Friday, March 24, 2023
HomeCommentaryManufacturing in the 21st Century: Challenges and Opportunities

Manufacturing in the 21st Century: Challenges and Opportunities

Manufacturing cannot avoid being impacted by new technologies being developed continuously. In the coming decades we will witness a profound change in the way we design and manufacture things. There will be many opportunities for growth, but there will be challenges too. Entrepreneurship will continue to play an important role in the growth of the US, but from economical point of view, the challenge will be to keep these startups within the country and avoid massive scale outsourcing.

Key Takeaways:

  • Recent history shows that as manufacturing production moves out of the United States, it leads to technological knowledge development out of the United States as well.
  • Federal and state governments can support domestic manufacturing my supporting education and training when it comes to engineers.
  • Tax and trade policy haven’t resulted in a manufacturing resurgence in America and policymakers must start thinking outside the box.

“The federal government can also play an important role by making greater investments in translational research. It invests about $150 billion annually in science and technology, yet relatively little of this money is devoted to the translational R&D in engineering and manufacturing needed to turn basic research results into successful commercial products.”

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