Gear Technology magazine’s annual barometer of the gear industry has just been published for 2024 and is available in the link below.

It’s always interesting to see how other colleagues in the industry are faring and to compare your performance, optimism and key issues with theirs.

The survey features nearly 200 responses, primarily from North America. However, it is a global industry and experiences and issues are often familiar to gear manufacturers in other regions of the world, who will no doubt relate to the same challenges.

So, what were these subjects and issues that were covered in the survey?

  • Levels of optimism compared to other years
  • Key trends affecting business
  • Employment levels: will they increase or decline?
  • Levels of production output, sales volumes and capital spending
    There is also a Q&A on challenges faced in 2024, this included:-
  • What training programs will look like in 2024?
  • Level of focus on IiOT 4.0 or 5.0?
  • What workforce development solutions are in place?
  • Is e-mobility maintaining its momentum?
  • The level of focus on energy and sustainability?
  • Is the push towards electrification affecting your business?
  • How are you navigating or handling supply chain issues?
  • How is your organisation addressing skills shortages?
  • What role will emerging technology play in your organization in coming years?
  • How will the gear market evolve in the next 5 -10 years?

So, quite a comprehensive round up of the issues and developments occurring in our industry. See the responses here.