The electronic manufacturing industry is one of the fastest-growing industries globally and has brought about changes in both businesses and personal life. It is estimated that the industry grew in revenue to about $2.4 trillion in the year 2020.
However, the growth is about to experience a new shift with the introduction of emerging and barrier-breaking trends that will shift the running of businesses, homesteads, and how electronic manufacturing is run. Although some trends and practices have been in the industry for years with emerging modern improvements and growth in the technology world, so has electronic manufacturing. Some of these trends take this industry to a new level.
Take a look at some future trends to watch out for in the electronic manufacturing industry and better understand how these trends manage to take top spots in shaping and directing the growth of the electronic industry.
Trends shaping the future of electronic manufacturing include:
1. Internet of Things
This is the connection of everyday devices through the internet, allowing easy sharing and receiving information through electronic devices. Internet of Things (IoT) has increasingly been embraced in electronic manufacturing with more companies, leveraging the benefits from IoT to increase device efficiency, improve consumer safety and cut costs.
2. Use of Virtual Reality (VR) and Augmented Reality (AR)
By using virtual reality and augmented reality, manufacturers can design consumer-friendly products. Computer-aided designs have helped designers and manufacturers make accurate and timely changes to the products. Also, the use of VR and AR helps in designing and eliminates error and reduces inspection time as workers are better able to identify errors.
3. Use of 3-D Printing
A report by Smithers estimates an annual growth of 23% in the next decade in 3-D revenue. The report also shows the 3-D printing revenue growth is estimated to grow from $5.8 billion to about $55.8 billion by 2027.
The 3-D printing marketplace has a vast share around Western Europe and North America, where cutting-edge technology developers are pushing for increased mainstream use of 3D printing among technology companies.
Electronic manufacturing companies are capitalizing on their technological abilities and emerging trends. To ensure they remain competitive, it is important to work closely with equally fast emerging trends such as 3-D printing. 3-D printing developments are not only focused on the physical aspects but are also working on the design, the application, and the overall satisfaction of the end-user.
4. Big Data
Corporations worldwide have been exclusively using big data. Much of this was because it was expensive to small and medium-sized enterprises (SMEs). However, advancements in IoT and other cutting-edge technologies have turned the tables. Now, businesses of all sizes can draw information from multiple sources. This has made big data more valuable than it was.
Consequently, electronic manufacturers are applying the information they receive from big data in various productive ways. For example, they apply it to minimize production costs while raising profit margins and market share. This is guided by the willingness of managers to gain more understanding of their businesses. This helps them to overcome various issues while projecting and preventing future challenges.
5. Use of Industrial Robotics
For years, the automotive industry was the leading driver in the growth of industrial robotics. However, this has changed, and industrial robotics have been used in electronic manufacturing to perform several tasks in recent years.
The widespread use of industrial robots in the electronic industries led to substantial growth in industrial robotics use in 2016, where global sales increased by about 16%. This number is estimated to grow over the years, leading to an increase in the global market.
The use of robots in electronic manufacturing has allowed miniaturization and reshoring. Moving forward in innovations, design, and the business running, manufacturers across the board are looking for ways to increase efficiency. The use of robots has proven an essential tool.
Besides future technological trends, manufacturing companies also need to look at some of the business trends that will influence the success and running of their business. Some of the future business trends to look out for include:
6. Use of ERP Systems
To keep a company competitive, companies need to enforce enterprise resource planning (ERP). Though this trend has been in use for some years, some worthy mention benefits of embracing this trend when looking to expand the electronic manufacturing industry include:
With the use of the internet in all operations, it is now more critical for a business to use real-time information; enterprise resource planning helps companies optimize and automate new information fast and in real-time.
Owing to fast access to real-time information, companies can act fast and make accurate and quick decisions. The enterprise resource planning has been through growth stages that have allowed its efficiency. However, with the growth of the electronic industry, the same is expected with the enterprise resources system with technological advancements working towards increasing reliability and ease in running the business.
7. Shift from B2B to B2B2C
For many years electronic manufacturing companies operated using the business-to-business (B2B) approach. But with more manufacturing companies looking for ways to cut costs. Companies are now turning to the business-to-business-to-consumer approach (B2B2C).
With the use of the B2B2C approach, companies are now working towards eliminating intermediaries, which helps them reach the clients directly; as a result, it increases company profits and, in turn, reduces purchase costs. Additionally, the B2B2C approach enables the manufacturers to collect accurate customer data, improving customer satisfaction.
Why these Trends
While these trends may seem like ordinary technological advancements, they have several things in common that make them unique. In a world full of innovations, new designs, and a desire to be effective, it is essential to have the following attributes in mind.
Working on cost reduction, most of the resources and trends making waves and promising success, reduces costs. Cost reduction will be beneficial to the manufacturing companies and cut the cost to the consumers.
Product efficiency, electronic devices are part of the world and the introduction and use of the internet across the globe. It is essential for manufacturing companies to not only provide functional products but increase efficiency. For instance, with the use of the internet, everything in electronic manufacturing, people can now have smart homes and have actual time footage on their homes or even offices. This is possible due to the electronic manufacturing innovations.
These trends have proven to help manufacturing companies achieve product precision, which improves quality and reduces costs and error.
Waste reduction, amid the technological innovations and significant electronic developments, is essential for companies to also focus on. This is not only a great way to cut company costs but is also an excellent way for these companies to preserve the environment.
More people embracing electronic devices in their homes, places of work, and running businesses. Manufacturing companies have a massive task in ensuring consumer satisfaction by focusing on high-end innovation and working closely with other technology sectors to ensure they are competitive and efficient.
Linda Liu is the overseas marketing manager for MKTPCB, a leading PCB manufacturer that offers high-quality PCB products and services. Since 2012, she has established “first-of-its-kind” industry-changing and transformational businesses initiatives that increased revenue growth, brand exposure and market expansion for MKTPCB. Linda graduated from Western University with a bachelor’s degree in marketing.