Large European and US organizations are planning to invest $3.4 trillion over the next three years for reindustrialization - Seite 2
The key factors driving reindustrialization
- Supply chain resilience: the imperative to promote supply chain resilience and the ability to adapt and respond quickly to operational disruptions is a leading driver of reindustrialization for nearly 70% of organizations surveyed.
- Sustainability: a majority (55%) of organizations are optimistic that reindustrialization will help their organizations meet climate goals, especially in reducing their Scope 3 greenhouse gas (GHG) emissions.
- Geopolitical tensions: a majority (63%) of organizations recognize domestic manufacturing as strategically significant for ensuring national security. A similar percentage (62%) anticipate its importance in strategic sectors such as electric vehicles, medicines and vaccines, and semiconductors to strengthen in the future.
- Legislation and incentives: while organizations acknowledge that incentives accelerate investment for domestic production, particularly in areas of national strategic importance, such as semiconductors, batteries, and renewable energy, less than a half (49%) declare that government policies and regulations are supportive to their reindustrialization efforts.
Reindustrializing to promote sustainable growth and innovation
62% of organizations are investing in technologies to enhance sustainability within their reindustrialization initiatives. Gigafactories are seen as a key element in the journey towards a
sustainable reindustrialization; over half (54%) of automotive, battery, and energy executives surveyed say their organization is currently building a gigafactory or have plans to do so within the
next five years.
A majority (68%) expressed confidence in the potential of reindustrialization to drive innovation and technological advancement, in particular through 5G/edge, generative AI, and digital twins in the coming three years.
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Reindustrialization will demand a highly skilled manufacturing workforce
Half of the survey participants anticipate that reindustrialization will drive job growth domestically across various sectors. However, meeting this demand will require a skilled manufacturing
workforce, as acknowledged by 72% of organizations. The share of the manufacturing workforce with advanced digital skills, including proficiency in areas such as supply chain management, data
analytics, and artificial intelligence/machine learning, is projected to rise from 31% today to 53% in the next three years.