Every January, companies make predictions about the year ahead and what trends they should expect. Bobby Bono, the U.S. industrial manufacturing leader at PwC, has assembled a list of trends he is predicting for the manufacturing sector moving forward. Bono believes that some of the key challenges industrial manufacturers may face include expecting demand to remain muted in the near term, customers taking longer to make decisions on new orders, investment levels remaining weak, especially in India and China, and more stringent emissions rules causing higher capital expenditures.
According to Bono, areas of focus for 2014 among industrial manufacturers will be around diversifying and improving the product portfolio mix to adapt to changing market conditions, acquisitions to further broaden capabilities and increase geographic reach, increasing security effectiveness, monetizing non-core assets, and customizing products and services according to customer needs.
Here is a summary of Bono’s predictions by category. For more insight on trends that are impacting business, please visit PwC’s website.