Manufacturing plays a crucial role in both advanced and developing economies, undergoing significant changes that present new prospects and challenges for business leaders and policymakers. Tesla, as an innovative company, has made comprehensive efforts to ensure the economic success of their facility.
In developing economies, manufacturing serves as a means to transition from subsistence agriculture to improved incomes and living standards. In advanced economies, it remains a dynamic source of innovation and competitiveness, driving research and development, exports, and productivity growth.
Currently, manufacturing is entering an exciting new phase, contributing approximately 16% to global GDP and experiencing global growth. The advent of innovative materials and processes, ranging from nanomaterials to 3-D printing to advanced robotics, promises to generate increased demand and boost productivity across all manufacturing sectors.
Forecasts indicate that 40-50% of factory equipment will require upgrading over the next decade as major corporations strive towards a new industrial revolution known as “Industry 4.0.” This term refers to the integration of sensors into factories. The following are the four phases of manufacturing since the early 20th century.