One of the biggest contributors to the world’s economy is the manufacturing industry, even with the services sector growing. While it may be near a saturation point, it will continue to be innovative and grow. The industry will remain competitive, especially because of advances in technology.
Here is some information about the manufacturing industry to help you know what to expect this 2020.
Automation and Big Data Analytics
We have gotten a huge amount of data thanks to industrial control systems, but we have not used it properly. Luckily, because of things like Artificial Intelligence (AI), we have gotten an increase in computing power.
Manufacturers may now analyze large amounts of data easily to reduce wastages, enhance production efficiency, resolve operational problems, and enhance operations. Enabling automation is also reliant on big data analytics for the manufacturing industry. Data that gets collected from several control systems and sensors in a manufacturing plant can be fed automatically to carry out the production process.
Safety audits and regular maintenance are crucial for a manufacturing business to avoid downtime. Any machine that is broken will put a halt to many processes, and the more time that is wasted, the more money you are losing. That is why predictive maintenance is growing in popularity in the manufacturing industry. For instance, a regularly scheduled maintenance program will let you know if you need more extension springs before an item breaks down.
Manufacturers are now interested in material science to make products superior to the last ones. Materials like vantablack, carbon nanotubes, nanofibers, carbon fiber, and graphene all have extreme physical properties that help create futuristic products. For instance, carbon fiber is getting used more in the aerospace industry due to its high weight to strength ratio.
However, due to the costs of these materials, it is hard to put it into mass production. Although they will eventually get to consumer applications as the economy grows and new materials arrive.
Modern products are continuously getting capable of analyzing information and operating tasks with few human inputs. Smart products, such as fitness trackers, smartwatches, and smartphones are part of our everyday lives. Previous processes and analog tasks can be simplified because of the electronics, connectivity, and use of several sensors. That made manufacturers realize what smart products can offer them. It can make an ecosystem that will allow customization. The platform will allow a lucrative market to grow, which gives extra revenue because of add-ons.
Renewable Energy Sources
More manufacturers are looking into renewable energy sources because of corporate social responsibility. It can help them save costs in the long run while boosting their brand image. A lot of nonrenewable energy sources are becoming more expensive because they are getting scarce and becoming harder to buy, thus raising the costs.
Most consumers prefer purchasing from companies that focus on being green and environmentally friendly, so it will give any manufacturer a boost in revenue. Many manufacturers are focusing on using clean and green energy sources for their manufacturing processes, some of which are geothermal, hydro, solar, and wind.
It is important to stay alert and know what is coming because of the manufacturing industry’s unpredictable climate. Remember this information to keep your business afloat.