Electronics industry is responding to COVID-19
Research report reveals how the UK electronics sector is prioritizing innovation, flexibility and good financial management
Resilience, adaptability, cash, good leadership and a mix of customers across a range of different industries is how electronics firms are likely to have good survival rates coming out of the global COVID-19 pandemic, according to Graeme Wintle, director at ByteSnap Design, a UK-based embedded design consultancy.
ByteSnap Design revealed the top concerns and priorities for UK electronics companies after conducting an industry-wide survey of electronics sector personnel across a range of industries including automotive, industrial, med-tech and components in May 2020.
“We are in the midst of the most extreme pandemic this world has seen in years. Now, more than ever, electronics companies have an opportunity to show how we can support our healthcare systems and governments in fighting to protect lives, while also positioning ourselves to protect our businesses and employees,” says Dunstan Power, director at ByteSnap Design.
“The electronics community is not homogeneous, so against this backdrop, we decided to survey electronics professionals in the UK about the current state of the sector, the challenges they face, how they are fighting COVID-19 and planning to survive,” Power adds.
Based on the results of its survey, ByteSnap Design developed a report – Navigating Covid-19: The New Normal.
The main survey findings for electronics industry include:
Impact on electronics industry – 16% were unsure how the coronavirus would impact the electronics industry, the remaining respondents anticipated the following over the next 18 months: drop in demand 36%, supply chain disruption 18%, increased opportunities 13%, on-shoring 9% and prioritizing products to fight COVID-19 8%
Changes in demand – 43% of respondents expected demand for their products or services to decrease, while positively 23% expected an increase and 34% stated
Recovery time – an encouraging 22% of respondents are not experiencing any dip in sales activity, while the majority of respondents (86%) believe we will be back to normal within a year. 12% expect recovery to take from 12 months to two years and sadly 3% expect that they will never recover
Fighting against COVID-19 – 58% of respondents said that they are helping in the fight against COVID-19, and 43% of those who were helping were involved in equipment development, with the majority focusing on medical devices, and 19% stepping up to help with the Ventilator Challenge.
Plans to weather the pandemic – innovating (30%) and being flexible (29%), followed by 21% of respondents citing the need to be lean and engage in good financial management.
As well as statistics comparing different sectors, the report also provides further insight into each question with direct quotes from respondents.
“Slipping into survival mode is not a good strategy,” says Wintle. “Out of this crisis, opportunities will arise and electronics companies should be ready to make our expertise available to support innovative products.”