IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-981-96-4104-8_7.html
   My bibliography  Save this book chapter

Circular Economy Concept for Small Medium Enterprises Through Industry 5.0

In: Sustainable Economy Models in the Age of Industry 5.0

Author

Listed:
  • K. Devender

    (School of Business SR University)

  • Kafila

    (School of Business SR University)

  • Gurunadham Goli

    (School of Business SR University)

  • M. Shravan

    (School of Business SR University)

Abstract

Industry evolution has moved toward Industry 5.0, embodying a synergy between human perception and emerging technologies, while strongly emphasizing sustainable growth and innovation. This gives a chance for the SMEs to adapt to the practices of circular economy which in turn enhances its efficiency by reducing wastages in terms of promoting eco-friendly environment thus maximizing the utility of resources. The incorporation of Artificial Intelligence (AI), Internet of Things (IoT), and Robotics with circular economy supports the Small and Medium Scale Enterprises (SMEs) to enhance the ability of operation and supports them to sustain the competition and set their strong foot in the market for a long time. Industry 5.0 has given a platform to develop Human–Machine interface models to upgrade the operations in small and medium-sized enterprises (SMEs). This chapter explores interdependence of Industry 5.0 and circular economy. It also focuses on the opportunities that provide a dominance to the small and medium enterprises (SMEs) by this integration. SMEs can have a paradigm shift from the traditional processes to modern manufacturing systems thus attaining sustainable growth. The concepts of Industry 5.0 and Circular Economy make small and medium-sized enterprises (SMEs) socially and economically viable. The study provides inputs to succeed in this competitive Industry 5.0 environment.

Suggested Citation

  • K. Devender & Kafila & Gurunadham Goli & M. Shravan, 2025. "Circular Economy Concept for Small Medium Enterprises Through Industry 5.0," Springer Books, in: Rakesh Kumar & Sachi Nandan Mohanty (ed.), Sustainable Economy Models in the Age of Industry 5.0, pages 101-118, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-4104-8_7
    DOI: 10.1007/978-981-96-4104-8_7
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-981-96-4104-8_7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.