The road to resilience for Western manufacturing must begin with small steps.

For more than three decades, leading electronics brands in the West have enshrined leanness, maximum efficiency and lowest cost. The drive to outsource manufacturing to areas where labor costs are lowest has enabled the industry to deliver more advanced electronic products at relatively affordable prices.

It has made perfect sense for the world's OEMs, relieving demand for capital investment and helping to cut costs while giving access to cutting-edge processes and providing rapid, low-risk scalability. The trend to outsource began in the late 1970s and became the dominant model in the '80s and '90s. Throughout the 21st century, this has been the way to operate a competitive supply chain. Now, the largest EMS operations are based in China and Southeast Asia and the sector is currently worth about $800 billion. It's still growing at more than 7% compounded annually.

But something else happened during this transformation. As production migrated geographically, the essential skills associated with designing and making advanced electronics products also moved away from the OEMs and became concentrated in Asia. Many associated industries also moved out. In the 1980s there were 23 full-scale manufacturers of substrate base materials in Europe. Currently, there are two. Similarly, the number of manufacturers of glass and copper foil has fallen from 12 to just one.

Is the next generation of designers honing its skills on Minecraft?

If there were a record for the longest wait for a technology to take off (longest gestation period for a new technology), then virtual reality must surely be a top candidate for the honor. As long ago as 1990, the movie Total Recall gave mainstream audiences a dystopian view of the way life could be. The intervening three decades have cemented the image of the headset-wearing gamer in our minds – totally immersed in the experience yet oblivious to all around. And still it has failed to gain a large-scale following. Until now, perhaps.

With equipment sales currently rising at about 14% per annum according to research by IDC, all the big consumer technology brands are planning major new product launches in the coming months. Growth should accelerate to more than 30% in the next five years.