Chapter 1 Industry Overview
The instrumentation industry refers to the industry that specializes in the research, design, manufacture, sale and service of various instruments, meters and automation equipment required in scientific research, production and life. These instruments and meters can be used to measure, indicate, record, regulate and control various parameters in physical, chemical and biological processes. This industry covers a wide range of equipment and systems, from simple thermometers and pressure gauges, to complex fully automated control systems.
The classification of instruments and meters can be carried out from multiple dimensions, such as according to working principle, purpose, accuracy, etc. According to the working principle, it can be divided into mechanical type, electronic type, optical type, electromagnetic type, etc.; according to the application, it can be divided into testing instruments, measuring instruments, control instruments, etc.; according to the accuracy, it can be divided into general precision, medium precision and high precision wait.
In the automation and instrumentation market, instrumentation can be further subdivided into fully automatic and semi-automatic categories. Fully automatic instruments can complete assigned tasks autonomously without human intervention. The semi-automatic instruments and meters require a certain amount of manual operation when completing tasks. These two types of instrumentation are widely used in various industrial fields such as oil and gas, water and wastewater treatment, chemical process, etc.
The instrumentation industry is an important segment of the global automation and instrumentation market, which is undergoing significant expansion. This expansion is attributed to increasing personal spending, increasing urbanization across the globe, and widespread adoption of innovative technologies. The potential impact of government and market regulations is also considered.
In China, the factory automation and industrial control market is expected to grow at a compound annual growth rate (CAGR) of 10.1% over the next five years. This is primarily driven by technological advancements and innovations in various manufacturing units, as well as Chinese government investments in factories, infrastructure, and machinery.
However, although the instrumentation industry is experiencing significant expansion, the growth of this market is slower in some countries, economic pressures in some emerging countries, and various obstacles in the commercial market are also affecting the growth of this market.
Chapter 2 Business Model and Technology Development
2.1 Industry chain
The industrial chain of the instrumentation industry mainly includes the following links:
- Raw material supply: This is the starting point of the industrial chain. Depending on the instrumentation product, raw materials may include various metals, plastics, electronic components, and more.
- Component manufacturing: Raw materials are transformed into various components needed for instrumentation, such as sensors, microprocessors, displays, etc.
- Equipment assembly: Various components are assembled into a complete instrument or meter.
- System integration: For complex instruments and meters, it may be necessary to integrate multiple devices together to form a system.
- Sales and Distribution: Manufactured instruments and meters enter the market through various sales and distribution channels.
- Service and maintenance: including installation, maintenance, technical support and other services.
In the industrial chain, the profit margins of each link are different. Generally speaking, the profit of raw material supply and component manufacturing is low, and the profit of equipment assembly and system integration is relatively high. Profit margins in sales and service links depend on brand influence and service quality.
When analyzing the industrial chain of the instrumentation industry, we need to pay attention to the following points:
- The impact of technological development on the industrial chain: the emergence of new technologies may change the structure of the industrial chain. For example, the development of IoT (Internet of Things) and AI (Artificial Intelligence) may make instrumentation more intelligent, which may increase the importance of system integration.
- Supply chain risks: Today, the global supply chain is facing various risks, including trade wars, epidemics, etc. This may affect the supply of raw materials and the manufacture of components.
- Changes in market demand: Changes in market demand will affect all links in the industrial chain. For example, as environmental awareness increases, there may be an increased demand for environmentally friendly instrumentation, which affects product design and manufacturing.
In China, the instrumentation industry, as a basic and strategic industry of the national economy, has always been an industry that our country has invested heavily in capital, technology and talents. From the perspective of the industrial chain, the upstream enterprises in the industrial chain of the instrumentation industry mainly include suppliers of electronic components such as sensors and chips, and suppliers of raw materials such as hardware and packaging boxes. The downstream of the industry consists of petrochemical, iron and steel smelting, electric power, electronics manufacturing, environmental monitoring, medical and health and other industries.
Figure: Overview of the industrial chain
Source: Asset Information Network Qianji Investment Bank Essence Securities
upstream
Electronic components such as sensors, chips, PCBs, and various hardware, wires, packaging and other materials are the main raw materials for instrumentation products. The output, quality and price of raw materials directly affect the development of the instrumentation industry.
At this stage, the upstream related enterprises of my country's instrumentation industry mainly include Hengdian Group DMEGC Co., Ltd., Guangdong Shengyi Technology Co., Ltd., Guangdong Fenghua High-tech Co., Ltd. and Zhonghang Optoelectronics Technology Co., Ltd., etc.
middle reaches
Chart: Operating Income and Growth Rate of my country's Instrument and Meter Manufacturing Industry
Source: Asset Information Network Qianji Investment Bank Essence Securities
At this stage, the relevant enterprises in my country's instrumentation industry mainly include Shenzhen Huashengchang Technology Industrial Co., Ltd., Fluke Testing Instrument (Shanghai) Co., Ltd. and Zhengzhou Sanhui Electric Co., Ltd., etc.
downstream
The downstream demand fields of instruments and meters are extremely extensive, covering various aspects such as industry, transportation, architectural surveying and mapping, science and technology, environmental protection, national defense and daily life. The demand of the downstream market provides a broad development space for the industry.
From the perspective of surveying, mapping and geographic information industry, the expansion of application scope and increasing market demand have promoted the total value of surveying and mapping services in my country's surveying, mapping and geographic information industry to increase year by year.
Chart: Market Size of Geographic Information and Surveying and Mapping
Source: Asset Information Network Qianji Investment Bank Wanlian Securities
At this stage, the downstream related enterprises in my country's instrumentation industry mainly include Shanghai Construction Engineering Group Co., Ltd., Beijing Weize Surveying and Mapping Co., Ltd., and China Testing and Certification Group Co., Ltd., etc.
2.2 Business model
Products reach final consumers through distribution channels. Unimpeded sales channels can ensure that products enter the market smoothly, whereas channel barriers will affect the market operation of enterprises. Research on many enterprises and industry channels shows that the problem of "sales channel bottleneck" is a common problem restricting the development of enterprises. Therefore, in the investigation before the launch of new products, it is necessary to conduct sufficient research on the channel type, channel member composition, and channel characteristics of this type of product. The results of the investigation and research have important guiding significance for establishing one's own channel selection and management. .
Figure Instrumentation Industry Business Model
Source: Asset Information Network Qianji Investment Bank
2.3 Technology Development
Technology in the instrumentation industry is evolving rapidly, driven by multiple fields and trends. The main future technological development trends of the industry are as follows:
(1) Internet of Things (IoT) and Industrial Internet
These two technologies are changing the instrumentation industry. IoT enables devices to collect, send and analyze data in real-time, enabling remote monitoring and predictive maintenance. The Industrial Internet improves production efficiency, reduces costs, and strengthens business innovation by connecting devices and systems.
(2) Artificial intelligence and machine learning
The application of these technologies in the instrumentation industry is gradually increasing, such as in quality control, equipment maintenance and failure prediction. By using artificial intelligence, machines can learn by themselves and adapt to changes in the environment, making devices more intelligent and automated.
(3) Big data analysis
As the amount of data generated by instrumentation devices increases, so does the importance of big data analytics. By analyzing this data, companies can better understand the operation of equipment, predict equipment maintenance needs, optimize equipment usage efficiency, and provide better customer service.
(4) Additive manufacturing and 3D printing
These technologies allow for faster and more flexible manufacturing of complex components and devices, especially when specific designs are required in the short run. This is very useful for manufacturing customized instrumentation equipment and providing fast equipment maintenance and parts replacement services.
(5) Green and sustainable technologies
As the global attention to environmental protection and sustainable development increases, the instrumentation industry is also developing and adopting more green and sustainable technologies. For example, the development and use of equipment that is more energy efficient and produces fewer emissions, as well as reducing the environmental impact of equipment by increasing its lifespan and recyclability.
(6) Optoelectronics technology and microelectronics technology
These two technologies are widely used in various high-precision and high-sensitivity instruments and meters. With the development of these technologies, we expect that more high-performance and high-efficiency instrumentation will be developed.
All of these technologies are likely to drive the development of the instrumentation industry and help the industry meet changing and improving demands. At the same time, the development of these technologies will also promote the innovation and transformation of the industry, providing companies with new business opportunities and challenges.
Through statistics on the number of patents of various patent applicants in the domestic instrumentation industry, the top companies are: Chuanyi Co., Ltd., Jingce Electronics, Santos Technology, Qinchuan Wulian, Concentrate Technology, Gold Card Smart, Tian Swiss Instruments, Uni-Tech, etc.
Figure TOP 10 Number of Patents of Listed Companies in the Instrumentation Industry
Source: Qianji Investment Bank iFinD
2.4 Policy Supervision
Administrative Supervision Department
Ministry of Industry and Information Technology: It is the competent department of the instrumentation industry, mainly responsible for the research and formulation of industrial policies, standard research and drafting, industry management and planning, etc.
General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China: mainly responsible for supervising and managing the production and sales of measuring instruments across the country, formulating national metrological technical specifications and verification procedures, and conducting metrological traceability and metrological supervision for various instrumentation companies involved in metrological performance.
self-regulatory association
The main functions of the China Instrument Industry Association are: authorized or entrusted by the government department, to participate in the formulation of industry plans, to conduct preliminary demonstrations of major technological transformation, technology introduction, investment and development projects in the industry; to conduct industry and regional economic development investigations and research, and to propose Opinions and suggestions on economic policies and legislation; collect, collate, and analyze the production and operation of member units, as well as technical and economic information and market information of the industry at home and abroad, and provide information services for member units; entrusted by government departments, participate in quality management and supervision work, participate in the formulation and revision of national standards and industry standards, organize their implementation and conduct supervision; undertake by the government or organize exhibitions and trade fairs according to the needs of market and industry development; carry out economic and technological exchanges and cooperation at home and abroad; Relevant regulations, establishment of publications, establishment of websites, consultation, and help enterprises improve their management, etc.
industry policy
- In September 2022, the People's Bank of China announced the establishment of a special re-loan for equipment renovation and renovation, with a quota of more than 200 billion yuan, supporting financial institutions to provide loans for equipment renovation and renovation in 10 fields at an interest rate not higher than 3.2%. In addition to the 2.5% interest discount of the central government, the actual loan cost of the loan entity for upgrading and upgrading equipment in the fourth quarter of this year will not exceed 0.7%. Deadline is December 31, 2022.
- 2022.09, the "Notice on Matters Concerning Expansion of Investment in the Educational Field" was released, specifying the scope of key support for special loans including: teaching and scientific research conditions in colleges and universities and upgrading of equipment, digital construction of schools, domestic substitution of data centers, etc. All schools should submit the construction content to the Ministry of Education on September 18.
- 2022.09, The executive meeting of the State Council decided to use policy discounts and special re-loans to support the purchase and renovation of equipment in the fields of colleges and universities, hospitals, small and medium-sized enterprises, etc. The overall scale is 1.7 trillion yuan, and the deadline is December 2022 31st.
- In February 2022, the Ministry of Science and Technology issued a notice on soliciting opinions on the 2022 annual project application guidelines for the national key research and development plan "basic scientific research conditions and major scientific instrument and equipment research and development". Multi-channel mixed-signal oscilloscopes and broadband sampling oscilloscopes were included in the key special projects .
- 2021.12, Order No. 103 of the President of the People's Republic of China, government procurement shall purchase scientific and technological innovation products and services provided by domestic natural persons, legal persons and unincorporated organizations under the condition that the functions, quality and other indicators can meet the needs of government procurement; for the first time If it is put on the market, the government procurement should be the first to purchase it, and should not be restricted based on commercial performance.
- 2021.07, the 5G application "sail" action plan (2021-2023), to speed up the recovery of the industry's shortcomings. Support the research and development of 5G radio frequency, protocol, and performance instruments with high precision, high sensitivity, and large dynamic range, and drive breakthroughs in high-end chips and core components for instrumentation as soon as possible.
- 2021.07, Guiding Opinions on Accelerating the Cultivation and Development of High-quality Enterprises in the Manufacturing Industry, Increase Key Core Technologies and Products in Basic Parts, Basic Electronic Components, Basic Software, Basic Materials, Basic Technology, High-end Instruments and Equipment, Integrated Circuits, Network Security and Other Fields , Equipment research and demonstration applications. Promote the opening of major national scientific research infrastructure and large-scale scientific research instruments to high-quality enterprises, and build a production application demonstration platform and a public service platform for industrial technology foundation.
- 2021.03, the 14th five-year plan for national economic and social development of the People's Republic of China and the long-term goal of 2035, relying on leading enterprises in the industry, intensify efforts to tackle key problems in important products and key core technologies, and accelerate breakthroughs in engineering industrialization; strengthen R&D and manufacturing of high-end scientific research instruments and equipment.
- 2020.9, Guiding Opinions on Expanding Investment in Strategic Emerging Industries to Cultivate and Expand New Growth Points and New Growth Pole, Accelerate the High-end Equipment Manufacturing Industry to Make Up for Shortcomings, Focus on Supporting Industrial Robots, Construction, Medical and Other Special Robots, High-end Instrumentation, Rail Transit Equipment, etc. Production of high-end equipment.
- 2020.03, Strengthen the "from 0 to 1" basic research work plan, strengthen the design and development of major scientific and technological infrastructure and high-end general scientific instruments, focus on the research and development, engineering and industrialization of high-end general and professional major scientific instruments and equipment, and promote high-end scientific instruments The industry is developing rapidly.
- 2020.03, the Ministry of Industry and Information Technology issued a notice on promoting the accelerated development of 5G. Continue to support the research and development, engineering research and industrialization of 5G core chips, key components, basic software, instrumentation and other key areas, laying the foundation for industrial development.
Chapter 3 Industry Valuation, Pricing Mechanism and Global Leading Enterprises
3.1 Comprehensive financial analysis and valuation methods of the industry
We usually use the following main methods to analyze the instrumentation industry:
(1) Financial statement analysis
This includes an in-depth analysis of the company's balance sheet, income statement and cash flow statement to understand the company's financial position. For example, the income statement can reflect the company's profitability and operating efficiency, the balance sheet can reflect the company's asset structure and liability status, and the cash flow statement can reflect the company's cash inflow and outflow.
(2) Ratio analysis
This includes using various financial ratios such as profitability, asset turnover, current ratio, etc. to assess a company's financial health and operating efficiency. These ratios can help us understand key factors such as a company's profitability, solvency, operating efficiency, and more.
(3) Cash flow analysis
Cash flow is a key factor in assessing a company's health because it shows its ability to service its debt and its long-term viability. This includes operating cash flow (cash inflows from the ordinary course of business), investing cash flow (cash inflows and outflows related to the company's investing activities) and financing cash flow (cash inflows and outflows related to the company's capital structure and debt financing and outflow).
(4) Analysis of profit quality
By analyzing the source of earnings, we can understand the quality of the company's earnings. For example, ongoing operating income is more reflective of a company's actual operating capabilities than one-time income (such as the sale of assets).
Chart: Index Performance
Source: Qianji Investment Bank iFinD
(5) Valuation analysis
By forecasting the company's future earnings and applying an appropriate discount rate, we can calculate the company's enterprise value. Commonly used valuation methods include price-earnings ratio valuation method, PEG valuation method, price-to-book ratio valuation method, price-to-current ratio, P/S price-to-sales ratio valuation method, EV/Sales market-to-sales ratio valuation method, and RNAV revaluation Net asset valuation method, EV/EBITDA valuation method, DDM valuation method, DCF discounted cash flow valuation method, NAV net asset value valuation method, etc.
(6) Industry comparative analysis
By comparing with other companies in the same industry, we can get a better understanding of the performance of the company. This includes comparisons of financial ratios, comparisons of market shares, etc.
Please note that the above are only basic financial analysis methods, and the specific analysis may need to be adjusted according to the company's specific situation and industry characteristics. At the same time, financial analysis can only provide one aspect of the company's financial situation, and a comprehensive evaluation of the company needs to be combined with other non-financial information, such as market environment, company strategy, management team, etc.
3.2 Industry Development and Driving Factors
(1) New infrastructure promotes new technologies for instrumentation
The country vigorously promotes the construction of new infrastructure. New infrastructure is guided by new development concepts, driven by technological innovation, based on information networks, oriented to high-quality development needs, and providing infrastructure for digital transformation, intelligent upgrades, and integrated innovation. system. As an important guarantee for communication testing, equipment operation and maintenance, intelligent perception and big data acquisition, instrumentation and its core components will promote the instrumentation industry to accelerate the technological development of new products, and carry out testing requirements, reliability methods, communication transmission, safety requirements, etc. Research on basic common technologies to meet the development needs of new infrastructure.
(2) New demand spawns a new industry of instrumentation
The new round of industrial revolution centered on information technology is the in-depth integration of information and telecommunication, mobile Internet and other high-tech and manufacturing industries. In recent years, the smart manufacturing, smart city, smart transportation, and smart buildings that China has vigorously promoted will drive the deep integration of instrumentation and information technology, combined with national policies and macroeconomic To meet the needs of the industry, effectively promote industry structural adjustment, transformation and upgrading, make full use of the existing conditions and foundation of the industry, and accelerate the development of smart manufacturing, smart (digital) factories (workshops), smart cities (smart water, smart gas, smart transportation, smart medical care) etc.) and other key directions, the pace of industrialization and system integration capabilities of intelligent products required to develop and form new industries, and gradually change process industry automation and discrete industrial automation, process industry sensors and discrete industrial sensors, laboratory instruments and online Unbalanced development of scientific instruments.
(3) Domestic substitution brings new development of instrumentation
For a long time, the instruments and meters used in key industries such as nuclear power, energy, and petrochemicals in my country have mainly been imported products, and domestic products have been difficult to enter because they are mainly low-end products and their reliability and stability are poor. Although my country has been promoting localization, the intensity is not strong enough. With the current international political situation, Sino-US trade frictions and the evolution of the world economic pattern, taking the opportunity of the security, independence and controllability of national key industries and national defense construction, my country will promote the process of independent core technology of key products, and strive to basically form a national large-scale The basic guarantee capabilities of engineering projects, automatic control systems and precision testing instruments in key application areas, and the basic support capabilities of automatic control systems and precision testing instruments required by major scientific and technological projects. From the perspective of ensuring information security, localization substitution has become the general trend, which will give domestic instruments and meters more market opportunities, so the good products of "specialized, refined, special and new" enterprises in domestic instruments and meters will be able to seize the opportunity , usher in a new round of development of the "Dongfeng".
3.3 Industry risk analysis and risk management
technical risk
The instrumentation industry is a technology-intensive industry. Products or services involve multiple technical fields. The technical differences between different products are obvious, and the development cycle of some products is long. Under the influence of policies encouraging innovation and entrepreneurship, all kinds of innovative and entrepreneurial companies in China are constantly emerging, and new technologies, new applications, and new models are emerging in large numbers. If companies in the industry cannot maintain the ability to continuously develop new products and new technologies, especially expand new directions It will weaken or lose the company's existing technological competitive advantages, thereby affecting the company's comprehensive competitive advantages and sustainable development capabilities, and even major business risks.
Countermeasures: Form a distributed R&D system and innovation culture, supported by the company's existing management platform and business platform, combined with the new business unit assessment and incentive system, encourage internal entrepreneurship, and stimulate the desire for independent innovation of R&D technicians at all levels; the company R&D departments should be encouraged to carry out technical cooperation with various professional institutions, quickly introduce, master, and digest new technologies, and try to participate in early-stage companies with technological advancement and market space to ensure that the company maintains a high level in the context of economic transformation and upgrading. market leadership.
market risk
If there are adjustments in policy direction, changes in implementation, and fluctuations in the industry cycle, it will have a greater impact on the demand for industry products and services and even lead to major operating risks for companies in the industry.
Countermeasures: The company should continue to increase the types of products and services and business coverage through independent research and development and external cooperation, and strive to penetrate into various fields of the national economy, especially pay attention to the opportunities brought by the rapid development of emerging industries, so as to digest policy adjustments and industry The impact of cyclical fluctuations.
HR Risk
Human capital and technology-intensive industries rely on professional management and technical personnel. In recent years, due to the high prosperity of the industry, the strong demand for experienced management talents, and the surging wave of entrepreneurship, there is a greater risk of loss of existing talents in the industry. It is difficult and costly to introduce talents, which will have certain adverse effects on the future development of companies in the industry. . In particular, through R&D and acquisitions, companies in the industry continue to enter new fields and new industries. There is a greater demand for various management talents and technical talents, and a greater demand for comprehensive management talents. The lack of talents may become an important reason for restricting the company's business development. , Improper use of talents can easily lead to business risks.
Countermeasures: On the one hand, the company should pay attention to the cultivation and management of talents and the construction of corporate culture and team culture, introduce a layered equity incentive system, gradually implement the business partner system and profit sharing plan, and encourage qualified subsidiaries to leverage on domestic and foreign Capital market development; create better promotion opportunities and growth space for cadres and employees at all levels; create a good working environment and development prospects for management and technical talents; on the other hand, the company should use various channels and opportunities in a planned way, Through recruitment, cooperation and other modes, select and reserve talents. In particular, strengthen the introduction of talents for company-level key businesses and strategic development directions.
3.4 Competitive Analysis - SWOT Model
Advantage
The current situation that the instrumentation industry is facing is to directly compete with foreign companies, and foreign capital in China has entered the third stage. The first stage was mainly joint ventures and technology export. The second stage was the transformation of joint ventures into holdings around the 1990s. Now it has entered the third stage, which is dominated by sole proprietorships and mergers of outstanding Chinese companies. China is a developing country, and there is a gap of 10 to 15 years in the instrumentation industry compared with developed countries. But in developing countries, China is the largest and most comprehensive country in the instrument industry and the strongest comprehensive strength. China's instrumentation is in great demand and it is one of the fastest growing countries. The growth rate of instruments and meters in the world is 3%-4%. China has achieved an annual growth rate of more than 20% for four consecutive years, and some products have accounted for one-tenth of the world's total.
disadvantage
There is a clear gap between the stability and reliability of domestic products and foreign products. Most of the domestic products follow imitation as the main development method, lack of research on basic technology and core technology, and also lack of tests on the influence of various environmental factors on product stability and reliability. At the same time, R&D investment is insufficient, and independent innovation capabilities need to be improved. The main performance is that the competitiveness of high-end products is very weak, especially in the high-end product market, the products of multinational companies, joint ventures and imported products have an absolute advantage.
opportunity
In the context of globalization and the eastward shift of the world's economic center, facing the complex and changeable environment in 2023, especially the continuous impact of the global new coronavirus pneumonia epidemic, various uncertainties may appear in the development of my country's instrumentation, Exports are expected to be greatly affected. As our country will strengthen the construction of internal circulation, domestic demand will become the main driving force for the development of the instrumentation industry, and the new infrastructure will also promote the development of instrumentation technology.
threaten
The concentration of the domestic industry is low, the corporate structure is unreasonable, and there are institutional and institutional obstacles to mergers and reorganizations. At present, the industry lacks leading enterprises. The brand effect of distinctive professional instrumentation manufacturing enterprises is not strong, and the competitiveness in the mid-to-high-end market is very low. Although industry companies have made some explorations in exploring mergers and acquisitions, the overall effect is not ideal, mainly due to institutional and institutional obstacles.
3.5 Key Players in the Market
Major Chinese companies include Concentrate Technology [300203.SZ], Jingce Electronics [300567.SZ], Chuanyi Co., Ltd. [603100.SH], Puyuan Jingdian [688337.SH], Dingyang Technology [688112.SH], Dongfang Zhongke [002819.SZ], Sifang Optoelectronics [688665.SH], Rongzhi Rixin [688768.SH], Hanwei Technology [300007.SZ], Rena Intelligent [301129.SZ], etc.
Globally key players include Miracom, Rockwell Automation Inc., Schneider Electric SA, ABB Ltd., Siemens AG, GE, FMC Technologies, Mitsubishi Electric Corporation, Omron Corporation, Emerson Electric Company, SAP, Mitsubishi Heavy Industries, Toshiba International, Companies such as Honeywell International Inc, Danaher Corporation, Metso, and Yokogawa Electric Corporation
Chapter 4 Future Outlook
The instrumentation industry is an industry involving a wide range of fields and huge applications, including various measurement and control equipment, as well as various laboratory and industrial equipment. The development trend of this industry is usually affected by various factors such as technological development, industry demand, policies and regulations.
Innovation and product upgrades driven by technological progress: With the rapid development of science and technology, we expect that in the future, the instrumentation industry will introduce more advanced technologies, such as artificial intelligence, Internet of Things (IoT), big data, etc. For example, through AI and big data technology, we can conduct real-time analysis of equipment operation data, predict equipment failure, and perform preventive maintenance. Through the Internet of Things technology, we can realize the intelligent interconnection between devices and improve the use efficiency of devices.
Environmental protection and sustainable development: As the world pays more attention to environmental protection and sustainable development issues, the instrumentation industry will also develop in this direction. Future devices will focus more on energy efficiency and reducing carbon emissions. At the same time, the industry will also develop more new equipment and solutions for environmental protection and sustainable development, such as equipment for monitoring and controlling air quality, water quality and other environmental indicators.
Personalization and customization: In the future, we expect that the instrumentation industry will pay more attention to meeting the individual needs of users. Through modular and intelligent design, users can choose and configure the equipment and functions they need according to their needs. At the same time, manufacturers will also provide more flexible customization services to meet the needs of different users.
Coexistence of globalization and regionalization: With the deepening of globalization, the market of the instrumentation industry will also become more globalized. Equipment manufacturers need to take into account the characteristics and needs of different regions and markets, and also need to comply with regulations and standards in different regions. In addition, with the promotion of local policies and the development of regional economy, the regionalized instrumentation industry chain will also be developed.
Digitization and intelligence: In the future, the instrumentation industry will continue to move towards digitization and intelligence. This is not only reflected in the product itself, but also in the production and service process. For example, by introducing digitalized production lines and supply chain management systems, manufacturers can improve production efficiency and reduce production costs. By providing digital services, such as online technical support, online ordering, etc., manufacturers can provide a better user experience.
In general, we expect that the instrumentation industry will make significant progress in the fields of technological progress, environmental protection and sustainable development, personalization and customization, globalization and regionalization, digitalization and intelligence in the future, which will contribute to social and economic development. make greater contributions to development.
Cover Photo by Godwin Angeline Benjo on Unsplash