Circular economy in the era of Industry 5.0
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Date
2023
Authors
Milošević, Isidora
Stojanović, Anđelka
Arsić, Sanela
Nikolić, Ivica
Rakić, Ana
Journal Title
Journal ISSN
Volume Title
Publisher
University of Belgrade, Technical Faculty in Bor
Source
Proceedings - 54th International October Conference on Mining and Metallurgy - IOC 2023, 18-21 October 2023, Bor Lake, Serbia, 2023, 225-228
Volume
Issue
Abstract
The circular economy is an emerging concept based on the circulation of materials in the economy, in which waste is recycled, reused, or repaired. By recycling waste, new raw materials are obtained from which products or certain materials can be made, and devices can have alternative uses. A circular economy is needed to change outdated business practices based on a linear production-consumer paradigm into creative, innovative semi and final products. Industry 5.0 puts people at the center of the production process and uses innovative technical advances to ensure a sustainable and resilient path to smart manufacturing. Therefore, the circular economy and Industry 5.0 lay the foundations of intelligent and sustainable production based on real-time data collection, contributing to society's smart industry. This paper examines whether companies need to transform from a linear production-consumer paradigm to a circular economy to achieve sustainable development in the era of the new industrial revolution known as Industry 5.0.
Description
Keywords
Circular economy, Industry 5.0, Sustainable development, Transform
Citation
DOI
Scopus
ISSN
ISBN
978-86-6305-140-9
License
CC-BY-NC-ND