Fronius, an Austrian company specializing in welding technology, is eyeing its market prospects in China, according to a senior executive.

Zhang Ming, managing director of Fronius Intelligent Equipment China, the wholly-owned subsidiary of Fronius International GmbH, said China has rolled out a series of policies to promote the development of advanced machinery and intelligent manufacturing, which is conducive to the industry's high-quality development.

The industry has enormous growth potential. Forward Industry Research Institute forecasts in a report that the sector will have a market size surpassing 300 billion yuan ($45.98 billion) in 2024.

"As intelligent production is the trend of the times, the machines and equipment that enable the intelligentization of manufacturing are key to keeping up with that," Zhang said.

Fronius International GmbH, which evolved from a simple one-man repair and maintenance operation founded in 1945, has grown into an integral part of the global industrial landscape.

The company specializes in providing high-quality welding systems and solutions. In addition, its business portfolio has also expanded into the other sectors of solar energy and charging equipment.

It ships exports to more than 70 countries and regions, and are widely used in a variety of sectors that require welding, such as auto manufacturing, rail transport, aviation and space, construction machinery, energy and chemicals.

The family-run business, which has passed through three generations, has valued technological progress as its core competitiveness all throughout its growth and has been pioneering industrial innovation.

With more than 500 experts in research and development, the Austria-based company has accumulated strong technological expertise in welding technology over the past decades and owns over 900 valid invention patents.