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Updated 2023 Economic Outlooks: 23 Stories Predicting What the New Year Should Bring from 16 Business Publications

Jan. 10, 2023
IndustryWeek parent company Endeavor Business Media’s many trade publications share industry specific outlooks for the coming year.

Editor's note: This story original ran Dec. 21, 2022, with a smaller number of stories from our partner publications. It has been updated with more outlook stories and a collection of coverage from IndustryWeek.

Our primary task at IndustryWeek is covering the manufacturing world, but we can’t get to every topic that might interest our readers. Thankfully, our parent company, Endeavor Business Media, has a lot of publications that regularly provide insights into various major industries and niche markets. As we wrap up 2022, here’s a look at how experts in several markets see 2023 developing.

  • Optimism remains despite headwinds: Laser Focus World reports that optimism is high for the technology heavy market that’s critical to computing, manufacturing, healthcare and many others. 
  • 2023 Chemicals Industry Outlook: Brace for Challenges: Chemical Processing editors found considerably less optimism in that field. While pockets of strength remain, higher interest rates, slower economic growth and flagging consumer demand could all reduce next year’s earnings for processors. 
  • Five Trends in Energy I’ll Watch in 2023: T&D World (Transmission and Distribution) editor Teresa Hansen shares key topics she’ll be watching in the new year as the electric utility world deals with a rapidly evolving environment. From extreme weather to new security concerns, that market promises to remain dynamic in the coming year.
  • Rental Expectations 2023: Rental Equipment Register editor Michael Roth writes that construction and industrial equipment rental companies are still somewhat optimistic for 2023, but enthusiasm is tempered compared to 2022. As Glen Leppo of Leppo Rents and Bobcat of Ohio puts it, “I am expecting 2023 to see increased rental demand in some markets with others softening considerably, as opposed to the demand from all markets we saw earlier in 2022.” 
  • 2023 Annual Report & Forecast Overview: Staying in the construction space, Construction Equipment’s annual report and forecast includes polling data from builders who predict a “very good” 2023, matching expectations (that were met) for 2022. 
  • 2023 Fluid Power Market Outlook: Slowing Growth Cycle Ahead: Power & Motion editor Sara Jensen expects growth to slow in the hydraulics and pneumatics world next year, but it should continue to grow. As one industry watcher put it, “declines will be nothing like those seen in 2008, and the past 2 years were periods of robust growth.” 
  • What Will the Supply Chain Look Like in 2023?: MH&L (material handling and logistics) looks at the biggest news driver in manufacturing for 2021 and 2022—the snarled supply chain. Problems from international instability, cybercrime, material shortages and environmental regulations will continue to challenge companies, but there are steps leaders can take to mitigate their supply chain risks. 
  • 2023 Food and Beverage Industry Outlook: Food Processing magazine Senior Editor Pan Demetrakakes looks at how food producers are dealing with inflation, whether 2022 price increases will stick and how upset consumers are with food producers following those price increases. And, as with other industries, the supply chain remains a big question for 2023.
  • The State of Engineering in Fluid Power and Motion Control: In this editorial webinar, top editors from Power & Motion and Machine Design discuss the results of the 2022 Salary Survey conducted in partnership with colleagues at Machine Design, Electronic Design and Microwaves & RF.
  • CONTRACTOR’s 2023 Econ Forecast: The Optimism Paradox: The magazine's Editor-in-Chief Steve Spaulding discusses why contractors feel so confident for the new year, despite rising interest rates and other production costs.
  • State of the Security Industry 2022 - An Integrator's Perspective: Survey data from security officials spells out what to expect in 2023.
  • Multiple factors drive 2023 machinery investment plans: Plastics Machinery Manufacturing magazine Managing Editor Lynne Sherwin shares survey data that shows an industry willing to invest in new equipment despite economic headwinds such as labor shortages and erratic prices.
  • Looking ahead to 2023 winners and losers: PMM Editor-in-Chief Ron Shinn discusses the big drivers in the plastics business in 2023, from growth in recycling to criticism of certain materials by environmentalists. 
  • Oil market to tighten in 2023: Editors from the Oil & Gas Journal detail market conditions for the energy world. Though prices fell toward the end of 2022, 2023 promises some tightening of supply with OPEC+ production cuts, continued geopolitical instability in Europe and other factors.

In addition to coverage from other Endeavor publications, we have also run several outlook stories in IndustryWeek looking at what to expect in 2023, including:

  • Where Manufacturing Technology Goes in 2023: Technology Editor Dennis Scimeca's three-part series on manufacturing tech in 2023 looks at:
    • Part 1, Smart Factories: Experts from a wide range of manufacturers including TI, Flex, 3D Systems and Hexagon discuss connectivity, data and smart operations in 2023.
    • Part 2, Sustainability & Automation: The ongoing push to reduce carbon emissions and improve sustainability in manufacturing is a technology story, dominated by reducing waste and inefficiency. 
    • Part 3, Additive Manufacturing: 3D printing continues to mature, making additive a more effective tool within the manufacturing toolbox in the new year.
  • Supply Chain Snags or Full Speed Ahead? What Logistics Looks Like in 2023: Regular IndustryWeek contributor Lauren Pittelli, a logistics and shipping specialist, discusses the political, economic and environmental issues driving change in 2023.
  • NAM Outlook Survey: Manufacturers to Invest, Despite Recession Worries: The National Association of Manufacturer's year-end survey from 2022 shows a softening of optimism for the new year but continued investment plans from the bulk of its membership.
  • What’s Ahead for Digitalization in 2023?: Siemens manufacturing expert Dale Tutt points to likely challenges, such as continued supply chain snags, in 2023 and what companies can do to proactively address those problems.
  • Supply Chain 2023: Better Data Brings More Answers: Hans Thurber with Google cloud services discusses how manufacturers can tackle 2023 supply chain problems with better visibility into operations.
  • Manufacturers Prepare for Risks in Foreign Currency Markets: U.S. Bank's Mary Henehan discusses foreign currency exchange challenges to be expected in the new year as war in Europe and other geopolitical challenges reshape global markets.
  • Outlook ’23: Keep Watching those Price Pressures: IndustryWeek Editor-at-Large Geert De Lombaerde surveyed business leaders about their plans for 2023, and their responses show a strong preference for careful money management in the new year. Similar to the NAM report, De Lombaerde found businesses will to continue spending on expansion but with an eye toward fiscal conservation. 

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