INDUSTRY 5.0 - THE PERSPECTIVES AND CHALLENGES OF THE BIOECONOMY

Abstract

In this article, a study of the development of the fifth industrial revolution is made. Due to the rapid development of the bioeconomy and biotechnologies, which in turn change the environment for the functioning of industries and society, the topic is therefore extremely relevant. Different interpretations of the term "Fifth Industrial Revolution" are presented, while the key characteristics of the preceding industrial revolutions are examined and explored. In its main part, the article analyzes the scientific studies of the vision of the fifth industrial revolution, as well as the identification of the main opportunities and threats facing the world economy, industries and society. The relationship of Industry 5.0 with the economic performance of various industries is described, as well as its impact on environmental sustainability and the reduction of resource use. Special attention is paid to the process of adaptation of the economy itself to the upcoming changes in the key value chains. Thanks to the analysis, the authors found that Industry 5.0 will be defined by a new and expanded focus consisting of three main elements: human focus, stability and sustainability. The concluding part shows the importance of balancing the economy by improving sustainable value chains, adaptive production facilities and flexible business processes.