Circular Business Models in Industry 5.0

Abstract

The intersection of circular business models (CBMs) and Industry 5.0, promotes sustainable development. Industry 5.0 drives a resilient and sustainable industrial ecosystem, achievable through Circular Economy (CE) principles. Blockchain, IoT, AI, AM/3DP, and other advanced technologies facilitate the incorporation of CE within Industry 5.0, these have been applied in CBMs, promoting sustainable human-machine collaboration and efficient resource utilisation. CBMs like circular supply, resource recovery, product life extension, sharing, and product service system have promising possibilities and challenges abound in adoption. However, a holistic approach addresses the cultural, regulatory, economic, and technical barriers. Additionally, strategic management in CBMs for industry 5.0 is vital.