PROCOMER's Trade Mission to Silicon Valley Strengthens Costa Rica's Presence in Key Markets
SAN FRANCISCO, Calif., May 16, 2025 /CNW/ -- With the goal of generating new investment opportunities and presenting Costa Rica's value proposition to leading technology companies, the Costa Rican Foreign Trade Promotion Agency (PROCOMER) carried out a trade mission to Silicon Valley and San Francisco, California, this week.
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Aerospace industry segment to exhibit highest CAGR in the forecast year. As the need for both commercial and defense aircraft grows, manufacturers are turning to enhanced automation to reach production targets more effectively. Automated systems enhance safety and precision in vital activities such as navigation and propulsion, greatly decreasing human error. Furthermore, automation is critical for cost management, speeding production processes like as assembly and testing, and maximizing the usage of innovative materials such as composites. The use of Al-driven digital twins improves real-time monitoring by increasing reliability and minimizing downtime. Asia Pacific is expected to hold the largest market share of the industrial control & factory automation market during the forecast period. The growth of industrial control & factory automation market in Asia Pacific can be attributed to rapid industrialization, commercialization of IIoT applications and increasing adoption of industrial robot. Asia Pacific is a manufacturing hub; hence, motor vehicle suppliers, such as Toyota (Japan), Renault-Nissan (Netherlands), and Daimler (Germany), Volkswagen (Germany), and local manufacturers, such as Tata Motors (India) and Hyundai Motors (South Korea), invest heavily in the smart factory market in Asia Pacific. The majority of prominent manufacturers from various industries have relocated their manufacturing operations to Asia Pacific due to the region's low labor costs and availability of trained workers. Furthermore, governments across the area are encouraging Industry 4.0 and Industrial control & factory automation efforts through laws, incentives, and subsidies. Programs such as Made in China 2025 and make in India are encouraging industries to adopt advanced automation technologies like robotics, AI, and IoT to enhance competitiveness and productivity. The key players in the Industrial Control & Factory Automation Companies include ABB (Switzerland), Emerson Electric Co. (US), General Electric (US), Honeywell International Inc. (US), and Siemens (Germany). About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe. 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