Industry 4.0 and the circular economy: A literature review and recommendations for future research
Research regarding the Fourth Industrial Revolution (Industry 4.0) and the circular economy has gained traction since 2014. Paralleling the growth in the internet of things (IoT), the circular economy poses both risks and opportunities to various stakeholders in its development. This literature revi...
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| Published in: | Business strategy and the environment Vol. 30; no. 4; pp. 2038 - 2060 |
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| Main Authors: | , , |
| Format: | Journal Article |
| Language: | English |
| Published: |
Chichester
Wiley Periodicals Inc
01.05.2021
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| Subjects: | |
| ISSN: | 0964-4733, 1099-0836 |
| Online Access: | Get full text |
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| Abstract | Research regarding the Fourth Industrial Revolution (Industry 4.0) and the circular economy has gained traction since 2014. Paralleling the growth in the internet of things (IoT), the circular economy poses both risks and opportunities to various stakeholders in its development. This literature review aims to identify Industry 4.0 stakeholders' interests and expectations regarding how the IoT can be part of circular economy management. Contributions include identifying various IoT tools for dealing with circular economy challenges while also addressing implementation best practices. The transition of the circular economy within Industry 4.0 requires a better understanding of government, suppliers, international organizational interests, and expectations regarding the IoT. This study enables future research on circular economy practices and their potential sustainability benefits for manufacturing firms. This study's findings allow practitioners and researchers to understand the literature and critical elements of the transition toward a more circular economy. |
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| AbstractList | Research regarding the Fourth Industrial Revolution (Industry 4.0) and the circular economy has gained traction since 2014. Paralleling the growth in the internet of things (IoT), the circular economy poses both risks and opportunities to various stakeholders in its development. This literature review aims to identify Industry 4.0 stakeholders' interests and expectations regarding how the IoT can be part of circular economy management. Contributions include identifying various IoT tools for dealing with circular economy challenges while also addressing implementation best practices. The transition of the circular economy within Industry 4.0 requires a better understanding of government, suppliers, international organizational interests, and expectations regarding the IoT. This study enables future research on circular economy practices and their potential sustainability benefits for manufacturing firms. This study's findings allow practitioners and researchers to understand the literature and critical elements of the transition toward a more circular economy. |
| Author | Awan, Usama Sroufe, Robert Shahbaz, Muhammad |
| Author_xml | – sequence: 1 givenname: Usama surname: Awan fullname: Awan, Usama organization: Lappeenrant‐Lathi University of Technology – sequence: 2 givenname: Robert surname: Sroufe fullname: Sroufe, Robert email: sroufer@duq.edu organization: Duquesne University – sequence: 3 givenname: Muhammad surname: Shahbaz fullname: Shahbaz, Muhammad organization: Beijing Institute of Technology |
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| Title | Industry 4.0 and the circular economy: A literature review and recommendations for future research |
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