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Manufacturing Revolution (Fourth Manufacturing Revolution (Major…
Manufacturing Revolution
Growth and productivity matter!
Historically, growth has been fueled by three big manufacturing revolutions, usually every 50-60 years.The following manufacturing revolutions yielded huge productivity improvements:
Steam Engine - 19th Century
Mass production model - 20th century
First automation wave - 1970s
In order to grow, more needs to be produced into the economy. Either more labor, capital, or productivity, but productivity has been the growth lever.
Growth changes globalization!
Growth attempts can fail when they don't produce productivity, e.g. offshoring, larger factories, technology advancements.
Growth doesn't come automatically, it requires action and transformation.
Fourth Manufacturing Revolution
Major technology meets manufacturing, creating growth!
Advanced manufacturing robots to complement workers. In 10 years, productivity will go up 20%. AMR's already help companies like Amazon, today.
Additive manufacturing. 3D printing has already improved plastic manufacturing and is moving to metal. Additive manufacturing is helping the aerospace industry, resulting in 40% more productivity.
More than productivity, we are producing better, smarter products.
Better flexibility and macroeconomic shift. Flexibility matters!
Factories will relocate to home markets and be smaller and more agile, creating more productivity, growth, and employment.
Globalization will enter a new era and regional trade flows will develop.
Emerging economies will have a chance to grow.
Allows for sustainable growth in all economies.