Survey – Electronics Industry and COVID-19: The New Normal
This survey is now CLOSED – Find out the results here!
Whether it’s increasing demand for remote monitoring devices or creating delays from suppliers for electronic components, it is clear that Coronavirus (COVID-19) is affecting the electronics design industry.
The impact of the global pandemic looks to have both short-term and long-term consequences. This is likely to create a ‘new normal’ for the future of businesses across the sector.
How will electronics design companies cope with the coronavirus pandemic – now and in the months ahead? Take part in our new industry survey and find out…
The impact so far
Aside from a mass migration to remote working as employees are told to stay at home, there are many more implications of Coronavirus to the business process.
Perhaps most significantly there have been disruptions to supply chains, causing shipment delays for electronics manufacturers. These expected delays are estimated to be at least five weeks, if not more. [1] Ripple effects will only increase as the spread of the virus continues globally, causing more countries to restrict border access and raw materials.
More specifically, it is predicted that consumer electronics will be hit the worst by movement restrictions, closely followed by industrial & automotive. [2]
Such could change the way businesses operate, with some resourcing switching to domestic suppliers. Further, the management process may favour stock being held in-house as opposed to JIT inventory, which is the supply chain management (SCM) practice of holding as limited finished products as possible.
In addition to supply chain issues, there are also instances where projects are now being put on hold. Indeed, most businesses across the world currently appear to be falling into one of three categories:
- those that will unfortunately not survive the financial impact of the pandemic,
- those that are pausing all spending to weather the storm
- and those that are either very busy or using this time to get ahead with final product developments.
Coronavirus outbreak: industry sectors in demand
Not all electronic product companies are suffering. Aside from the obvious working on medical devices, other businesses are also seeing an increase in demand for their products or services.
Key areas include remote monitoring electronic devices that allows companies to continue working during lockdown. Additionally, tracking and logistics are busier than ever, and food packaging companies are barely able to keep up with increased demand.
Artificial Intelligence (AI) is another tech sector predicted to surge during the pandemic, not least by directly combating Covid-19 through medical research. In most cases, with an emphasis on reducing human interaction and social distancing, businesses will likely be turning to AI solutions for their product designs. This would help with risk management, reducing person to person contact.
How can we learn from all of this?
With the global impact of the coronavirus pandemic, there comes a pressing need to understand the effect of this crisis on the various engineering industries. For us, this is particularly the case for the electronics market.
This snapshot-view should look at both ends of the spectrum, from the businesses busier than ever to those really taking a hit.
For many, resilience and adaptability will be key over the next year.
Got 3 minutes to help improve understanding of COVID-19’s effects on the electronics industry?
During this challenging period, we’re asking for just three minutes of your time to participate in a short survey. This will help us all better understand how COVID-19 is affecting the electronics industry.
Once we have collected the anonymous responses, we’ll share the results with you. As a result, you can gain valuable insights into how your peers are doing.
This survey is now closed – find out the results here!
[1] https://www.engineerlive.com/content/what-covid-19-doing-electronics-industry
[2] https://www.statista.com/statistics/1106093/electronics-industries-impacted-by-supply-chain-delays-due-to-covid-19-worldwide/
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