LOS ANGELES (PRWEB) September 18, 2019
While China and Japan are the darlings of the Asia-Pacific marketplace, a new report from Strategic Directions International (SDi) says that the rest of the region poses a promising growth opportunity. Korea and Singapore are already players on the world stage, while Southeast Asia with its rapid growth is just starting to flex its economic muscles.
SDi's report looked at areas outside of the traditional Asia-Pacific region. These includes countries, such as Taiwan, Southeast Asia, and Oceania. SDi found that the instrumentation market in the Asia-Pacific countries under consideration was $3.1 billion in 2018, and it is expected to grow by 6% from 2018 to 2023. While this market is small compared to its neighbors in China and Japan, the robust growth of the region makes it one of the most attractive places for analytical instrumentation on the globe.
South Korea, for instance, has become a center of technological development in recent years. Though the region faces a population crunch (51.9 million) with a majority soon to reach retirement age, it is well positioned to face the challenge, as its main exports will continue to sustain the economy. South Korea’s main exports include semiconductors, electronics, petrochemicals, and automobiles. The report shows that the semiconductors and electronics industry will be a significant driver for growth in the overall market as well as the fastest growing industry in the instrumentation market within the Asia-Pacific region.
The three largest islands in Oceania are Australia, New Zealand, and Papua New Guinea. Naturally, Australia occupies the largest island within Oceania; it is about the size of the continental United States and is larger than continental Europe. It is a major world exporter of agricultural products, metals, and mining products and accounts for 85% of Oceania’s GDP. Overall, Oceania’s main exports include metals and mining products, natural gas, and seafood. Atomic spectrometry techniques are often used for metal testing, including for gold, lead, and mercury. While Indonesia
There is one particular challenge facing the region: its own existence due to climate change. Asia Pacific as a whole is mostly made up of thousands of small islands, with the majority of the population living near coasts and rivers. Should a drastic rise in sea level occur, the implications for the region are catastrophic. The effects of climate change can already be seen in Jakarta, Indonesia, where the city is sinking due to rising sea levels. The government is currently looking to create a new capital city to avoid the problems of the sinking city. Some estimates predict that over 5 million could be displaced from Indonesia alone by rising sea levels. The Marshall Islands sit only 6.5 feet above sea level, and plans are in place to raise the land to counteract sea level changes.
SDi is an expert market research firm in the analytical and life sciences instrumentation industry. Spectroscopy, mass spectrometry, and chromatography are among the areas in which SDi makes detailed forecasts. Asia-Pacific forecasts, country markets, product segment markets, and company trends can be found in SDi's report: Asia Pacific Opportunities for Instrumentation: Korea, Taiwan, Southeast Asia, and Oceania.