturing Indonesia (HMMI) has pledged to donate 50,000 sets of personal protective equipment (PPE), such as masks and coveralls, worth Rp 8.2 billion in stages for medical workers.
  • PT Suzuki Indomobil Motor halted its car production in Indonesia for two weeks (April 13 to 24) at three factories in Cakung, East Jakarta, Cikarang in Bekasi and Tambun in West Java, in an effort to curb the spread of the coronavirus.
  • Toyota Motor temporarily shut down production in Indonesia (from April 13 to 17), while subsidiary Daihatsu Motor Co. Ltd suspended work from April 10 to 18.
  • Nissan Motor Corp. will shut down manufacturing operations in Indonesia amid declining vehicle sales in the country.

Singapore

  • Hyundai Motor Company is establishing a Mobility Global Innovation Center in Singapore (HMGICs) to accelerate its innovation efforts and transformation into a smart mobility solution provider. The new 28,000 sqm innovative lab will be located in Singapore’s Jurong Innovation District and is set to be completed in the second half of 2022.

Myanmar

  • Suzuki Motor Corp.recently announced that its subsidiary in Myanmar, Suzuki Thilawa Motor Co. Ltd, will construct a new car plant in Myanmar. Scheduled to start operations from September 2021, the new plant will conduct welding, painting, and assembly of automobiles, and will be located at an industrial park located in the Thilawa Special Economic Zone.
  • Nikkei Asian Review has reported that several Chinese brands such as Soueast Motor and GAC will accelerate local production targets in Myanmar.

 

WE NEED YOUR INSIGHTS!

We would love to hear from you, our readers. We will use these insights in our series of articles on the impact of COVID-19 in the manufacturing industry.

  1. When do you expect the lockdowns to end in your countries/regions?
  2. What automotive manufacturing challenges are you currently facing?
  3. During this period of lockdowns and regional quarantines due to the COVID-19 pandemic, what manufacturing strategies are you planning to implement when we come out of this outbreak?
  4. Do you know of any other developments we might have missed here?

Do drop us a note at [email protected].

 

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Developing Asia Growth To Fall In 2020 On COVID-19 Impact

Developing Asia Growth To Fall In 2020 On COVID-19 Impact

Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, before recovering in 2021, according to the Asian Development Outlook (ADO) 2020, the Asian Development Bank’s (ADB) annual flagship economic publication.

READ: Vietnam’s Economy To Remain One Of The Fastest Growing In Asia Despite Sharp Slowdown Due to COVID-19

The report forecasts regional growth of 2.2 percent in 2020, a downward revision of 3.3 percentage points relative to the 5.5 percent ADB had forecast in September 2019. Growth is expected to rebound to 6.2 percent in 2021, assuming that the outbreak ends and activity normalises. Excluding the newly industrialised economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei,China, developing Asia is forecast to grow 2.4 percent this year, compared to 5.7 percent in 2019, before rebounding to 6.7 percent next year.

“The evolution of the global pandemic—and thus the outlook for the global and regional economy—is highly uncertain. Growth could turn out lower, and the recovery slower, than we are currently forecasting. For this reason, strong and coordinated efforts are needed to contain the COVID-19 pandemic and minimise its economic impact, especially on the most vulnerable,” said ADB Chief Economist Yasuyuki Sawada.

READ: Light In Thailand’s Economy Despite Coronavirus Outbreak

In the People’s Republic of China (PRC), a sharp contraction in industry, services, retail sales, and investment in the first quarter due to the COVID-19 outbreak will pull growth down to 2.3 percent this year. Growth will rebound to an above normal 7.3 percent in 2021 before reverting back to normal growth. In India, measures to contain the spread of the virus and a weaker global environment this year will offset the benefits from recent tax cuts and financial sector reforms. Growth in India is forecast to slow to 4.0 percent in fiscal year (FY) 2020 before strengthening to 6.2 percent in FY2021.

READ: Auto Sector Faces Biggest Existential Crisis Since 2007-09

Underpinning much of the weakness across Asia is a deteriorating external environment, with growth stagnating or contracting in the major industrial economies of the United States, Euro area, and Japan. Some commodity and oil exporters, such as those in Central Asia, will be hit by a collapse in commodity prices. Brent oil prices are expected to average $35 per barrel this year, down from $64 in 2019.

All of developing Asia’s subregions will see growth weaken this year because of weak global demand, and in some economies because of domestic outbreaks and containment policies. Subregions that are more economically open like East and Southeast Asia, or tourism-dependent like the Pacific, will be hard hit. Economic activity in the Pacific subregion is expected to contract by 0.3 percent in 2020 before recovering to 2.7 percent in 2021.

READ: Impact of COVID-19 On The Automotive Manufacturing Supply Chain

The global cost of the pandemic could range from $2.0 trillion to $4.1 trillion, equivalent to a loss of between 2.3 percent to 4.8 percent of global gross domestic product. These estimates, which update earlier ADB research released on 6 March, reflect the now-global nature of the pandemic, the extensive use of containment policies and travel bans worldwide, and data on how the outbreak affected activity in the PRC.

It should be noted that the estimate does not take into account such factors as supply disruptions, interrupted remittances, urgent health care costs, and potential financial disruptions, as well as the long-term effects on education and the economy.

 

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APAC: Demand For Machine Tools On The Upswing As Manufacturers Invest In New Production Facilities

APAC: Demand For Machine Tools On The Upswing As Manufacturers Invest In New Production Facilities

The growing purchasing power of middle-class consumers in Asia has led to an increase in spending on consumer goods. In a rush to meet the escalating demand, manufacturers catering to the APAC region are investing in new production plants and machines, creating a requirement for machine tools in the process. An analysis by Frost & Sullivan reveals that this requirement will push the Asia-Pacific machine tool market to grow at a CAGR of 2.2 percent from 2018 to 2023, reaching $10.5 billion in revenue.

READ: Predictive Maintenance Solutions For Machine Tools Reduce Cost The Smart Way

Frost & Sullivan’s latest research, Asia-Pacific Machine Tool Market, Forecast to 2023, explores the trends and factors influencing the machine tools industry in the Asia-Pacific region and provides a thorough analysis of the current market scenario. The report examines the key market drivers and restraints and presents detailed market share analyses and revenue forecasts through the year 2023. The research also offers strategic recommendations to leverage the growth opportunities identified in this sector.“Business expansion strategies and plant localisation of end-user industries are set to drive the growth of the machine tool industry in the APAC region,” said Divya Saiprasad, Principal Consultant, Industrials at Frost & Sullivan.  “The rise in demand for machine tools can be attributed to the increase in the production of auto components and growth of the automotive industry.”

Japan, South Korea, and Taiwan are expected to remain the top three markets for machine tools in the region in 2023, contributing 69.5 percent. Additionally, emerging economies such as Vietnam, Indonesia, and Thailand are anticipated to showcase strong growth over the next three years, driven by foreign direct investment (FDI) inflow in the manufacturing sector.

READ: Starrag Brings Smart Machine Tool Solutions To Asia

“On the end-user vertical front, engineering and automotive sectors are projected to remain dominant,” noted Saiprasad. “The aviation sector is also expected to further supplement the market for machine tools, given the demand from the burgeoning upper-middle-class population.”

Machine tool vendors can tap into further growth by:

  • Integrating new features and technologies into additive manufacturing to increase the overall efficiency of multi-tasking machine tools.
  • Including new technologies such as IoT and Big Data for preventive and predictive maintenance of machines to help machine tool companies enhance their customers’ rate of operations in manufacturing, thereby increasing their brand recognition in the market.
  • Developing and selling smart machines equipped with AI, robots, and software technologies to expand sales and improve the productivity of customers in ASEAN countries.
  • Increasing production efficiency, shortening delivery times, and maintaining price competitiveness to increase sales and improve market profitability.
  • Expanding sales, distribution, and aftermarket service channels in emerging Asian countries to retain customers.

 

For other exclusive articles, visit www.equipment-news.com.

 

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Global Metal Cleaning Equipment Market To Reach US$ 1.75B By 2027

Global Metal Cleaning Equipment Market To Reach US$ 1.75B By 2027

The global metal cleaning equipment market is forecast to expand at a compound annual growth rate (CAGR) of 3.75 percent from 2018 to 2027, to reach a value of US$ 1.75 billion at the end of the forecast period, according to a report released by Transparency Market Research. In terms of volume, the market stood at around 1.24 million units in 2017. Metal cleaning equipment are used to decontaminate metal parts or metal pieces which helps manufacturing industries—such as aerospace and defence, general manufacturing, and automotive—to ensure safety, reliability, and top performance in their products.

From a regional perspective, Asia Pacific is expected to witness the highest growth rate during the forecast period both in terms of value and volume, mainly driven by the increasing manufacturing activity breakthrough for metal cleaning equipment in Japan, China, and India.

In terms of chemical type, the aqueous metal cleaning segment is anticipated to gain the largest share with total value of US$ 506.8 million by 2027, reflecting a CAGR of four percent annually. However, stricter implementation of environmental and workforce safety regulations are the major challenges restraining the growth of the market. Nevertheless, the growing manufacturing sector in the Asia Pacific region is expected to boost the market.

By washing type, the vapour phase metal cleaning equipment segment accounted for a relatively smaller market share in terms of both value as well as volume, as the adoption is not as much as the pickling/immersion type. The vapour phase metal cleaning segment is anticipated to grow at a CAGR of 3.9 percent to reach US$ 503.1 million by 2027.

In terms of technology, the open tank multistage segment is anticipated to reach US$ 582.2 million by 2027, growing at a CAGR of 3.9 percent. Open tank multistage segment is estimated to be the fastest growing segment during the forecast period due to the benefits of having all the stages involved in the cleaning process—such as washing and drying—in one equipment, leading to cost savings as well as process streamlining.

 

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Zebra Technologies Celebrates 50 Years Of Innovating At The Edge

Zebra Technologies Celebrates 50 Years of Innovating at the Edge

Zebra Technologies Corporation celebrates its 50th anniversary as it continues to empower the front line of business. Since the inception of its first printing prototypes in the late 1960s, Zebra has evolved into a trusted advisor to its partners and customers based on its legacy of innovation to help digitally transform the enterprise.

“We are proud to celebrate our half century milestone with our customers across the retail/ecommerce, manufacturing, transportation and logistics, healthcare, government and other industries,” said Anders Gustafsson, Chief Executive Officer, Zebra Technologies. “While Zebra has changed its stripes over the years, we are well-positioned to accelerate our strategy. With our network of specialized partners, we will continue to deliver industry-tailored solutions at the enterprise edge where there is an amazing amount of new growth and opportunities.”

When Zebra and its partners deliver a performance edge to front-line employees, nurses spend more time at the bedside with a patient resulting in higher quality care, and retail associates check inventory and complete transactions without leaving the shopper’s side. When Zebra integrates mobile printing and data capture solutions with cross-technology indoor location solutions, manufacturing plants and distribution centres become smarter environments in which production, fulfilment and shipping efficiencies are dramatically increased.

“Asia Pacific is a very important region for Zebra. We anticipate strong growth owing to the rise of e-commerce, an increasingly connected workforce, and the confluence of Industry 4.0. The recent Intelligent Enterprise Index study Zebra conducted last year revealed an encouraging trend – companies in Asia Pacific are moving the needle in the deployment and investment of the Internet of Things,” said Ryan Goh, Vice-President and General Manager, Asia Pacific, Zebra Technologies. “In Asia, we are making waves in the areas of retail, transport, healthcare, logistics and manufacturing. Our momentum continues in 2019 as we pride ourselves with the broadest product portfolio of any other solutions provider in the industry.”

 

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Automotive 3D Printing Market To Reach Over US$8 Billion By 2024

Automotive 3D Printing Market To Reach Over US$8 Billion by 2024

The automotive 3D printing market size is forecasted to grow with a CAGR of 25 percent, to be worth over US$8 billion by 2024, according to a report by Global Market Insights Incorporated.

Advancements in 3D printing technology in the automotive industry have changed the ways products are manufactured, developed, designed and distributed—products are lighter, safer and cleaner with newer designs and shorter lead times.

The growth of the 3D printing market in the automotive sector is driven by the increasing need for low cost and more efficient technology to produce complex and high-quality products which traditional methods cannot fulfill. Additive manufacturing reduces production time as multiple stages can be combined into a single production step. This also eliminates the product assembly stage and reduces logistic transport costs.

Increasing number of government initiatives to invest in additive manufacturing technologies and consumers demand for new innovations and lower prices are further propelling the market forward. Additive manufacturing allows freedom of design and production of different products in any sequence. Hence, customised products are possible and automotive companies are able to include customers in the development process.

The Asia Pacific automotive 3D printing is expected to grow with a CAGR of over 29 percent. The growth in the Asia market is accelerated by increasing public and private establishment investments as regions are exploring various opportunities to enhance productivity and competitiveness.

Major companies operating in the automotive 3D printing market includes Ponoko Limited, Hoganus AB, Exone, Voxeljet AG, Arcam, Startasys, Autodesk, 3D systems, Materialise, Nano Dimension, Proto Labs, SLM Solutions Group, Electro Optical Systems, Concept Laser, and Renishaw Plc.

 

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EOS Opens New Regional Warehouse For APAC Region In Singapore

EOS opens new regional warehouse for APAC region in Singapore

EOS, a leading technology supplier in the field of industrial 3D printing of metals and polymers, recently launched its regional warehouse for the Asia-Pacific region. Located in Singapore, the warehouse serves as a distribution hub for EOS’ operations in Australia, India, Japan, New Zealand, South Korea, Singapore, Taiwan and Thailand.

“The market size for industrial 3D printing within the region is expected to expand in the next four years,” said Terrence Oh, Senior Vice President (Asia-Pacific), EOS. “We saw a need to be closer to our customers at all touchpoints, we sought out to be more flexible and adapt as best as we can to their needs. This new warehouse in Singapore allows for shorter lead times for spare parts and powders deliveries as well as enable us to react more quickly to their needs.”

The warehouse is a free trade zone warehouse and will cater to stocking of powders and spare parts before extending its capabilities to include other 3D printing equipment.

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Digital Transformation Of Manufacturing To Add US$387 Billion To APAC’s GDP By 2021

Digital Transformation Of Manufacturing To Add US$387 Billion To APAC’s GDP By 2021

If the region’s manufacturing sector embraces digital transformation—Asia Pacific’s GDP is expected to gain additional US$387 billion by 2021 with extra one percent growth annually, according to new figures released by Microsoft on 23 April 2018.

Results for manufacturing are outlined in the study, “Unlocking the Economic Impact of Digital Transformation in Asia Pacific”, produced by Microsoft in partnership with IDC Asia/Pacific. It was based on the survey of 615 business leaders from the manufacturing sector across 15 markets in Asia Pacific.

“Those organisations that had already embarked on their digital transformation journeys gained improvements in the range of 13 percent to 17 percent last year. They will see at least 40 percent improvements in three years, with customer advocacy registering the highest improvement rate,” said Victor Lim, vice president, IDC Asia/Pacific.

The Study identifies the top three benefits of digital transformation that have a direct impact to bottom line performance:

  • Improvement in productivity
  • Improvement in profit margins
  • Costs reductions

Businesses are seeing long-term benefits in embracing digital transformation. Increased revenue from new products and services and improved customer advocacy rounded up the top five tracked benefits.

The Study identified key traits of Manufacturing Leaders against other Leaders, including the former’s higher likelihood to have a key executive leading their Digital Transformation efforts. It also recommends organisations to adopt a three-step data strategy to become a digital transformation leader—including collection of data, optimisation of existing products and services through data, and creating new business models with data.

 

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