Manufacturing Industry Trends for 2024


The year 2020 was a disaster and a challenge for us. However, the manufacturing industry has learned valuable lessons that will shape trends and contribute to the success of 2024 despite facing various challenges and unexpected developments. In the new year, manufacturers are on the rebound from the effects of the coronavirus. Last year, the companies had to focus on survival; now, they can recover from the damage. Now, as the operations scale back to the pre-pandemic levels, the manufacturing industry is gradually returning on track, developing new strategies for growth and connecting with workers in brand new ways. 

As a result, digital transformations have allowed frontline workers to improve their processes. Trends in the manufacturing industry and digital connectivity are expected to dominate in 2024. Some of these significant trends include the following.Complete Controller. America’s Bookkeeping Experts

Employee Health and Safety 

This remains a top priority from the production floor to the board room. Employee health and safety have become a priority of every decision in 2020. We expect that the trend will continue and improve in 2024. It will continue accelerating global regulations and evolve, and the manufacturers will work to build a safer environment for all employees. Like the previous year, the manufacturing industry ranks in the on-job incidents with an average of 40,000 non-fatal injuries yearly. Businesses need innovative equipment and real-time communication technology to ensure employees remain safe. 

Manufacturing Technology 

3D printing, AI, robotics, etc., are all the latest trends in manufacturing technology and will remain operative for quite some time. Robots on manufacturing floors have become increasingly helpful to automate processes and enhance speed. Thanks to the declining costs and increased capabilities, there is a record addition of robotics manufacturing industries this year. We expect that 2024 will be the age of 5G technology. It is estimated that by 2030, the use of 5G will increase to 25%, and manufacturers can make billions in profits and GDP. 

Digital Connectivity

In 2020, the impact of the coronavirus pandemic was heavy on the manufacturing industry due to the lack of interconnected systems. It was difficult to remain flexible amid the pandemic, from closed facilities to strict communication channels. As a result, over 95% of the companies suffered disruptions in their supply chain and operations. In 2024, digital connectivity will be one of the most dominating trends in manufacturing. Businesses will begin to rely heavily on the internet to connect and digitize as many aspects of the production process as possible. It will help in staying ahead of any future disruptions. The idea of the Internet of Things is multiplying, with billions of manufacturing devices connecting and communicating.Download A Free Financial Toolkit

Going Green

Today, the manufacturing industry represents almost 54% of the world’s energy consumption and global emissions. It comes as no surprise that there is a growing need for the manufacturing industry to go green. Going green has various benefits, including recovering and repurposing materials, switching to renewable energy sources, and reducing wastage. All sectors and subsectors are looking for a significant push towards sustainability. 

Centralizing Communication

During the pandemic, the workforce was split into different directions, while many administrative teams worked remotely. Many frontline workers came to work but had to maintain distance from other employees. In-person meetings were also complicated. 

To increase and maintain productivity, companies must find a new way to connect with everyone and bring them at the same pace. New ways to connect are significant for time-sensitive operations. Mobile productivity tools will create a centralized data and communication hub for companies to connect quickly and safely with everyone. 

Establishing a Resilient Supply Chain Network

Many manufacturers had to halt their operations because of the inability to procure the materials needed to operate optimally. Supply chain systems worldwide became broken and overburdened, leaving manufacturing companies without materials for production. As the production processes pick up steam, companies established more resilient supply chain methods to avoid future crises.

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Final Word

The trends of transformation and digitalization in the manufacturing industry continue to grow. Last year was a disaster due to the unavailability of communication and digital channels. This year, the push is towards integrating methods that present clear communication and increase productivity for the industry. 

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