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Manufacturing Technology Insights | Thursday, February 23, 2023
3D printing, or additive manufacturing, is helping manufacturers reduce production time and costs. With this approach, manufacturers can respond quickly to changes in supply, design, and demand, reducing inventory costs and reducing inventory levels.
FREMONT, CA: From rising raw material costs and inflation to new regulations and persistent supply chain issues, industrial equipment manufacturers face numerous challenges. Despite these disruptions, several key trends are emerging, each of which is poised to reshape the industry.
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Some of the key trends emerging in the industrial equipment sector are as follows:
Technology takes Center Stage in Manufacturing: Industry equipment is benefiting from the innovations of the Fourth Industrial Revolution, improving efficiency and improving visibility, and agility.
3D printing, or additive manufacturing, is helping manufacturers reduce production time and costs. With this approach, manufacturers can respond quickly to changes in supply, design, and demand, reducing inventory costs and reducing inventory levels. In addition, factories are integrating robotics to improve productivity and workers' safety. It is possible to design robots to operate unaided around the clock, improving accuracy and reducing waste. Since the same robots can be reprogrammed to accommodate changes in design and production, new robots have AI capabilities. As assembly line tasks are delegated to robots, factory workers can focus on safer, more conceptual tasks, boosting productivity and improving working conditions.
The Internet of Things (IoT) enables better communication and visibility across stages of production processes by connecting machines and computers. By capturing and instantly communicating data, the Industrial Internet of Things (IIoT) provides manufacturers with opportunities to improve efficiency and decision-making. Business leaders can use this tool to optimize the entire production process, including better utilization and maintenance of machines on the factory floor, and gain valuable insight for guiding decision-making.
Furthermore, new devices provide real-time instructions and information about the manufacturing process through augmented reality (AR). With these new technologies, industrial equipment will become more productive and intelligent in the future.
A Different Approach to Equipment-as-a-Service (EaaS): With the emergence of Equipment-as-a-Service, the industrial equipment sector is undergoing a massive transformation. Instead of focusing solely on one-time equipment sales, businesses are adopting subscription-based or usage-based strategies.
Solutions rather than merely products provide manufacturers with a more reliable long-term source of income and allow them to differentiate themselves from competitors by investing in higher margin services. In turn, this approach meets the growing demand for flexibility and customization among customers.
Manufacturers of industrial equipment are embracing creative new ways to set themselves apart and increase revenues throughout the customer life cycle, including anticipating maintenance and technician support.
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