Five booming industries powered by digitization
Digitization is set to reshape multiple industries in the next five years, driving rapid growth in the agriculture, AI, renewable energy, automotive and manufacturing sectors. Companies such as Bulgin will be an important part of this transformation, providing the crucial power and data connectivity to support the deployment of innovative technologies in harsh environments. In this blog, we take a quick look at how digitization is driving significant progress.
Smart agriculture
The global population is expected to reach 9.7 billion by 2050, and food production needs to increase by 70 per cent to meet demand. This makes it essential for farmers to increase yields and make their processes more efficient, with many turning to IoT solutions and AI to address this challenge. Smart agriculture is therefore gaining traction across the globe, with drones and sensors playing key roles in gathering real-time data on crop health, soil conditions and water levels. Together, these technologies allow farmers to monitor crops in real time, optimise water use, predict weather patterns and automate tasks like planting and harvesting, ultimately increasing yields and reducing waste.1
AI
AI is making its presence known everywhere, as it is helping to automate tasks, improve decision-making and increase productivity across a wide range of applications. This booming market is projected to reach US$826.7 billion by 2030, thanks to benefits stretching far beyond the tech industry and transforming sectors like agriculture, healthcare, finance and manufacturing.2 AI’s capabilities heavily depend on data centres that must operate 24/7 to provide the vast amounts of processing power needed to maintain these systems. Data centres already account for 3.5 per cent of US electricity consumption – a figure expected to rise to exceed 9 per cent by 2030.3
Renewable energy
The renewable energy sector has been expanding at pace as the world shifts towards clean energy solutions to reduce emissions. Solar and wind energy are now essential components in the global power supply, with solar farms and offshore wind turbines popping up worldwide. The International Energy Agency reports that the global renewable energy capacity is set to grow massively by 2030, matching the total power capacity of major economies today, bringing the world closer to the goal of tripling renewables.4
Automotive
The automotive industry is undergoing a revolution, with electric vehicles (EVs) leading the charge towards cleaner transport. Demand for EVs is growing fast – projected to reach US$786.2 billion in revenue worldwide in 2024 – and car makers are racing to meet it by launching electric versions of popular models.5 EVs’ increasing popularity comes not only from the fact that they reduce emissions, but also from the fact that they are often cheaper to run, making them an attractive option for drivers. On top of this, improvements in charging infrastructure are making this mode of transport more convenient and accessible than ever.
Smart manufacturing
Smart manufacturing is all about combining tools like IoT devices AI and cloud computing to create smoother, more efficient production lines. These technologies work together to collect real-time data, predict when maintenance is needed, and keep machines talking to each other. Smart robotics and AI are taking over the heavy lifting, while cloud systems give managers instant insights, no matter where they are. The smart manufacturing market is growing steadily, with an annual growth rate of 15 per cent,6 as more businesses adopt these innovations to improve productivity.
Conclusion
Digitization is driving innovative strategies in the agriculture, AI, renewable energy, automotive and manufacturing sectors, improving efficiency, sustainability and productivity. Reliable power and data connections in harsh environment are a big part of this shift, and Bulgin’s environmentally sealed connectivity solutions are ideally suited to these industries, offering rugged, high performance options for numerous applications. Our connectors are built to handle even the toughest conditions, keeping smart technologies powered up and data flowing.
References
1) BSI Group. Smart farming in the UK. Accessed the 21st October 2024. https://www.bsigroup.com/globalassets/localfiles/en-gb/bsi-knowledge/bsi-knowledge-food/bsi_smart_farming_report.pdf
2) Accessed the 24th October 2024. https://www.statista.com/outlook/tmo/artificial-intelligence/worldwide
3) AI's demand for power is growing. Accessed the 24th October 2024. https://www.ib.barclays/our-insights/3-point-perspective/AI-power-energy-demand.html#:~:text=Based%20on%20analysis%20of%20available,and%20more%20than%209%25%20by
4) IEA. Massive global growth of renewables to 2030 is set to match entire power capacity of major economies today, moving world closer to tripling goal. Accessed the 21st October 2024. https://www.iea.org/news/massive-global-growth-of-renewables-to-2030-is-set-to-match-entire-power-capacity-of-major-economies-today-moving-world-closer-to-tripling-goal
5) Statista. Electric Vehicles – Worldwide. Accessed the 21st October 2024. https://www.statista.com/outlook/mmo/electric-vehicles/worldwide
6) SkyQuest Technology. Smart Manufacturing Market Insights. Accessed the 21st October 2024. https://www.skyquestt.com/report/smart-manufacturing-market#:~:text=Smart%20Manufacturing%20Market%20Insights,period%20(2024%2D2031).
