How to Boost the Growth of Manufacturing Industry

How to Boost the Growth of Manufacturing Industry

Laura Davis, Manufacturing Tech Insights | Wednesday, April 29, 2020

Incoming orders are declined in the machine tool manufacturing industry, which in turn trim down the percentage of profit.

FREMONT, CA: The slowdown of the global economy has reached the machine tool industry of Germany as well, and order intake is declining approximately 21 percent year-on-year. It is estimated that domestic orders dropped by 10 percent and foreign orders by 27 percent.

Here are the few trends that can influence the machine tool manufacturing market:

Industry 4.0: The smart factory

If machine tools industry evolves with both the hardware technology and software applications, machines will become more intelligent, and faster. The new advanced technology will help the devices to perform multitasking in a single platform. Smart factory or Industry 4.0 uses the Internet of Things, the Internet of Services, and other advanced technologies to streamline the manufacturing process. Industries, by adopting these methods can lower wages and associated manufacturing costs, and increase quality at the same time.

Check Out : Top Smart Factory Solution Companies

Automation and smart are the buzzwords

In coming years, machines with an automation system and smart controls will rule the industry. It will also reduce manual intervention in process control. The machine tool control system and intelligent tooling will optimize costs, scrap reduction, and speed-up benefit. Automation tools will help humans to carry out the complex and challenging task in an effortless manner. Estimates suggest that the industry will grow if, by 2020, automation and smart tools get control over the sector.

The machine tool industry is declining because of less productivity. Here are some methods, which should be adopted to get a more productive and successful manufacturing floor:

•  Examine the existing workflow

•  Invest in continued employee education

•  Update business processes

•  Invest in maintenance

•  Using smarter tools

•  Stay organized

The German market is the well-known champion in export, number two in production, third in consumption and imports. China is the largest importer and producer, and Japan follows closely behind Germany in manufacturing and export.

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