Ford accelerates production on fully-electric vehicles
The leading automotive manufacturer, Ford, is accelerating work on fully-electric vehicles after revealing that significant growth in the market meant it needed to step up its plans, according to BBC News.
Ford is set to invest around $900mn in new production capacity at a plant in Michigan which is expected to create approximately 900 jobs.
It is also anticipated that Ford will begin production of autonomous vehicles in around two years after Head of Global Operations, Joe Hinrichs, revealed the company had taken a “fresh look” at the growth in electric vehicles.
Having held discussions with Volkswagen about forming a partnership to invest and build electric and autonomous vehicles, talks are understood to have been positive but there is no news to announce.
Speaking to reporters, Mr Hinrichs commented: “When we were taking a look at our $11bn investment in electrification, it became obvious to us that we were going to need a second plant in the not-too-distant future to add capacity for our battery electric vehicles.”
In 2018, Ford confirmed a long-term aim to invest around $11bn in new vehicle technologies.
Four Factory of the Future Market Trends to Keep an Eye on
Global Smart Manufacturing Market
Attributed to the rapid growth in the adoption of automated systems in industrial processes, the is predicted to grow from US$$175bn (2020) to US$303bn by 2026 with a compound annual growth rate (CAGR) of 6.4% between 2019 and 2026.
While COVID-19 has somewhat slowed down the market’s growth, it is expected that by the second to third quarter of 2023 there will be a ‘considerable’ rise in growth for the market.
Key players in the industry: Schneider Electric, General Electric, Siemens, Honeywell International Inc., Rockwell Automation Inc., FANUC Corporation, and Emerson Electric Co.
Industrial Automation Market
Making people’s lives easier, and their work more accurate and effective, the global demand for automated technologies such as robotics - especially in science and technology - is driving its increase in global market value.
Key players in the industry: ABB, Siemens, General Electric, Schneider, Endress+Hauser, Yokogawa, Honeywell, WIKA, Azbil, Fuji Electric, 3D Systems, and HP.
Smart Factory Market
Expected to grow from US$80.1bn (2021) to US$134.9bn by 2026, the - with a CAGR of 11% between 2021 and 2026 - is experiencing growth driven by fiscal policies adopted to keep manufacturing facilities afloat during COVID-19.
Other driving factors include resource optimisation, cost reduction in production operations, increased demand for industrial robotics, rising demand for technologies, and the growing significance of energy efficiency.
Key players in the industry: Emerson Electric Co., General Electric, Rockwell Automation, Inc., Schneider Electric SE, ABB Ltd., Siemens AG, Mitsubishi Electric Corp., Honeywell International Inc., Endress+Hauser AG, and Yokogawa Electric Corp.
Artificial Intelligence (AI) in Manufacturing Market
“It is undeniable that the manufacturing industry is at the forefront of artificial intelligence implementation,” says . “Manufacturers are using AI-powered analytics to increase performance, product quality, and employee protection, from substantial reductions in unplanned downtime to better crafted goods.”