As we near the close of 2020, it’s easy to slip into review of the impactful moments that everyone around the world has endured — both personally and professionally. But today, let’s take a moment to reflect on the good things that came from 2020, and the hope of growth and positive developments in 2021. Here are a few Building Controls and Industrial Sector 2021 Projections:
Resiliency over recovery
In 2020, manufacturers were faced with the unforeseen. Many were unprepared for the market shifts that were to come, as a result of the economic downfall. However, manufacturers were forced to adapt to these new conditions in order to maintain operations. COVID-19 prompted manufacturers to restructure and build more competent response teams in order to increase survival times.
With new awareness, manufacturers will focus on prevention in 2021; manufacturers will build resilient supply and distribution chains, so they are better prepared for disaster.
In 2020, rapid response was key to maintaining operations. Therefore, the industrial sector and building controls industry relied heavily on new technology, like artificial intelligence (AI) and automation software, to expedite manufacturing and production processes.
After experiencing the effects of COVID-19, manufacturers have come to recognize the importance of automation year-round — not just in the midst of a crisis. In 2021, the industrial sector and building controls industry will embrace old and new technology in their efforts to build resiliency.
According to the Bureau of Labor Statistics, the United States’ unemployment rate reached almost 15% in April 2020. In 2021, we predict this will likely decrease significantly.
With the adoption of new technology, like artificial intelligence and automation software, the need for skilled workers will increase. As the industrial sector and building controls industry embraces new technology, they will create more jobs for these skilled workers.
With the pandemic and presidential election, 2020 brought forth a renewed sense of nationalism. Therefore, we believe localization will be a priority for consumers in 2021.
We predict consumers will demand full transparency from manufacturers regarding sourcing and labor conditions. This will require the industrial sector and building controls industry to practice more thorough data tracking.
2020 was a challenging year for all industries, but we look forward to improvements in 2021. Looking to build resilient supply and distribution chains in 2021? The professionals at Floro Business Strategies are ready to assist! Schedule a no-obligation call today.