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Globally, most trends that are evolving within the Electrical and Electronic sector are aligned closely to the software and hardware sectors. With constant technological advancements there is no doubt Electrical and Electronic sectors will make significant impacts and contributions in curating the future ways and livelihoods of mankind. As exporters understanding the future trends, aligning your manufacturing and service provision processes with such trends, will determine how stable the future growth and sustainability of your export business is.
These buzzwords in the global Electrical and Electronic industry that are trending, clearly define the demands of technological developments, thus providing valuable insights into the future direction of the industry.
Digitization - Where efficiencies in areas such as communication, governance and business are driven by digitization both at the backend and at the application level.
Automation - Industrial applications are rapidly moving toward automation. Robotics, 3D additive manufacturing and IoT will establish a comprehensively connected and integrated industry, often referred to as Industry 4.0. As an example, industrial machinery, especially in the developed world, is being automated to improve efficiencies and lower costs due to the high price of labour.
Miniaturization - Where electronic products become more efficient and compressed, which results in new technological areas such as wearables, augmented reality and virtual reality.
Affordability - With technology being accessible to all, it is becoming more and more important to ensure that the cost of owning high end technology is affordable to the ordinary consumer.
New figures indicate that the burgeoning demand for the Internet of Things is propelling exponential growth in the trade of electronic components - to the benefit of developing countries, new. Demand for electronic components used in Internet-of-Things (IoT) devices drove the value of trade in international imports of information and communications technology (ICT) goods in 2017 to reach $2.1 trillion, according to new figures released by UNCTAD. Trade in ICT goods grew slightly faster than merchandise trade and represented 13.4% of the total in 2017.
Source: United Nations Conference on Trade & Development (UNCTAD)
The Internet of Things (IoT) is an overarching development that affects all sorts of technological applications and devices, ranging from automotive to consumer electronics. It will have a fundamental impact on the life and work of human beings in the long term. The trend is driven by the desire of users to increase convenience, functionality and efficiency. The IoT basically means that data on the status of a system is detected in real-time and evaluated to optimize the efficiency of operations or to operate the system remotely.
With IOT becoming a game changer, component distributors see a chance to take on a more powerful role as a system integrator. They can offer the full range of components needed for IoT integration. This puts them in a stronger market position, contributing to filling the gap in competence of small- and medium-sized enterprises.
There are a variety of electronic components that enable technologies for IoT. Key components are field bus systems, cabling for data and information channelling, as well as electrical motors as actuators and of course software. These are product areas in which companies that presently have competences could supply to the European market
Europe’s electronics and electrical engineering sector is a large and attractive sales market. In 2016 it had a world market share of 14.6%. Legislation that strives for more fuel or energy efficiency has driven growth for electronics in the automotive, building and lighting sectors. Industrial production turns ‘smart’ and becomes more automated. An increasingly ageing European population and cost pressures on the healthcare sector have also increased the demand for electronic innovation in this sector.
Overall, legislation mainly focused on environmental and security issues has increased the demand for intelligent and efficient products and solutions. A number of European Union (EU) Directives have been issued in the last few years that accelerate the development of renewable energy sources, electronic vehicles and electric lighting in Europe.
As a developing-country exporter you can benefit from this trend as it drives the demand for electronic components and/or assemblies/subassemblies in a variety of products.
Sri Lankan Electrical and Electronics industry is in a constant state of research and development in order to provide the best quality products suiting the standards of the global market. The wide variety of products and exporters cover every aspect of the industry
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