It will exceed the trillion mark in 2018! The instrumentation industry still needs to keep working hard

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2018 is about to enter its final quarter of acceleration, and the development trends of the instrumentation industry in 2017 have finally been quantified. According to data provided by relevant industry research institutions, in 2017, the number of enterprises in China’s instrumentation manufacturing sector that met the specified size criteria was 4,358; among them, 497 companies incurred losses, with an average loss amount of 7.344 million yuan per company. Compared to 2016, the number of instrument and meter manufacturers has increased significantly, the number of companies suffering losses has decreased, while the average amount of losses has remained stable. http://www.jiweimeter.com/uploads/image/20180924/1537761702.jpg The number of enterprises is increasing steadily, marking a new era for the instrumentation manufacturing industry. According to the statistical data from 2012 to 2017, the scale of China’s instrumentation manufacturing sector has continued to grow in terms of the number of enterprises; however, the number of companies that incur losses and the amount of losses they suffer have both increased significantly compared to five years ago. However, this does not mean that the industry is on a downward trajectory; rather, it indicates that the instrumentation manufacturing sector has entered a new era in which a few companies are growing rapidly, most companies are seeing steady or slow growth, and about 10% of companies are operating at a loss. During this period, leading companies in the industry grew more rapidly, and with an increase in mergers and acquisitions, large enterprises became even larger in size. Meanwhile, small and medium-sized enterprises suffer from insufficient technical capabilities and innovation abilities, resulting in slow development and gradually falling behind the pace of industry progress. This phenomenon is mainly due to the rapid development of new technologies such as the Industrial Internet of Things, cloud computing, big data, and artificial intelligence, which has sparked a wave of technological innovation in the instrumentation manufacturing industry. The survival and development of instrumentation companies increasingly rely on high-tech, and they must confront the challenges brought about by industrial transformation and upgrading. The scale of this industry is continuing to expand, and it is expected to exceed the trillion-yuan mark in 2018. Evidence of the steady growth in the instrumentation manufacturing sector can also be seen in the increase in its output value, total assets, and annual profits over the past few years. Compared to the number of enterprises and their losses, these three indicators have shown an upward trend over the past five years. According to statistical data, in 2017 the total annual output value of China’s instrumentation manufacturing industry was 999.50 billion yuan, representing a year-on-year increase of 2.60%, or a 47% increase compared to 2012 ； The total assets amounted to 927.10 billion yuan, representing a 66.7% increase compared to 2012 ； The annual sales revenue was 955.84 billion yuan, representing a 2.17% increase on a year-on-year basis; it was 46% higher than in 2012 ； The total annual profit amounted to 86.91 billion yuan, with a year-on-year increase of 9.97%, representing a 60% rise compared to 2012. It is easy to see that the instrumentation manufacturing industry will exceed the trillion-yuan mark in 2018. Industry experts predict that in 2020, the sales revenue of China’s instrumentation manufacturing sector will reach 1,073.1 billion yuan, and by 2024 this figure is expected to rise to 1,288.26 billion yuan. The growth in output, assets, and profits of the instrumentation manufacturing industry is driven by the substantial demand resulting from the advancement of scientific and technological innovation in China. At present, China’s national economy is in a phase of development driven by innovation; not only are numerous new industries emerging, but many traditional industries as well are undergoing transformation and upgrading through innovative technologies. Especially in the industrial sector, which is one of the largest markets for the instrumentation manufacturing industry, investment in technological research and development is increasing continuously, and the demand for instruments and equipment is also rising day by day. At the same time, the number of research institutions and research projects in our country is also increasing, resulting in a huge demand for laboratory equipment. However, both in the industrial and research sectors, there are increasingly higher demands regarding the quality and technical sophistication of instrumentation products. This means that high-end instrumentation products will be an important driving force for corporate development and industrial growth in the future. Both the total volume of imports and exports has increased significantly; instrument and meter manufacturers are active in expanding their operations overseas. The growth in the output and profits of the instrument and meter manufacturing industry depends not only on the development of the domestic market but also on performance in overseas markets. As an established industry in our country that has been developing for decades, the instrumentation manufacturing sector has gone through difficult times in its early stages of development and a period of stagnation later on. Under the pressure from foreign brands, it has gradually found its own path for growth, and is increasingly capable of competing with them and even breaking through those constraints. Last year, the total import and export volume of instruments and meters in our country continued to show an upward trend. According to statistics, in 2017 the total import value of the instrumentation industry in China’s 31 provinces and municipalities reached 66.52 billion US dollars, representing a growth rate of 47.97%. Meanwhile, the total cumulative exports amounted to 43.871 billion US dollars, representing a growth rate of 27.15%. The sharp increase in total imports indicates a substantial rise in demand for instrumentation products in the domestic market ； The rapid growth in total exports reflects the strong performance of China’s instrumentation products overseas. Although the domestic instrumentation market is currently dominated by imported products, and domestic instruments often end up being overlooked in procurement tenders, they do have some room for growth in overseas markets. Compared to other industries that expand from domestic to overseas markets, the instrumentation manufacturing sector might follow a different path of development, where its performance in overseas markets influences its domestic customers in turn. Ultimately, the instrumentation manufacturing industry is currently experiencing strong growth, with both opportunities and challenges present, but there is still a significant gap compared to foreign countries. The main reason is still the slow progress in technological innovation and industrialization ； Lack of key core technologies ； Low-level repeat anomalies are prominent ； The stability and reliability of the product have not been fundamentally resolved over the long term ； Large-scale imports have a significant negative impact on industrial development, among other things. Whether it is to address the severe homogenization of low-end products or to improve product stability and reliability, it all depends on technological advancements and innovation. As the main drivers of the development of the instrumentation industry, enterprises must assume significant responsibility for technological innovation, and by utilizing emerging technologies such as artificial intelligence, the Internet of Things, and big data, they can help advance this industry toward smarter solutions. At the same time, manufacturing enterprises, universities, and research institutions should also strengthen their ties further, pool the strengths of industry, academia, and research to overcome the \"last mile\" in bringing new products and technologies to market. It is believed that in the future, China’s instrumentation manufacturing industry will eventually rise to become a force that influences **and even the development of the world.