Is increasing product life span key to waste reduction?
P2i study findings
When it comes to protecting products from liquid damage, those that were surveyed within the study identified ‘reducing field failures’ or ‘increasing the life span of products’ as the top two reasons ahead of ‘meeting industry standards’ and ‘improving the user experience’.
Other key findings from the report included:
- 46 per cent identified that liquid protection solution providers can help to meet environmental goals by reducing waste, with 94 per cent commenting that it’s ‘very important’ or ‘somewhat important’ that their suppliers help to achieve environmental goals
- 53 per cent of respondents stated that regulatory pressures are driving manufacturers to become more sustainable, with 43 per cent identifying it as a primary cause
- 39 per cent also identified internal pressures driving sustainability in their organisation, with only 5 per cent feeling no pressure internally
“Reducing waste starts right at product design process. With manufacturers increasingly being required to reduce the waste they produce there is a real need to ensure devices are constructed to be repairable from the outset. Partners have a crucial role to play in this and the key is providing a solution that not only promotes repairability but also extends a product’s lifespan,” commented Simon Vogt, Chief Commercial Officer at P2i.
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.”