At OKW Enclosures we are forecasting an exciting 2024 with demand driven by the accelerating pace of innovation—especially in the IIoT and Industry 4.0.
OKW is well placed to capitalize on this, having enjoyed an exceptional 2023. Judicious purchasing of raw materials enabled OKW to support its customers through the COVID crisis and post-pandemic shortage of components. As a result, OKW saw a growth in export orders and rising demand for its in-house enclosure customization services.
Now, OKW is targeting further opportunities in the lucrative Industry 4.0/IIoT sector with new enclosure introductions and development. Last year the global IIoT market was valued at $101.45 billion, with a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030, according to analysts at Coherent Market Insights.
Meanwhile, OKW’s work on medical projects has virtually doubled, while measurement continues to be extremely buoyant. Both represent key areas of enclosures expertise and experience for the Pittsburgh, PA company.
OKW President Sean Bailey said: “I feel very positive about 2024. These are exciting times. It feels as if there is pent-up demand. Our existing customers are staying with us longer and ordering more because we are there to support them through challenging times. And the technological innovation we’re seeing in markets such as Industry 4.0 and measurement bodes well for new inquiries,” he added.