5 Predictions for the Manufacturing Industry in 2024

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The manufacturing industry is at the brink of transformative change. As 2023 presented significant challenges, this industry responded with countless innovation. Now, those innovations are driving manufacturing forward into an exciting future, and manufacturers must adapt to remain competitive. Here’s a look at five key trends to stay cognizant of to evolve in stride with 2024.

1. Technology: smart factories and digital transformation

The evolution of smart factories continues to define the era of Industry 4.0. These factories are capable of leveraging technology for greater efficiency, accuracy, and flexibility. The global smart-factory market is expected to grow significantly in 2024, driven by the adoption of AI, machine learning, and IIoT-enabled devices. And with the meteoric rise of GenAI in 2023, it’s likely that smart factories will take a massive step forward in the year ahead.

2. Operations: predictive maintenance and digital twin technology

Predictive maintenance remains a tall task for manufacturers, but robust technologies have made it far more approachable. It’s easier than ever to use data analysis tools and techniques to forecast equipment defects and prevent failures, significantly reducing maintenance costs and downtime. Digital twins — virtual replicas of physical assets — will continue to play a crucial role in preventive strategies and performance optimization.

3. Regulation: reshoring of manufacturing

Supply chain challenges are encouraging manufacturers to bring production closer to home. Reshoring helps reduce transportation costs, enhance quality control, speed up market delivery, and create local jobs. The trend was kickstarted by the COVID-19 pandemic and geopolitical tensions, but it will likely persist through 2024.

4. Workforce: upskilling and reskilling

Manufacturers will also face enduring labor challenges, marked by worker shortages and high turnover rates — addressing these challenges has never been more critical. Strategies in 2024 will focus on reskilling and upskilling workers, especially in digital technologies. This trend is emerging in response to the evolving demands of the manufacturing sector and the shift toward more technical and digital roles.

5. Environment: carbon neutrality and decarbonization

There’s a significant push toward carbon neutrality in manufacturing, driven by both regulatory pressures and consumer demand for eco-friendly products. Companies are investing in energy-efficient technologies and processes to reduce their environmental impact. This trend is also seen in product electrification, especially in industries like vehicle and battery manufacturing, where there is a substantial investment in clean energy technologies.

Manufacturing in 2024: evolution and revolution

The manufacturing sector is expecting a dynamic new year. Embracing these trends will be crucial to staying competitive and meeting the market’s changing demands. The focus on smart technologies, predictive maintenance, reshoring, workforce development, and carbon neutrality reflects a broader move toward more efficient, sustainable, and socially responsible manufacturing practices.

Are you keeping up with the changing manufacturing landscape? If you need help managing your equipment, you can always count on the professionals at Global Electronic Services. Contact us for all your industrial electronic, servo motor, AC and DC motor, hydraulic, and pneumatic needs — and don’t forget to like and follow us on Facebook!