The Innovation Engine for Growth

An Actionable Roadmap to Thriving in a Hyper-Competitive World

Sanjay Mazumdar, Cheryl Perkins

• Publisher: Routledge
• Year: 2021
• Print ISBN: 9781032012537
• eBook ISBN: 9781000425437
• Topic: Business
• Subtopic: Automobile Industry
• Index: Business

Written by experts on innovation and growth, this book provides the necessary tools to systematically develop and sustain profitable innovation pipelines.

In a hypercompetitive global market, businesses must innovate to survive; yet the failure rate for innovation is extremely high. Strategists and thought leaders, Cheryl Perkins and Dr. Sanjay Mazumdar, offer a sophisticated yet practical approach for implementing successful innovation. Leveraging thought-provoking questions and powerful templates, the book outlines how companies can leverage core strengths, build internal innovation capabilities, partner effectively, and identify the promising areas to pursue. In addition, the book highlights emerging innovations in several major industries, providing fodder to fuel creative thinking and exploration of possible applications across a variety of different industries.

Managers and leaders will welcome the innovation insights and examples, as well as the templates to build an organization's plan to diagnose patterns of innovation, identify opportunities, and apply emerging innovations in their own industries and businesses.

Section II Identifying Opportunities, Partners, and Resources – Emerging Innovations by Selected Industries¹

DOI: 10.4324/9781003177906-8

This section provides an in-depth analysis across seven industries selected either based upon their close ties to the megatrends (electronics, Internet of Things, and medical devices) or because of their historical proliferation of innovations applicable across multiple industries (automotive, aerospace, building construction, and chemical). Each chapter focuses on a single industry to facilitate opportunity/technology scouting, partner/resource selection, competitive intelligence gathering, and return on investment (ROI) estimation. Chapters are organized as follows:

1. Emerging Innovations: new technologies driving current and future innovation – descriptions, trends, highlights.
2. Revenue Impact and Resulting Growth Opportunities: innovations offering the highest future growth rates and largest current opportunities, including current and future market size, CAGR, and technology maturity. COVID impact is noted.
3. Horizon Mapping Implications: opportunities offering H2 and H3 potential for breakthrough innovation, long-term growth, and expansion beyond the core. COVID-19 has accelerated Horizon timetables though the definitions remain the same.

Use this section to identify attractive innovations, both in your target industry and in other industries. (Note that existing technologies transferred to new applications have led to many successful innovations!) Select the three to five most promising innovations and assess their growth and revenue potential as well as synergistic fit. Identify potential partners who offer these attractive innovations. Filter further to create a short list.

¹ The selected industries are either closely related to megatrends or have historically been prolific in developing innovations applicable across multiple industries.

Chapter 5 Aerospace

DOI: 10.4324/9781003177906-9

In this chapter, we consider the following aspects of the aerospace industry:

• Emerging Innovations
• Revenue Impact and Resulting Growth Opportunities
• Horizon Planning Implications

Emerging Innovations

The aerospace industry is widely seen as the initiator of technology changes including the use of new metals, composites and plastics, advanced manufacturing processes, safety and security, and the development of more efficient and sustainable power and energy systems. In the aerospace industry, high customer expectations, stringent governmental regulations, increased competition, and the need for more fuel efficiency have been instrumental factors for technological developments.

Keeping aside the impact of corona virus on the aerospace industry, we will see significant research in advanced manufacturing processes such as 3D printing¹ and robotics. Spare parts that need to be replaced on a regular basis (such as door handles) and tools that are used to create aircraft parts will increasingly be 3D printed. Bob Smith, Chief Technology Officer of Honeywell Aerospace, is optimistic about new manufacturing methods, particularly 3D printing, which offer radical ways to design aircraft and components. He said, “Through 3D printing, we can actually make the strength where required and take out all the other weight.”² Russ Dunn, Senior Vice President of GKN, also echoed on the use of revolutionary technologies for aircraft parts and said, “The combination of new technology and materials will revolutionize aircraft design and the way passengers travel. By 2050, 16 bn air passengers may be enjoying a radically different experience.”²

Our observation is that industry players, in addition to improving their advanced manufacturing techniques, are focusing on the development of advanced inspection and safety features including electric de-icing systems³, advanced communication systems, and more comprehensive software to help pilots avoid accidents. For example, Johann Bordais, Vice President of Embraer Commercial Aviation Ltd., said

By replacing traditional inspection procedures like general and detailed visual inspections and non-destructive inspections (X-ray, eddy current, and dye penetrant), less time would be needed to perform time-consuming disassembles to gain access to inspection areas. The inspection times would come down to minutes instead of hours in some cases.⁴

Anyone who takes commercial flights on even an irregular basis can clearly see that advancements in in-flight entertainment, safety features, health monitoring, and cleaning are creating new opportunities. For example, Boeing has developed a self-cleaning lavatory which uses ultraviolet light to kill germs after every use.

To summarize, we’ve assigned the top innovation opportunities⁵ of the aerospace industry to the following broad categories (Figures 5.1 and 5.2).

Figure 5.1 Key Innovation Areas for the Aerospace Industry.

Source: Lucintel.

Figure 5.2 Emerging Innovations in the Aerospace Industry. (a) Fuel and Noise Efficient Aero Engine; (b) 3D Printing of Turbine Wheel; (c) Hybrid Airship; (d) Self-Cleaning Lavatory.

The aerospace industry is conscious of its environmental impact and contribution to climate change. Strictly enforced rules and regulations have been made to control harmful emissions like CO₂ and NO_x. There are also rules for noise emission by aircraft. The aviation industry is spending resources on finding new solutions for noise and emission reduction such as the development of aircraft engines with innovative designs featuring improved gear boxes, increase of normalized fan diameter, and the usage of sound insulation. Original equipment manufacturers (OEMs) are also looking into electric aircraft to control emissions. “The European Union’s Flightpath 2050 strategy” has set targets for CO₂ emissions in aviation to be reduced by 75% and noise by 65% by 2050 compared to the year 2000. Tom Enders, CEO of Airbus, said:

At Airbus, our hybrid technology has been spurred by the European emission rules requiring that aircraft emit 75% less CO2 and generate 65% less noise in 2050 than in 2000. The ultimate goal for Airbus is to develop zero-emission aviation.⁶

Lightweight materials used in next-generation aircraft are gaining prominence as they curtail fuel consumption and emission levels necessary for regulatory compliance. For this reason, efforts to implement lightweight parts in aircraft have increased significantly. Geoff Hunt, Chief Engineer of UTC Aerospace Systems, said, “Titanium alloys have reduced the weight of landing gear by thousands of kilograms on the biggest jets.”² Similarly, by making fan blades and the fan case from carbon fiber composites Rolls-Royce has been able to save 340 kg in engine weight.

Revenue Impact and Resulting Growth Opportunities

Our analysis suggests that innovation in advanced manufacturing processes will offer the highest growth rate during the forecast period, whereas innovation in aero engines is the largest current opportunity in which companies have significantly invested to drive the technology to maturity. Key drivers of advanced manufacturing processes a...

Table of contents

• Cover
• Half Title
• Title Page
• Copyright Page
• Table of Contents
• List of Figures
• List of Tables
• List of Templates
• Acknowledgments
• About the Authors
• Introduction
• Getting the Most Out of This Book
• Section I Defining Your Strategy – Innovation for Sustainable Growth
• Section II Identifying Opportunities, Partners, and Resources – Emerging Innovations by Selected Industries1
• Section III Executing Your Strategy – Integrating Core Capabilities with External Opportunities
• Index