93% of Manufacturers Target Sustainability with 2x Growth through Industry 5.0: PwC More than 50 per cent of Indian manufacturers are prioritising investments this year in sustainable practices.
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At least 93 per cent of senior executives across six industries would like to be known for their sustainability initiatives, and yet achieve 2 fold to 3 fold profitable growth over the next three to five years, PwC said in its latest report.
According to the research, Decoding the Fifth Industrial Revolution: Marching towards a resilient, sustainable and human-centric future, while Industry 4.0 technologies helped achieve efficiency-driving automation, the focus of Industry 5.0 is on fruitful collaboration between humans and technology to drive sustainability and to make production and manufacturing systems more resilient to external shocks, and ready to respond to business challenges with agility.
"Though most industries in the manufacturing space are, to varying degrees, keen to maintain a fine balance between business interests, workforce resilience and overall sustainability of the ecosystem, not all have begun the Industry 5.0 journey," it added.
More than 50 per cent of Indian manufacturers are prioritising investments this year in sustainable practices. These investments are aimed at leveraging digital technologies to adopt renewable energy sources and enhance energy efficiency, among other things.
"52 per cent of top executives at leading manufacturing companies are also allocating investments this year towards building a culture of lifelong learning," it added.
"Industry 5.0 represents a defining moment for the manufacturing sector–one that creates a symbiotic relationship between humans and advanced technologies like artificial intelligence (AI), robotics and the internet of things (IoT). Companies that fast-track their adoption of these capabilities will establish a competitive edge in the coming years, as transformation is crucial for building a sustainable and resilient future with humans as an integral part of this transformative journey," said Sudipta Ghosh, Partner and Industrial Products Leader PwC India.
The report also said that executives from the chemicals, cement, and textiles and clothing sectors believe that their industries would see the most significant gains from the adoption of Industry 5.0, with potential revenue expansion exceeding 7 per cent.
