Key Trends that will shape the Indian Industrial Manufacturing in 2024
Machine Maker
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The industrial manufacturing landscape is undergoing a wise shift, driven by technological advancements, talent challenges, sustainability imperatives, and a re-evaluation of supply chain strategies. Here's a concise overview of the key trends shaping the industry.
Industry 4.0
In the face of labor shortages and supply chain disruptions, the manufacturing industry is embracing Industry 4.0, marked by the integration of robotics, IoT, data analytics, and augmented reality. Deloitte's 2023 outlook survey highlights that leading manufacturers are prioritizing investments in robotics, automation, data analytics, and IoT. This tech-driven approach aims to enhance manufacturing speed, reduce costs, and provide better visibility into supply chain processes.
The industry struggles with a looming talent shortage, worsened by retirements and a shift in workforce preferences. It is predicted that there might be a decline in demand for traditional skills and an increasing need for technical expertise. To address this, manufacturers are implementing maintenance strategies, including wage increases, reskilling programs, and modernizing work environments. A focus on continuous learning is crucial for retaining the next-generation workforce.
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With a growing awareness of environmental impact, manufacturers are prioritizing sustainability initiatives. A 2023 US Environmental Protection Agency report indicates that the US manufacturing sector contributes to 23% of greenhouse gas emissions. To counter this, companies are evaluating their supply chains, reducing waste, increasing supplier diversity, and adopting fuel-efficient and electric vehicles. Corporate social responsibility efforts, encompassing environmental sustainability and social progress, are gaining prominence.
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Persistent supply chain disruptions have forced manufacturers to evaluate their strategies. Reshoring operations and diversifying supplier bases are becoming common practices. Moreover, a shift towards offering products as a service, with fixed or usage-based pricing, is emerging as a significant market opportunity. Manufacturers are investing in digital supply chain capabilities to gain better insights and make informed decisions about material sourcing and customer demand.
A future factory is envisioned as highly automated, with technologies like AI, machine learning, IoT, and robotics taking center stage. Manufacturers are modernizing through Enterprise Resource Planning (ERP) systems, focusing on real-time data collection and reducing costs. Digital twins, digital representations of manufacturing facilities and processes, are being utilized for simulation and decision-making, enabling informed production decisions.
Make in India
As the industrial manufacturing sector evolves, staying ahead of these trends is crucial for success. Indian Manufacturers must continue to invest in technology, nurture talent, prioritize sustainability, optimize supply chains, and embrace the transformative potential of the factory of the future. By aligning with these trends, the Indian industry can navigate the challenges and unlock new opportunities on the path to a more efficient and sustainable future.
Thrilled to see such insightful discussions here! ?? As Socrates beautifully stated, The secret of change is to focus all of your energy not on fighting the old, but on building the new. Let's pave the way for innovation and growth together! ??? Keep inspiring!