'Manufacturing renaissance' will boost North American growth
Siemens executive projects revenue boom in next five years at ProMat
The continuing momentum around manufacturing’s growth over the past four years is changing the way suppliers are examining and serving the market, a top Siemens executive told a press conference at the opening of the ProMat Show, sponsored by the Material Handling International.
“North America is on the cusp of a manufacturing renaissance,” said Doug Keith, president of Siemens Drives Technology. “When you look at the U.S., Canada and Mexico, that’s 25% of the world’s economy. We think between now and 2018, North America will make up 20% of the global GDP growth. We think it will grow $600 billion between now and 2018.
“That means shortening product lifecycles, and reshoring of jobs to be closer to our customers,”
Keith added. “It’s important to understand what supplier like Siemens what can drive cost efficiency and automation efficiency. My personal opinion is that the manufacturing sector will have greater growth in the next few years than GDP as a whole.”
Siemens was at ProMat at McCormick Place in Chicago to announce its domestic launch of its new Simogear family of geared motors, its Sinamics V20 inverter and Simatic S7-1500 controller, all targeted for the conveyor market.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey