Despite the pandemic, labor shortages, supply chain disruption, and uncertain economic environment, the manufacturing industry has continued to grow over the years. Manufacturing companies have demonstrated continued strength in 2022 but to sustain this growth, it is important to identify the latest manufacturing trends and leverage them.
As the industry leaders look beyond these disruptions and modernize their approach, these manufacturing industry outlook evaluates the 7 most important trends to consider for manufacturers in the year ahead.
How to Leverage Top Trends in Manufacturing Industry?
1. Predictive Maintenance –
The global predictive maintenance market is estimated to reach $15.9 billion by 2026. Manufacturers always need to ensure that machines and equipment deliver optimal performance. Predictive maintenance implements various technologies including vibration analysis, infrared thermography, oil analysis, and more to ensure the proper working of machines. It is used to prevent sudden breakdowns, unplanned outages, and related disruptions within the production cycle. While many manufacturers are already leveraging predictive maintenance to reduce machine downtime, this trend will continue in 2023 and beyond.
2. Industrial Internet of Things (IIoT) –
The increasing expectations of customers, complex supply chains, and growing customization have led to various challenges for manufacturers. The Industrial Internet of Things paves the way for digital transformation to enhance supply chain operations and gain productivity improvements. It is estimated that over 43 billion devices will be connected to the internet and it is indicated that 31% of production processes leverage smart devices. For the same reason, IIoT has become one of the top trends in the manufacturing industry. It enables manufacturers to leverage real-time data, improve the efficiency of manufacturing processes, provide better safety, make informed decisions, and reduce costs.
3. Augmented Reality (AR) and Virtual Reality (VR) –
The augmented and virtual reality markets are expected to reach $454.73 billion by 2030. Despite the rise of automation, manual processes have considerable relevance in the manufacturing industry. AR technology enables manufacturers to access automated data along with manual process data at the same time. VR technology help manufacturers create digital product models and prototypes to enable virtual testing. It saves a lot of money and time in designing, building, and testing physical prototypes. Manufacturing companies are adopting AR and VR technologies to offer realistic training simulations, notify about potential hazards on the factory floor, and much more.
4. Big Data –
The growing interest in IIoT and emphasis on predictive maintenance indicates that Big Data is getting popular in the manufacturing industry. With easy access to real-time insights, manufacturers can engage in data-driven decisions related to cost reduction, fulfillment, production, sourcing, and more. Informed decisions can lead to better business outcomes and growth. In 2023, Big Data is expected to move beyond data visibility and discover more benefits related to supply chain, productivity, machinery, and client satisfaction.
5. 3D Printing –
3D printing has already revolutionized the prototyping and tooling process in manufacturing processes. It provides a cost-effective way to troubleshoot issues faster, tests modern designs, and incorporates feedback efficiently. It also helps manufacturers to produce customized or niche products based on specific requirements. 3D printing is becoming more popular because it enables testing the models and materials before proceeding with full-blown production. It provides more agility, flexibility, and capability to produce goods based on dynamic customer requirements. Although 3D printing has been around for a while, it will gain more prominence and be lauded as one of the top technology trends for smart manufacturing in the coming years.
6. Collaborative Robot (Cobot) –
The Cobot market is expected to be around $11.8 billion by 2030. Collaborative robots are designed to work together with humans in the workspace. They are highly relevant for the manufacturing industry as they can conduct repetitive tasks efficiently. It allows humans to focus on creative and problem-solving solutions. Collaborative robots can be used to measure specific components in an assembly line, evaluate products for defects with the help of sensors and cameras, and carry out monotonous tasks like welding, grinding, sanding, and soldering without any tiring. They can operate without any breaks, food, or rest which leads to increased productivity and revenues.
7. Modern Manufacturing ERP –
The modern ERP solution has become essential to streamline manufacturing operations, provide real-time data access, automate business tasks, and reduce costs. The future of manufacturing rests on cloud ERP as it enables manufacturers to leverage the right technology at right time to deliver maximum value. The ERP solution enables manufacturing companies to provide real-time access to company information and communications anywhere. ERP solution is also integrated with artificial intelligence to enhance business forecasts, improve production times, reduce waste, process a large amount of data, improve quality management, and reduce costs.
The Way Forward –
As the manufacturing world is changing extremely fast, manufacturing companies need to leverage these trends to survive and thrive in the industry. In this digital-first era, manufacturing companies need enterprise applications to be more agile and make informed decisions to improve performance. 2023 is the year to leverage the future of modern cloud ERP systems. Learn more about how to leverage the manufacturing trends in 2023 and how to get ready now.