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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Bibliographic Details
Published in:Business strategy and the environment Vol. 30; no. 4; pp. 2038 - 2060
Main Authors: Awan, Usama, Sroufe, Robert, Shahbaz, Muhammad
Format: Journal Article
Language:English
Published: Chichester Wiley Periodicals Inc 01.05.2021
Subjects:
Best practice
Circular economy
Economic research
Economics
Expectations
Industrial applications
Industry 4.0
Internet
Internet of Things
Literary criticism
Literature reviews
manufacturing firms
Organizational research
recycling
reuse
Stakeholders
ISSN:0964-4733, 1099-0836
Online Access:Get full text
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Summary: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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ISSN:0964-4733
1099-0836
DOI:10.1002/bse.2731