The next generation of equipment that will help power the industrial transition is expected to be able to deliver power to the grid within a year, according to a new report from a global consulting firm.
The new generation will include everything from industrial robots to water-cooling pumps, a new generation gas turbines, and even air purifiers.
The report by Global Research predicts the next wave of industrial gear will be cheaper and more effective than the previous generation, which had to be shipped in bulk to factories and then transported to the factory site, where it was then assembled into a unit.
The report is based on data from more than 200 major global manufacturers.
The companies it ranks as having the fastest growth of new industrial equipment are General Electric, General Motors, General Mills, Nestlé, Walmart, and Walmart-branded equipment maker Caterpillar.
The companies were the first to deploy the next generation technologies, said Richard Fink, Global Research’s managing director.
They are the pioneers of the new era, he said.
The big question is how fast will it come.
While the new equipment will likely be cheaper than what was previously deployed, Fink said it could be years before the new industrial infrastructure is ready to roll out in the U.S.
The United States is not alone in this fast pace of innovation.
In a 2016 report by the Federal Reserve Bank of Atlanta, researchers estimated the average cost of new equipment manufacturing in the United States could increase from $1,500 in 2016 to $6,500 by 2030.
While it’s too soon to tell whether these new technologies will be able or able to scale to meet the nation’s power demands, the report predicts the new gear could be ready for deployment in a matter of years.
It could be a decade before the next revolution begins, said Matt Schofield, executive director of the American Society of Civil Engineers, which is part of the group behind the report.
The world will need to be ready to ramp up industrial equipment production, he added.
The Federal Reserve also projects that global supply chains will continue to grow, and by 2030 there will be nearly 1 billion industrial workers globally.
Fink said he expects this new generation to be more efficient than the older generation, with a smaller footprint, and more efficient in meeting its electricity needs.
The new gear will also be more effective in meeting other critical functions, like transportation, heating, and cooling, he noted.
“This new generation is going to have to be capable of supporting a huge volume of jobs,” Fink added.