Schedule a Call Back
Indian manufacturers target 2-3x profit growth with Industry 5.0: PwC
Industry News- Oct 28,24
Industry 5.0 signifies a shift from prioritising economic value to generating societal value, emphasising overall well-being rather than just welfare.
A recent report by PwC India reveals that approximately 93% of Indian manufacturers are adopting sustainable practices under Industry 5.0, with aspirations to triple their profits in the next three to five years. Titled “Decoding the Fifth Industrial Revolution: Marching Towards a Resilient, Sustainable, and Human-Centric Future,” the report examines six major industries and highlights that Industry 5.0 can enhance both financial and operational performance while fostering a human-centered manufacturing ecosystem.
Industry 5.0 signifies a shift from prioritising economic value to generating societal value, emphasising overall well-being rather than just welfare. The report indicates that over half of manufacturers are investing in renewable energy and energy efficiency through advanced digital technologies. Furthermore, 52% of senior executives are focusing on cultivating a culture of lifelong learning to equip their workforce for the integration of AI, robotics, and IoT.
Sudipta Ghosh, Partner and industrial products leader, PwC India, stated, “Industry 5.0 represents a defining moment for the manufacturing sector – one that creates a symbiotic relationship between humans and advanced technologies.” He emphasised that companies prioritising these technologies are likely to gain a competitive edge, positioning themselves for a sustainable and resilient future.
The report forecasts a revenue increase of approximately 6.42% for Indian manufacturers over the next two years as they adopt Industry 5.0. Manufacturers also believe that their limited capabilities in this area may have cost them around 4.37% in revenue during the fiscal year ending March 31, 2024.
Among the various sectors, chemicals, cement, and textiles are expected to experience the most significant revenue growth, with potential increases exceeding 7%. Notably, 95% of manufacturers in the cement and industrial goods sectors are heavily investing in real-time inventory tracking to optimise stock and minimise excess.
The PwC study suggests that Industry 5.0 encourages collaboration between the workforce and advanced machinery, alleviating fears of job displacement. Ghosh noted the importance of bottom-up innovation, supported by secure access to technologies like Generative AI, while emphasising the need for top-down guidelines for safe and effective implementation. Approximately 52% of executives are focusing on automating repetitive tasks to enable employees to concentrate on higher-value work.
Half of the respondents are investing in supply chain resilience, utilising real-time analytics to mitigate potential disruptions.
- Renewable energy and sustainability: Over 50% are enhancing sustainability initiatives, including waste reduction and responsible water management.
- Cybersecurity: Recognising the growing digital threats, 46% of executives are strengthening cybersecurity measures to protect manufacturing systems and ensure data integrity.
(Business Standard)
Related Stories
Auto & Auto Components
AI-Powered Welding Robots setting a new standard in Top-Tier Automotive Plants
As manufacturing plants undergo digital transformation and Industry 5.0 expectations, AI-powered welders will become more common, says Emily Newton.
Read moreAutomation & Robotics
Schmersal is committed to safety for man and machine
The Germany-based Schmersal Group develops and produces systems and solutions for its customers worldwide to help boost machine safety and occupational health and safety. In this interview, Ranjith ..
Read moreAutomation & Robotics
Indian manufacturers target 2-3x profit growth with Industry 5.0: PwC
Industry 5.0 signifies a shift from prioritising economic value to generating societal value, emphasising overall well-being rather than just welfare.
Read moreRelated Products
Digital Colony Counter
INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY
Rising Sun Enterprises supplies digital colony counter.
Robotic Welding SPM
INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY
Primo Automation Systems Pvt. Ltd. manufactures, supplies and exports robotic welding SPM.
Heat Exchanger Scale Removal Compound -hesr-300
INDUSTRIAL AUTOMATION & TECHNOLOGY CONSULTANCY
Read more
Request a Quote
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
Log In
To Contact this Supplier
Please Log In to your Account
INDUSTRIAL PRODUCTS FINDER (IPF) is India’s only industrial product portal. Referred to as the ‘Bible’ of the manufacturing sector in India,
Hi There!
Now get regular updates from IPF Magazine on WhatsApp!
Click on link below, message us with a simple hi, and SAVE our number
You will have subscribed to our Industrial News on Whatsapp! Enjoy
