Technological advancements are gradually revolutionizing the manufacturing industry. New technologies increase production and simplify the manufacturing process. Many manufacturing industries are modifying their equipment and processes to earn more profit. Faster production using accurate manufacturing systems can deliver more results that are efficient.
A two-minute video by the US Department of Energy features Lawrence Kavanagh, president of the Steel Market Development Institute. He states, “Smart Manufacturing drives the competitiveness of manufacturing enterprises. Competitiveness is critical”
According to the US Commerce Department, US manufacturers exported $329.5 billion worth of goods in 1990. By 2015, the export value had quadrupled to $1.317 trillion. During that year, manufacturing workers in the US earned an annual average salary of $81,289. The Bureau of Economic Analysis and Bureau of Labor Statistics states that the average worker earned approximately $26.00 per hour.
These manufacturing facts may all change in the years to come due to the various innovations that enhance the industry. Export value and worker salary may increase due to the new methods on how products are produced. Technology is a key factor that boosts the developments in the manufacturing industry.
Innovative manufacturing industries benefit specific occupations. For example, medical practitioners receive medical equipment that is produced by the micro manufacturing industry. This industry uses micro molding to create small parts in various medical equipment which enables doctors to treat patients without using invasive surgery procedures.
Other than, micro manufacturing, 3D printing industries are also a groundbreaking industry. The process of 3D printing focuses on manufacturing a concrete object based on a 3D image that is imported into a 3D printing machine. The industry is altering the importance of funding in manufacturing and the duration of how long it takes to release a product to the market.
Significance of Innovations
Innovations in the industry have aided the US recovery from the economic fall of the manufacturing industry in 2002. The collapse of the industry had cost a 28% decrease of high-tech manufacturing jobs. Since 2010, the innovations have led the US economy to add more than 530,000 manufacturing jobs. Manufacturing industries are responsible for 70% of research and development.
This increase in the employment of manufacturing workforce, including professionals with expertise in science, technology, engineering, and mathematics can only be sustained if there is continued development and innovation within the manufacturing industry. Of course, the growth of the manufacturing industry is also heavily reliant upon the policies that government administration choose to apply.
Overall, developing the manufacturing industry can bolster the economy by providing more jobs. The various professionals that have expertise in the industry can lead the research and development and thereby sustain innovation. As more and more manufacturing industries become increasingly sophisticated, and efficient, businesses have to ensure that the quality of their products increase as well.
Every manufacturing industry should ensure that they update their facilities so that they can compete with other industries. The rise of new technologies can increase a business’ competitiveness in what is now a global market, and it can also increase its profitability.