Abstract:
The manufacturing industry is a fundamental pillar of the global economy. The post-industrial manufacturing paradigm considers manufacturing as a business that deals with the difficulties that companies confront in adjusting to evolving customer demands and improving productivity in the post-industrial period [1]. However, in today’s world, manufacturing is seen as a cohesive concept that encompasses everything from machines and production systems to the overall operation of a business.
The global manufacturing industry is a key driver of economic growth, encompassing the production of goods across various sectors such as automotive, consumer goods, industrial products, material products, and medical devices. As illustrated in Figure 1, the industry is projected to reach a total output of US$35.1 trillion, with material products and consumer goods representing the largest segments. The industry is expected to grow at a compound annual growth rate (CAGR) of 1.10% from 2024 to 2029, driven by advancements in technology, increasing demand for consumer products, and the growing importance of industrial and material goods in global supply chains.
