World Finds it Difficult to Meet Energy Demands by 2050
Schneider Electric Introduces Digital Twin for OEMS in 2024
By Shubhendra Anand , 26 December, 2024
Industrial development is an important economic factor as it leverages economic trends. A survey in 2024 suggests that the industrial sector will experience a fifth industrial revolution, industry 5.0. However, the fifth industrial revolution is still in the development stage. With the flow of Industry 5.0, Scheider Electric jumps into a new venture. It aims to provide its consumers from the automotive industry with virtual replicas of their machines before they are ready for manufacturing. The company will focus on digital twin services to OEMs (Original Equipment Manufacturers) in 2024.
Industry 5.0 is the fifth industrial revolution that focuses on the transition of industries in specific ways to produce goods. Current market trends cover the aims of Industry 5.0 to regulate the manufacturing sector globally. There are several initiatives that Industry 5.0 integrates to deliver products by merging technology and industrial production. In the era of artificial intelligence, the strategic plans of industries focus on building smart factories in 2024. Smart factories define the products and services incorporating the interconnection of machines, devices, and their real-time data. Hence, it helps facilitate manufacturing units by increasing the efficiency of the industries. Industry 4.0 helped impact the global economy and businesses more by introducing technology that produces real-time data. Artificial intelligence is an important aspect of Industry 5.0. It is because technology plays a crucial role in the enhancement of businesses. Hence, AI provides firms with various solutions to improve their products and services. It helps to keep data in order by using the IoT (Internet of Things) devices.
Moreover, it keeps track of consumers' data and studies their product preferences. Industries also design innovative tools driven by AI ideas to enhance productivity while ensuring safety. The introduction of generative AI in the sector helps improve consumer interaction. It answers consumer queries, and the data saved helps industries. Hence, it further helps to understand consumers' behavior towards the product.
Industry 5.0 is a different entity under process as it focuses on human and machine collaboration. While artificial intelligence rules the technological world, introducing digital twins into society aims to achieve better outcomes. Therefore, Schneider Electric's new venture on digital twins will have better outcomes in the production sector.
A survey report of 2023 shows 76 percent of respondents agreeing about the automotive industry leveraging digital twins:
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Shubhendra Anand
Head Research
