Growth Strategies Leading to Innovation Culture and Sustainable Industries
Environmental concerns are compelling governments and companies to switch to a green manufacturing model. Manufacturers across various sectors may have different motivations to adopt sustainable practices; for some, it could be complying with government regulations, while for others, it could be to build a green label and gain customer loyalty or increase operational efficiency. However, the successful implementation of green manufacturing goes beyond these individual motivations and requires substantial effort in terms of technology and investment. This research analytics focuses on the three pillars that enable green manufacturing: government initiatives and regulations; advanced technology solutions; and innovative business models.
Governments play a critical role in encouraging green industries by offering support in the form of tax incentives and grants and implying regulatory compulsion to promote sustainable practices. Public and private collaborations will be of great essence to this vision. To propel green manufacturing, high-end technology integration is imperative. The evolution of ‘green technologies’ will ease the process of sustainable production and emission control. The green technology market will witness significant investment and potential growth in the coming years, with an estimation of a 20% annual growth rate until 2030. A brief overview of enabling technologies, such as AI used for predictive analytics, IIoT for emission monitoring, 3D Printing to achieve zero defect and waste, and Digital Twin to control production processes and optimize resource utilization, are covered here. The adoption of green manufacturing has its challenges; however, it is not a burden on economies. It gives rise to innovative business and service models that enable participants to achieve the mutual objective of net-zero transition.
