In our last blog we shared information about two amazing partner industries, the aerospace industry and the automotive industry, today we’d like to share two more, the medical industry and the power generation industry. (Watch out! We’re everywhere!)
MEDICAL INDUSTRY
The medical, or healthcare, industry is one of the world’s largest and fastest growing industries. We partner with companies in the medical equipment segment of the industry, which includes various devices and supplies including “medical instruments, drug delivery systems, cardiovascular and orthopedic devices, diagnostic equipment, eye care products, hospital supplies, and safety needle and syringe devices.” Altogether there are approximately 5,300 to 5,600 U.S. companies in the industry with approximately 330,000 to 365,000 employees, according to studies by the International Trade Administration in 2010 and BMI Research in 2015 (Note: BMI Research became Fitch Solutions Macro Intelligence Solutions in 2018.)
The needs of patients are ever changing… so the medical device industry must adapt alongside them. And we are right there with them. According to the Advanced Medical Technology Association “most medical devices are replaced by a newer version every 18 to 24 months.” (Wow!) This is due to the near constant research and development undertaken to create better devices to improve our ability to diagnose and treat illnesses. Companies, both large and small, utilize research and development to grow. Small companies in this field outnumber larger ones. In 2010 the International Trade Administration used census data to reveal that 88% of the businesses had fewer than 100 employees, but the larger companies tower over the smaller in both their number of employees and their revenue; their biggest advantage being their diversification. Not only do they produce devices for many different health areas, but they are also active in various countries. (Diversification is key here at Saturn as well!)
We are proud to play a roll in an industry dedicated to helping provide healthcare solutions. With the oversight of the Food and Drug Administration, medical devices are held to very high standards, and Saturn Industries is uniquely qualified to help develop and produce these life saving technologies.
POWER GENERATION INDUSTRY
Our modern society demands a huge amount of energy. (THAT is an understatement.) Energy not only in the form of electricity for our computers and smartphones, but energy used in the creation of all of the products we see in television commercials and while scrolling on the internet. The global energy demand has risen by 50% since 1990 ], and will continue to rise with no end in sight.
According to the International Energy Agency, total investment in the U.S. energy sector, AKA the ‘power generation industry,’ was valued at $350 billion in 2018 (the second-largest in the world). That is a huge industry with a lot of moving parts! These “moving parts” generally revolve around the following types of companies: Oil and Gas Drilling and Production, Pipeline and Refining, Electricity and Natural Gas Utilities, Mining Companies, and Renewable Energy. These companies generally fit into one of the following roles: power generation, transmission and distribution networks, and metering and sales.
A current trend in energy production is the use of renewable resources. Renewable resources include, but are not limited to, solar power, wind power, and hydropower. The Department of Energy estimates that renewable energy has the potential to generate 80 percent of U.S. electricity by 2050, up from almost 20 percent today. (Go GREEN!) But while green energy is being further developed, many of us still depend on our nation’s non-renewable resources, namely oil, natural gas, and coal. There are many energy companies in the U.S., two of the largest oil companies are Exxon Mobil and Chevron, while Peabody Energy is America’s largest coal producer.
Each form of power generation has its own advantages and disadvantages, but what these fields have in common is their demand for efficiency. Breakthroughs in technology increase the efficiency and reliability of power generation, and Saturn Industries is right there along the way to provide the parts to our energy partners to help make it all possible.
We love being a part of so many different industries, from aerospace and automotive, to the fields of medical technology and power generation. With each new client comes another opportunity for us to develop parts, and be a part of something bigger. If your business is ready for the next level, contact our customer service to find out how we can help! We may be a company that makes small parts, but we dream big and work hard to create the best products for our clients!