Aerospace manufacturing is poised for a big year in 2017, although some challenges do exist. In this article, we will discuss the 3 most important trends that will impact the industry throughout the course of the next year.
Technology. Yes, we mention technological advancement quite a bit on this blog, but as anyone in the manufacturing industry knows, the importance of technology simply cannot be overstated. Technology promises to continue changing the skill set and the size of the workforce. It can make processes such as production, accounting, and customer relations more efficient. And it means that the products being manufactured are constantly being innovated. Staying up to date on how technology will influence the industry relevant to your company is an important responsibility that cannot be overlooked.
Oil Prices. Speaking of technology, one of the most important technological trends in aerospace manufacturing over the course of the past decade has been efficiency. Driven by rising fuel costs and the increased importance that governmental regulations and consumers alike placed on “going green,” impressive strides had been made in fuel efficiency. However, with oil prices down considerably, airlines may be tempted to hold on to old, gas-guzzling aircraft a little bit longer. This could constitute a challenge for manufacturing sales, especially for companies that prioritize efficiency and cutting-edge tech.
Cheaper Flights. Ultra low-cost airlines such as Spirit and Frontier have enjoyed considerable success in the past few years by charging customers a “bare bones” airfare and charging extra for everything else. (And we mean everything — checked bags, carry-on luggage, and even water!) The success of this model has encouraged many regular airlines to begin offers ultra low-cost flights as well. And those aforementioned oil prices also help make flying more affordable. The result? Increased air traffic that could offset the potential drop in manufacturing sales caused by low oil prices.
Visit SMe Software’s Aerospace Manufacturing Section to learn more about important trends impacting the industry.