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Manufacturing Technology Insights | Thursday, May 04, 2023
Since the “electronic revolution” hit the telecommunication industry, the competition in the field has exponentially increased leading to furious investment and innovation, helping to give rise to the digital economy.
FREMONT, CA: The global electrical and electronics manufacturing market is anticipated to reach USD 3 trillion with the Asia Pacific being the largest market by geographic region and China being the largest market by country. India is anticipated to expand at a dazzling 16.8 per cent annual growth rate. The following are the top five trends in the electronics sector for the next five years in addition to offering market segmentation and growth by region and country.
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1. Product design outsourcing: Electronic Manufacturing Service (EMS) partners are increasingly being used by Original Equipment Manufacturers (OEMs) to outsource product design and development. Product design is being outsourced to lower total costs and shift from fixed expenses to variable costs. More design services are being provided by EMS businesses for finished goods and sub-assemblies. OEMs are working with their EMS partners and implementing innovative business models including joint design manufacturing (JDM) and outsourced design manufacturing.
2. Virtual Reality in Electonic Manufacturing: Companies that manufacture consumer electronics are implementing virtual reality technologies to increase production efficiency. Digital design, simulation, and integration are terms frequently used to describe this technology in the electronic manufacturing sector. Using virtual reality technology, businesses will examine design objects at every imaginable scale, removing flaws in the product during the design phase. Virtual reality has a significant implementation scope in the projection term when taking into account the growth rate of the electronic equipment industry globally, which is 5.2 per cent per TBRC.
3. Robotics and Automation: Robotics and automation are being used by several manufacturers of electronic equipment to increase production productivity and efficiency. Various machines are using sensors to get priceless data that will help them run more efficiently and prevent malfunctions. For instance, 1.2 million industrial robots are anticipated to be deployed by 2025, indicating a rise in the adoption of automation and robotics technology to increase productivity and lower production costs.
4. IoT technology driving smart household appliances: Manufacturers of household appliances are integrating IoT technology into their goods to improve the comfort and convenience of their consumers' lives. The interconnectedness of physical objects and gadgets that have sensors and software built in that allow them to communicate and gather data is known as the internet of things technology. Wi-Fi, Bluetooth Low Energy, micro servers, and micro-electromechanical systems are some of the key technologies that enable smart home gadgets.
5. Growing demand for smart TVs: The expanding customer preference for smart features embedded into personal gadgets and rising internet penetration are driving the market for smart TVs. A smart TV is a television set with built-in internet access that combines the characteristics of televisions and computers. Direct access to streaming services like Netflix and Amazon Prime Instant Video is also available to smart TV users. Television makers from over the world are saturating the market for smart TVs to profit from this trend. By 2024, 134 million smart TVs will be supplied globally and the market of audio and video equipment will reach USD 351 billion mark.
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