The manufacturing industries are evolving as new digital technologies transform the landscape. As smart manufacturing and the implementation of the IoT drives manufacturing to new heights, what should we expect to see from manufacturing in years to come? RS Components reveal all with a new interactive graphic.
In the USA, manufacturing generated $2.18 trillion towards their GDP in 2016, driving 11.7 percent of the nations whole economic output. Whilst in the UK, manufacturing contributes £6.7 trillion to the global economy.
In 2018, manufacturing is expected to delve further into hyper-connectedness as the industry implements Industry 4.0 and continues it’s steady growth into the IoT and Artificial Intelligence (AI). In the midst of this revolution, AI will become a necessity as the amount of data created by the IoT will be too large for humans to manage and control. Business Insider predicts business spending on IoT solutions will hit $6 trillion by 2021.
As the digital and physical worlds of manufacturing converge, we’re going to see manufacturing heavyweights continue to take centre stage. By 2020, 60% of manufacturers will rely on digital platforms which will support as much as 30% of their overall revenue. Kamal Ahmed, BBC economics editor, comments that ‘for the first time since the (British) financial crisis, the three main engines of global growth – the USA, China and Europe – are performing strongly at the same time.’
But, which countries are top performers in manufacturing and will they always be?
which reveals who came out on top in 2010, 2016 and who is expected to dominate the sector in 2020.
What will the manufacturing industry will look like in 2020?
The US will be the manufacturing capital of the world by 2020. Rising from fourth position in 2010 to second in 2016, the US is predicted to climb to the top spot by 2020. Asia will also be dominating the manufacturing capitals of the world in 2020. China, Japan and India all make appearances in the 2020 top 5, as they did back in 2010, too.
Germany are also included in the 2020 top 5. Only just making the top 10 list back in 2010, Germany will place 3rd in the world by 2020, with giants USA and China before them. This makes Germany the highest climbing manufacturing capital country out of those in the top 5 ranks.
The UK was the biggest climber in the manufacturing capitals rankings between 2010 and 2016. After recording the fastest growth in their manufacturing sector for three years back in 2017, the UK rise from 17th place in the world in 2010, to 8th in 2020.
The graphic reveals that Brazil falls the furthest down the ranks out of all the countries; in 2010, Brazil ranked as the 5th top manufacturing capital in the world. By 2020, the nation will have fallen a total of 18 spots, taking 23rd place.
For more information on the manufacturing capitals of the world, visit RS Components.