Manufacturers are continuously striving to improve processes and overcome challenges. Since the beginning of the COVID-19 pandemic, this industry has undergone a profound transformation. However, manufacturing continues to recover and move in a positive direction, with a 3.57% annual growth rate expected between now and 2028. Discover more expected manufacturing trends in 2024.
Expected Manufacturing Trends in 2024
As the industry continues to recover, manufacturers are looking for ways to be more efficient and productive while also protecting against ongoing risks. Here are some of the top trends expected to impact the manufacturing industry in 2024.
1. Rise of Smart Factories
The fourth industrial revolution, or “industry 4.0,” is all about digitizing more aspects of the manufacturing process with autonomous and smart solutions. More and more factories are easing into these smart solutions as they become more reliable and affordable. By 2032, the global smart factory market size is expected to hit about $321.98 billion.
2. Use of AI and Virtual Processes
Technologies such as artificial intelligence (AI), machine learning, and digital twins, are helping manufacturers be more efficient and effective. These technologies can help businesses optimize their layouts, improve safety, and make more informed business decisions.
3. Smart Equipment Maintenance
Equipment downtime in a manufacturing plant can be costly and frustrating. Many manufacturers are now adding smart sensors to their equipment to deliver instant alerts if the equipment isn’t operating as expected. Predictive maintenance can also help reduce equipment downtime.
4. Re-assessing the Supply Chain
Most manufacturers are still concerned about potential supply chain disruptions. So much so that they invested significant resources in adding visibility throughout the supply chain. For example, RFID tags are being widely implemented to provide supply chain partners with real-time information about raw materials and finished products.
5. Importance of Reshoring
Global issues like the continuing pandemic and the war in Ukraine continue to create supply chain disruptions, and they don’t appear to be easing any time soon. Many manufacturers are choosing to bring production closer to home (reshoring) instead of relying on producers on the other side of the planet.
6. Dealing with Labor Shortages
Manufacturers continue to face a tight labor market. According to Deloitte, as many as 2.1 million manufacturing positions could remain vacant by 2030, with a cost to the industry of roughly $1 trillion. In addition to raising wages and leveraging automation, manufacturers are increasingly looking for ways to outsource various parts of their processes.
7. Creating More Strategic Partnerships
Instead of handling everything in-house, many manufacturers are exploring other options to reduce costs, improve quality, and boost productivity. For example, prototypes and even some parts can be produced by a trusted business partner with the resources and expertise to deliver the best possible results.
8. Focus on Sustainability
According to the World Economic Forum, roughly 20% of the world’s carbon emissions come from manufacturing. In response to increased consumer demand and tighter regulatory requirements, manufacturers will begin focusing even more on sustainable processes and carbon-neutral practices.
If you have an idea for a part or product would like to get produced, you want to make sure it is done accurately and affordably. At Components By Design, our team has been working with CNC technology for over 20 years. We will not only partner with you to add efficiency to your manufacturing process but also deliver complete support after the sale. Contact us today to learn more about how we can make your vision a reality.