Ever since the telecommunication industry saw the electronic revolution, thousands of new companies have popped up around the world who are leading the electronics industry with innovations and new discoveries. It is helping in raising the digital economy with the new launches of electronic products such as watches, TVs, smartphones, security systems, and other eco-friendly electric vehicles. The global electronic market is expected to reach a mark of $3 trillion by the end of 2020. Here are some trends in the electronics industry that are predicted to grow in the coming years.
Product Desing Outsourcing
Original Equipment Manufacturers (OEM) have been shifting the product design and development processes to Electronic Manufacturing Services (EMS) recently. Product design is a part of specialized design services that is predicted to reach $157 billion in 2020, according to TBRC. It will reduce the overall costs and shift from fixed costs to variable costs. EMS companies offer more design services for sub-assemblies and finished products today. OEM and EMS are working as partners to create new models such as joint design manufacturing (JDM).
VR in Electronic Manufacturing
Virtual Reality is also a trend that is being adopted by manufacturing industries to improve their efficiency. This technology is often referred to as simulation, digital design, and integration. It helps the designers to inspect their designs at all conceivable scales. By doing this, they can locate even the slightest defects in the product and eliminate them easily. The growth rate of electronic equipment market on a global level is 5.2% according to TBRC.
Robotics and Automation
The electronics equipment manufacturers today are using robotic arms and automation to improve their manufacturing efficiency. Sensors are being used to access invaluable data that improves their efficiency and reduces potential breakdowns. The electronic equipment in the manufacturing plants will reach $2.1 trillion by 2020, which indicates the rise in automation and robotics. It will benefit the most in increasing efficiency and reducing production costs.
IoT in Smart Household
Household appliances are integrated with smart technologies which are benefitting in IoT technology for being implemented at home. The customers can make their lives more comfortable and convenient with the help of smart appliances that can be operated from their mobile devices. IoT is the interconnectivity of different devices which can function when the sensors are triggered by a remote controller ( smartphone). Major technologies that enable smart home appliances include WiFi, Bluetooth low energy, microserver, and more.
Growing Demand for Smart TVs
Smart TVs are one of the purest examples of innovations in electronics. Today a TV can do so much more than providing news and TV shows. It can have in-built smart functions which make them perform the tasks of a computer. Smart TVs can also provide an internet connection with apps like Netflix. Most of the TC manufacturers have already switched to making smart TV as the market is trending. The estimated revenue from the smart TV market is predicted to reach 134 million by 2020, while the total audio and video equipment manufacturing market is said to reach $351 billion, according to TBRC.