Industry Trends
Growth: Despite some challenges, overall growth is expected, particularly in the US https://www.manufacturingtechnologyinsights.com/. This is due to factors like government investment in infrastructure and domestic manufacturing, as well as technological advancements.
Estimated Value: Statista projects the global manufacturing industry to reach a value of US$79.86 trillion in 2024.
Growth Rate: The same source forecasts a Compound Annual Growth Rate (CAGR) of 14.86% for the manufacturing market 2024 - 2028.
In April 2024, manufacturing sector employment in the United States increased by 8,000 compared to the previous month. The data are seasonally adjusted. According to the BLS, the data is derived from the Current Employment Statistics (CES) program which surveys each month about 140,000 businesses and government agencies, representing approximately 440,000 individual worksites, in order to provide detailed industry data on employment.
A recent Deloitte study indicated that a striking 86% of surveyed manufacturing executives believe that smart factory solutions will be the primary drivers of competitiveness in the next five years.
Factories: Investment in smart factory technologies like AI, automation, and connected sensors is on the rise. This trend is expected to revolutionize manufacturing processes, leading to increased efficiency and productivity https://www2.deloitte.com/us/en/insights/industry/manufacturing/manufacturing-industry-outlook.html].
Sustainability: Focus on sustainability is a major driver. Manufacturers are increasingly pressured to adopt eco-friendly practices and invest in clean technologies to meet net-zero goals and consumer demands https://www.alpha-sense.com/resource/report/market-moving-trends-2024/.
FOCUS AREAS
Circular Economy: Manufacturers are increasingly looking at ways to close the loop in their production processes. This involves using recycled materials, designing products for disassembly and reuse, and minimizing waste generation [Source: Ellen MacArthur Foundation - The Circular Economy in Detail].
Energy Efficiency: Reducing energy consumption throughout the manufacturing process is a major focus, with investments in energy-efficient equipment and processes [Source: UNIDO - Guide to Energy Efficiency in Manufacturing Enterprises].
Supply Chain Transparency: Consumers are demanding greater transparency in supply chains. This includes ensuring ethical sourcing of materials, minimizing environmental and social impacts throughout the supply chain, and adopting traceability solutions like blockchain [Source: World Wildlife Fund - Building Sustainable Supply Chains].
