2021 manufacturing industry outlook has been saved
2021 manufacturing industry outlook
Explore future trends in manufacturing
2020 has been a year like no other in recent history, and the manufacturing industry has felt the impact. Along with declines in production, forced shutdowns in the early days of the pandemic caused a significant dip in manufacturing employment levels. In our 2021 outlook, we look at the future of manufacturing and outline four trends for the year ahead.
The manufacturing industry looks for ways to make itself disruption-proof
Before the pandemic hit, the manufacturing industry was working to regain the momentum it had reached after the 2008 recession. However, after the first wave of pandemic-driven shutdowns, segment recoveries for various manufacturers have been uneven. Looking ahead to 2021, the recovery may take longer to reach pre-pandemic levels.
Explore our four manufacturing industry trends for 2021 and beyond to see how things are shaping up.
Agility could be key to manufacturing industry resilience
The year ahead will vary for manufacturers depending on where they have felt the greatest impact from the pandemic. For some, it will focus on rebuilding lost revenue streams; for others it could require recalibrating supply networks to serve different market demands. But for all manufacturers, it should include a commitment to increasing agility in operations. By continuing to invest in digital initiatives across their production process and supply network, manufacturers can respond to the disruptions caused by the pandemic and build resilience that can enable them to thrive.
Manufacturing industry leaders can start by identifying use cases that solve for specific challenges on which the pandemic has cast a spotlight, such as fluctuating end-market demand. Manufacturers should set goals for data capture and analysis across the global manufacturing footprint, as this step alone is a key to identifying breakpoints and opportunities for improvement. And finally, manufacturers should consider how digital twins (of products, processes, and/or production environments) may hold the key to ensuring that manufacturing thrives through the next disruptive event. Even after a year like 2020, it could be right around the corner.
Our indystry outlook collection for the Energy, Resources and Industrials sector includes outlooks for oil and gas, chemicals, power and utilities, renewables and manufacturing.