In today’s world, there are endless choices for new business. Manufacturing in particular is a rapidly changing and diverse sector. With so many options available, you have to be prudent in your selection. Here we will take a brief glimpse into nine of the fastest growing manufacturing industries in today’s society.
The drone industry has grown at remarkable pace over the last few years, both for home use, entertainment purposes or on a commercial level with drone delivery systems being patented and tested throughout the market. This is further increasing the efficiency of warehousing storage systems and improving overall productivity. Expanding further beyond and into the military marketplace for drone technologies only proves to heighten the rapid growth and development of the industry.
The drone manufacturing industry has already shown rapid growth in the past years and is expected to grow an average of 5.8 percent annually, to $11.2 billion, by 2020. Although quite dependent on the introduction of more flexible regulations from the FAA, this industry in really ready to take flight in the near future.
To get involved, companies will need to be ready for a quickly changing industry and be prepared to stay vigilant and proactive to get ahead and maintain progress due to the regulatory changes and constant technological innovations.
Solar Panel Manufacturing
This is an industry which has seen steady growth over the last decade and looks set to continue at a rapid pace. The products themselves are constantly being improved upon and new innovations are entering the market all the time. The recent introduction of Tesla into this market place with their solar roof tiles exemplifies this as an industry which should be a primary focus going forward.
The involvement of such a big company may cause concern for new entrants, but, it is forecast that manufacturing cost of solar cell technology could fall by as much as fifty percent thanks to continued research and development of new advances.
As the world continues to focus more on renewable energy sources and attempting to reduce our carbo footprint, the solar panel industry will continue to expand and thrive. With fantastic government subsidies available to both companies and end users, this is a daunting industry from the outside that is in fact accessible to many, with the correct knowledge and research.
Electric Car Manufacturing
Electric car manufacturing is steadily on the rise and the number of manufacturers in the industry is growing by the day. Coupled with this, cost of manufacturing continues to fall as companies gain expertise and systems become more developed. In the US alone, there are at least thirty-five electric car manufacturers. The best known of these is Tesla Motors, who have recently released their latest “model 3” at the most affordable price point to date. Other big player include Chrysler and Hyundai, who have recently released their latest hybrid “Ioniq” and are reportedly working to become a dominant force in the industry over the coming years.
With a growing movement toward sustainability among the current generation, as well as a willingness from companies to invest in researching new technologies and methods, the electric car manufacturing industry is experiences its strongest period to date. Couple this with the amazing advancements in AI technology and we have a true powerhouse industry waiting to explode into life over the coming decade.
As mentioned, with the development of the AI sector, which will truly change the landscape of manufacturing itself as well as everyday life, the robotics industry is experiencing a surge of growth which will continue over the coming years. The robotics industry in one which is a vital component in the growth of other industries including manufacturing. It works in a complimentary fashion within the manufacturing industry as a whole, a concept known as “cobotics.” This has existed for many years, from assembly line machinery to automated packing of bulk containers, ready for shipping.
It is no secret that the world is moving at a fast pace toward fully automated manufacturing and other sectors. Robotics is the lifeblood of this movement. For every traditional labor job lost to automation, it is forecast that another will be created within the robotics manufacturing industry. The industry predicts that the number of multi-purpose industrial robots in China will double by 2018.
With such a fast-growing manufacturing industry, intertwined within the future of so many others, it is quickly becoming an area which we requires great attention and study. It is likely to be fundamental in society’s future.