Manufacturing has changed a lot due to the COVID-19 pandemic as technologies thought to be happening down the road are happening now. Five key drivers are highlighted.
Interact Analysis said in June that good performances by the US, South Korea and China are offset by Europe and Japan, expected to make swift recoveries, and India and Brazil, where slow recoveries are expected. The semiconductor sector is holding back some manufacturing, and some inflation is expected.
Manufacturers remain resilient and strong in the wake of the pandemic, but there are steps they can take to be better prepared for the latest anomalous event.
The manufacturing industry output (MIO) tracker from Interact Analysis reveals a stronger than expected overall global manufacturing performance in 2020.
Global manufacturing economic forecasts in the wake of COVID-19 have improved thanks to stronger than expected recoveries from the U.S. and China, but there is a long road to recovery, particularly for some key industries.
COVID-19's impact on manufacturing for the short- and long-term depends on the particular industry and the region, though recovery is eventually expected to reach 2019 levels according to Interact Analysis.
While we are still embroiled in the battle to contain and defeat COVID-19, nobody truly knows the eventual outcomes, but we can begin to assess the impacts and respond positively to change.
A study from the University of Birmingham says manufacturers need to redesign and reform their supply chains or global production networks (GPN) if they want to prosper in the wake of the COVID-19 pandemic.
As the economy grows after the COVID-19 pandemic slowdown, manufacturers face challenges and opportunities including industrial disaster recovery, manufacturing supply chains, manufacturer staffing, transparency, and manufacturing investments.
Recent results of a survey on the impact of the coronavirus displayed a shift towards more positive expectations and minimal impact to the electronic components industry.