Lingering logistic disruptions continue to hinder production levels across major industries. The industrial sector, which essentially deals with manufacturing, has witnessed persistent production shortfalls. However, output rates have started to improve with the gradual re-opening of the economy and subsequent administrative measures to ease the supply crunch. Manufacturing output surpassed estimates in April 2022 as it leaped 5.8% year-over-year.
Furthermore, overall capacity use in the industrial sector jumped 79% in April and 78.2% in March 2022. In addition, rapid technological advancements and automation in the sector are helping the segment achieve new horizons globally, especially in emerging markets. According to Insight Partners, the global industrial automation market is projected to expand at a 7.6% CAGR from 2021 to 2028.
