Down to Business: An Overview of the Upcoming Year in Electronics
February 21, 2018
There’s a Keystone in every great invention.
It has taken time for the U.S. economy to make a comeback from the 2008 recession. However, in the past year, there have been multiple signs that our economy is heading back and becoming stronger than ever. The markets have hit record highs, consumer confidence is soaring, and the employment rate is the highest it has been in years. Not only are people more optimistic, but the optimism is showing in how much disposable income is being spent. When the outlook is good, it has a trickle down impact on most industries.
New Administration Brings About Change
Some of the changes we’re seeing are due in part to the new administration’s deregulation of the manufacturing industry. In an effort to bring jobs back to America, great strides are being taken to ensure all U.S. companies have the necessary means to do business stateside. Because of this, businesses are once again investing in training, equipment, and industrial structures.
Positive Movement in Many Energy Related Sectors
When it comes to the energy sector, electricity, coal, and renewable energy, and all of the electronic component required for each will see an increase. The U.S. is expected to produce its highest level of crude oil to date, while natural gas will also increase production and has noted a 95 percent consumer confidence rating. This is just one example of why the outlook for 2018 is so positive.
The Pharmaceutical Industry Anticipates Growth
Another example of the positive outlook we’re experiencing is in the pharmaceutical industry and accompanied electrical components for that sector. Although the industry has been making small strides, the growth is expected to continue with the compound annual growth rate at 5 - 8 percent here in the U.S. Following closely behind are the U.K. and Canada. Unceasing updates to technology in the medical field alongside the organic human need of modern-day medicine means that the industry will only continue to grow more in time and will take many affiliated industries along with it.
The Forecast on General Electronics
Apropos with the different industries, general electronics is predicted to see growth too. Electronic parts and pieces pave the way for the latest advancements within each specific sector. Think of it this way: electronic components are directly correlated with technology. How often do you reach for your phone, laptop or tablet on a daily basis? How often do you use transportation? What about the appliances at home or in the office that you use to eat? Simply put, the entire world around us has an electronic base.
With that said, the global consumer electronics industry is expected to grow by 4 percent over the next year. Meanwhile, the biggest trends being talked about in the industry include mobile phones, laptops, IT, and general industry technology.
Keystone Electronics Builds & Connects
At Keystone Electronics, we design and manufacture interconnect components and electronic hardware. We service a wide range of industries, such as: medical, pharmaceutical, energy, food processing, government machining, aerospace, electronics/semiconductor, telecommunications, packaging, and general manufacturing.
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