Revving Success: Exploring the Auto Sector Outlook for 2023

Posted on December 27, 2022March 19, 2024 by admin

Auto Sector Outlook: Automotive Industry Future Trends

Figure 1: Automotive Industry Future Trends

Know About Automotive Industry

Technological and economic activities in the automotive industry (auto sector outlook) have long been a bellwether for several business verticals. As we approach 2023, the market is teetering between challenging and promising indicators. The automotive industry sets noteworthy benchmarks in technology, revenues, and sustainable goals. It stands out among other sectors in this regard. How? Here’s a synopsis:

Increasing investments in hydrogen fuel cell development: The disrupted supply chains, high demand for metals, super-expensive charging infrastructure, and rising prices of electric batteries have compelled automakers to look beyond the temporary “hope” presented by EVs. Global automakers, including Volkswagen, BMW, Toyota, and Hyundai, are aggressively working on developing hydrogen fuel cells, and the trend is bound to increase in 2023 and years beyond that.

Global Fuel-cell market share — **Figure 2**: *Share of various vehicle classes in the global fuel-cell market*

Robotaxis services will join the online world: Automated vehicles are now ready for small-scale commercial deployment, and we will see several cases in the coming year. The California Public Utilities Commission granted Cruise a “driverless deployment permit” for commercial operations. This landmark decision sets an encouraging example for similar deployments in various other regions. 2023 brings exciting new developments. This includes expanded robotaxis, commercial deployment of driverless heavy autonomous vehicles, and increased adoption of Level 3 vehicles with LiDAR in Europe.

Auto Sector Outlook: EV Sales and Infrastructure

Electric Vehicle sales gain momentum: EVs have been around for quite some time now, and experts predict that the sales figures will further shoot up in 2023 due to rising fuel prices and climate change pressures. A long series of EV launches is waiting to join the mainstream automotive market, and the prices are due to fall with rising competition and the availability of choices. By the end of this year, statisticians project the sale of approximately 7.1 million EVs, with an estimated total sales figure surpassing 8.6 million units in 2023. A summary of the global EV sales forecast from 2021-2026 is as follows:

**Figure 3:** *Global EV Sales Figures Forecast 2021-2026*

Expansion of EV charging infrastructure: We can’t talk about proliferating EV sales figures without mentioning the expansion of its charging infrastructure. Governments worldwide have some serious plans in development to address the EV charging station requirements in 2023. For example, in China, the government aims to deploy charging stations on all highways by the end of 2023. Aside from the government, automakers are also attempting to address this issue with battery-swapping solutions. For instance, Nio, an EV start-up, plans to upgrade its proprietary battery swap stations next year to make room for batteries with varying voltages and other brands. However, charging will remain a big issue in 2023, as there is a dire need for battery standards regulations, which complicate the task of installing proper charging points and swapping stations.

Auto Sector Outlook: Expansion into Automotive Industry

Increased adoption of Adaptive AI: Artificial intelligence is penetrating deeper and deeper into detail-intensive processes in the automotive sector. Adaptive AI surpasses traditional AI systems by reviewing and revising its code to accommodate real-time changes in its surroundings. These changes may not have been present or anticipated during its initial development. Integrating adaptive AI in detail-intensive automotive processes will help automakers adapt to industry disruptions and changes more quickly and efficiently.

Evolution of Vehicle to Everything (V2X) technologies: The autonomous vehicle ecosystem relies on connectivity at various levels. Figuratively, when a car is making its way into the real world, it is also forging a path in the virtual world by releasing real-time data through various channels. Technologies known as “Vehicle-to-Everything” (V2X) enable the creation of this virtual ecosystem. It uses a series of connectivity protocols and advanced telematics to enable communication between vehicles and other connected elements like a similar vehicle, smart traffic lights, “smart city” infrastructure, railroad crossings, blind corners, etc. V2X technologies are still in their evolving stage. Still, in a fully functional state, they will allow all elements of a connected ecosystem (on or near-road entities) to communicate their trajectory or position every second in real time. Since all these systems are still in their development stage, we can anticipate extensive discussions and analysis in this domain. This growth is expected to continue in 2023 and beyond.

Software-Defined Vehicles:

The industry coined this phrase to represent the paradigm shift from electromechanical-based products to software-based, upgradeable mobility solutions. Simply put, the vehicle design and framework are no longer defined by hardware but by software. Tesla pioneered this domain when it built vehicular firmware around a computer network. As more and more companies join the suite, the concept of vehicles may shift from machines on wheels to high-performance computers (HPC) on wheels in the coming years. The automotive software market’s worth is estimated to double by 2030 compared to the last decade⁵. Connected assistance systems like connected parking, navigation, V2P, and V2N have the potential to save driving hours, prevent accidents, and reduce material damage. Their value exceeds the current and projected market worth in this domain.

Automakers will need to adapt to the increasing complexity of vehicles: The increasing lines of code in automotive software will keep complicating matters for automakers across the globe in 2023 and beyond. Currently, the number of lines in car codes exceeds 100 million, compelling automakers to become software companies. The increasing level of autonomy in vehicles will result in an upward trend in these code lines. As a result, automakers and OEMs will need to recruit more software engineers. In addition, mechanical engineers adapt to the evolving dynamics of the market.

Ownership and Issue

Change in the traditional car ownership model: The private car ownership model has been a global practice for almost a quarter of this century and the last century. However, the rising fuel prices, idle time in driveways, improved public transport infrastructure, parking hassles during peak hours, maintenance costs, and sky-high insurance premiums give many future car owners second thoughts. When asked, 48% of future car owners agreed they wouldn’t mind giving up their cars. This was in exchange for the availability of alternative mobility solutions.

Automotive supply chains will remain an issue: The effect of supply chain disruptions was mitigated by the muted demand for vehicles. However, in 2023, global automotive production will experience the full impact of this gap. The low supply of semiconductors poses a challenge in the assembly of vehicles, EV batteries, and other automotive accessories. Additionally, the escalating geopolitical situation between Taiwan and China adds further complications. Moreover, acquiring metals such as steel, cobalt, nickel, etc., also presents difficulties in production. In this case, local sourcing, mining strategies, and new regulations might be of little help.

Auto Sector Outlook: Summary

Persistent supply-chain disruptions, inflationary pressures, and rising geopolitical complications will greatly shadow this market’s growth and development figures. Every industry, including the automotive sector, must address the pressing issue of sporadic climate change at its core. It is about time we realize the hoax of “electric cars” and how small their role will be in constricting carbon footprints, ethical conundrums, and clean energy drives. It will be a mixed bag of goodies, where some pros will outweigh the cons and vice versa.

Future of Hydrogen in Off-road Vehicles

Posted on December 13, 2022March 21, 2024 by admin

A greener planet is the need of the hour, and that’s possible by casting out the emission of conventional fuel. Decarbonization is the larger purpose that derives the passion for accustoming vehicles that support alternative fuels like hydrogen. Moreover, sustainable energy also adds to the perks of saving trillions of dollars. Gas is undoubtedly eco-friendly and viable compared to solar energy. And when we think of its applications in off-road vehicles, its vitality rises.

So, pollution emitted by off-road vehicles cannot be ignored on the road to reduce carbon emissions globally. And hydrogen is one of the best alternatives offering a substantial solution.

Pollution caused by off-road vehicles

The pollution caused by on-road vehicles is visible worldwide and available for scrutiny. However, the emission by off-road vehicles is no less, but it’s rushed under the carpet due to negligence. Notably, these vehicles and equipment account for around three-quarters of PM 2.5 (particulate matter) and high NOx (Nitrogen Oxide) emissions, which round up to almost one-quarter of the mobile sources in the United States alone.

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Why is hydrogen the future fuel?

According to a report published by IEA, the production cost of Hydrogen will fall by almost 30 percent by 2030. That data gives hope to the industry looking for fuel technology to significantly reduce carbon emissions. Moreover, Japan’s technology hub is committed to bringing it down to one-tenth of the current levels by 2050. Adding to the highs, the nation adopted a national hydrogen strategy in 2017. Interestingly, before COVID-19 hit, the 2020 Olympics were addressed as the Hydrogen Olympics.

Figure: Nations That Are Actively Building Hydrogen Economy (Source: Forbes)

Moreover, China, the second-largest economy in the world, introduced hydrogen in its mainstream transportation sector as its auto-industry visionaries emphasized creating a hydrogen society. The biggest testimony to this vision was set by China’s former Science and Technology Minister Wan Gang, who deployed 1500 hydrogen fuel cell vehicles on the streets a few years back. These acts leave no room for doubt about the forward-thinking approach of this nation.

Here are a few reasons that entail why hydrogen is going to play a pivotal role in the world:

1.) Short refueling time with a more extended driving range

One thing that hydrogen fuel cells extend to off-road vehicles is longer travel on minimal energy. Also, refueling time is less. It is noticeable that China used over 800 hydrogen buses during the Beijing Winter Olympics in 2021. Moreover, the organizing committee installed over 30 fueling stations. Interestingly, hydrogen takes 5-10 minutes to refuel, just like petrol and diesel. On the other hand, electric vehicles take hours to charge. So, the feasibility of gas fuel is high here.

2.) Simple to use and store

One thing that supports hydrogen is its easy-to-store properties. Moreover, it can be shipped and utilized anywhere in the world. Even countries with less space are committed to producing lesser carbon emissions. Energy companies are deploying innovative techniques to harness the optimum potential of hydrogen. The Japanese research team created hydrogen capsules in 2016. Hence, consumers can store hydrogen in their batteries for daily activities.

3.) Offers zero emissions

The transportation sector contributes a staggering 20-22 percent of CO2 worldwide. Off-road vehicles produce immense greenhouse gases. Interestingly, hydrogen gas-enabled vehicles emit water and heat as by-products, making the entire phenomenon eco-friendly.

Major Recent Developments In The Hydrogen-based Off-Roading Domain

Extreme H: Off-road vehicles have a long road to tread with hydrogen, and calendars are being prepared to mark the dates. Extreme H, a hydrogen-based off-roading car racing series, is anticipated to debut in or around 2024. So, that’s a hindsight approach. Importantly, organizers are looking at two options. Interestingly, its prototype will be ready in 2023, as per reports. These off-road vehicles will have chassis and powertrains similar to those used during the Extreme E series, but their primary power source will be hydrogen cell fuel. As per organizers, green hydrogen (combining solar energy and water) will offer power to fuel cells
Ineos strikes a deal with Hyundai for hydrogen fuel cells: The future of hydrogen fuel is brighter for off-road vehicles, and the deal inked by the UK’s chemical giant Ineos and South Korea’s stalwart car manufacturer Hyundai proves that. Both companies will be collaborating on Ineos Grenadier, an off-road vehicle. They’ll try to incorporate Hyundai’s cell fuels in the four-wheeler. Moreover, they’ll find a way to supply hydrogen reliably in Europe. Interestingly, one of Britain’s wealthiest people, Sir Jim Ratcliffe, has recognized the potential of hydrogen in off-road vehicles. Thus, he has backed car manufacturing with millions of dollars. Notably, Ineos, owned by Ratcliffe, produces 30,000 tonnes of hydrogen annually, and the supply chain will benefit its existing chemical business. That shows that the upward trajectory backed by billionaires makes hydrogen the future fuel, especially for off-road vehicles.
Lexus unveiled off-road vehicles powered by hydrogen: Lexus started its expedition toward hydrogen-based combustion engines for off-road vehicles, learning about their importance in the future. The Japanese carmaker’s ROV (recreational off-road vehicles) emits almost zero emissions due to hydrogen as fuel. Interestingly, hydrogen is injected directly into the ROV’s combustion chambers. Its one-liter engine works exactly like the traditional fossil-fuel vehicle. The hydrogen is stored in a compressed tank under high pressure.
Land Rover Equips Defender With A Hydrogen Fuel Cell: Land Rover recently unveiled its plans to lead the future of the hydrogen-based off-road segment by empowering its leading model, Defender, with a hydrogen fuel cell system. The SUV is still in its prototype stage, but it will surely lead the way with more modifications soon. The project includes active participation from several other auto giants, including Delta Cosworth, Marelli, and a few others.
Kawasaki: Kawasaki came up with Japan’s first compressed hydrogen trailer with composite cylinders to transport the hydrogen from domestic production sites to distant hydrogen stations. The hydrogen will be safely stored in the trailer, ready to be dispatched in the fuel cell vehicles whenever required.
Volvo: Extending its portfolio of heavy-duty vehicles, not long back, Volvo introduced HX04, its first hydrogen-fueled articulated hauler. It gets recharged with 12 kilograms of hydrogen within 7.5 minutes, yielding an operational range of four hours for the vehicle.

Conclusion

The goal of achieving decarbonization for industries is immense, and off-highway equipment or off-road-vehicle require amendment. The round-the-clock usage of tractors, excavators, trucks, free-loaders, etc., releases vast amounts of carbon into the environment. Thus, hydrogen-enabled machines or engines seem a big solution. Even hydrogen fuel cells are emerging as a massive alternative to power ROVs.

The hydrogen combustion engine in off-road vehicles is a lucrative application because it’s built on a familiar design and architecture. Moreover, the cooling transmission and hydraulic systems are similar to that used in diesel engines, as are the costs and maintenance.

Establishing fueling infrastructure is essential, and hydrogen fueling stations in the US market will increase at a CAGR of 30 percent to 2.67 billion in 2028. Moreover, companies like Ballard Power Systems and Praxair are investing in their research and development. Thus, the future seems secure and bright. Hence, with so many technical and industrial changes and acceptance around off-road vehicles and hydrogen, it can be deduced that their combination is an acceptable alternative.

How Can We Help? (Our Services)

To stay afloat amidst major paradigm shifts, every business needs to identify scalable opportunities through innovation, value creation, and a strategic road map leading to these goals. With over a decade of experience, Stellarix has supported hundreds of clients achieve these goals with a comprehensive 360-degree horizon scan, current & future landscape visualization; and extensive market research.

We can be your partner on the road to strategic growth and a sustainable future. To know more, please refer to our contact details.

The G20 Summit 2022: What Kind Of Challenges Overshadow the Commitments?

Posted on November 30, 2022March 22, 2024 by admin

The 17^th G20 Summit recently concluded in Bali, Indonesia. It was a much-awaited event that created quite a buzz. The heads of the 20 wealthiest nations came together to make essential decisions on global issues. Apart from all the politics, the summit focused on three main issues: global health architecture, smooth energy transition, and global economic recovery. We tried to analyze these agreements against some ground facts and figures that directly challenge these decided growth parameters. Let’s assess them one by one.

Theme 1: Climate Change and Smooth Energy Transition

The Commitments: The participating leaders underlined the urgency of energy diversification and transition. Plans to facilitate energy security, market stability, and resilience are on the way based on respective national circumstances and capabilities. Moreover, on the climate front, similar affirmations were made regarding the effective and complete implementation of the Paris Agreement on climate change, before the G20 Summit. Nevertheless, a few ground realities contradict these declarations.

Challenges:

Climate change and smooth energy transition bear a deep co-relation with each other, and so do the hurdles related to them:

Looming energy crisis in Europe: The dwindling geopolitical situation in Eastern Europe has wreaked havoc on Ukraine and the rest of the world. The worst of it is yet to come next year when Europe will bleed for energy and strive to meet its basic needs by reinforcing some of its dependence on non-renewable resources. The same goes for the rest of the world, which is now reeling from the aftereffects of this crisis in Europe.
The Never–Ending Saga of Energy and Industrial Decarbonisation: The energy sector currently contributes to 73 percent of global GHG emissions. Renewable energy resources only account for 2 percent of global primary energy use. IEA’s last NZE (Net Zero Emissions) scenario underscored the need to dramatically reduce industrial carbon dioxide emissions if the energy sector needs to meet its 2050 targets. Heavy industries like cement and chemicals pose the biggest roadblock, as do steel, especially in emerging and developing countries. IEA’s NZE scenario suggests some interventions that may be implemented at the end of the next 25-year capital investment cycle. If executed rightly, it may prevent approx. 60 gigatons cumulative CO2 emissions. A lot of technologies are either super-expensive or impractical for reducing heavy industry emissions, but let’s hope that innovative technologies based on CCUS and hydrogen will solve them in the coming decades.

Dwindling Carbon Budgets: The carbon budget is the total amount of CO2 that humans can still emit without deviating from the target of limiting global temperature rise by 1.5 degrees Celsius by the end of this century. The latest IPCC report stated that starting from 2020, our remaining carbon budget to control global temperature rise under 1.5 degrees Celsius is 400 billion tones, which means the world will run out of it by the end of this decade if we continue with our current levels of emissions.
No Scale for Measuring a Country’s Success/Failure In Meeting Its Climate Change Agreements: No specific scale or parameter exists to measure a nation’s success or failure in meeting its committed targets. Most research conducted to check the level of adherence by a particular country was ducked by respective governments. Also, the nature of problems is different for developed and developing nations, and so are national policies and strategies for combating climate change and smooth energy transition. Nevertheless, none of these differences can alter the fact that this planet will reach a devastating state within 78 years if drastic measures aren’t taken on every level.

Theme 2: Global Health Architecture

Commitments: The G20 Summit leaders stay committed to a sustainable planet recovery as several parts of the world still battle COVID-19, and WHO has declared monkeypox as another emerging pandemic. The nations plan to come together to improve national health systems, response capabilities, preparedness, and prevention strategies. They all agreed to strengthen global health governance and extended their support to INB (Intergovernmental Negotiating Body).

Challenges:

Continuing Challenge of COVID-19: IMF estimates that the global cumulative loss will reach US$ 13.8 Trillion by 2024. The pandemic pushed back the SDGs (Sustainable Development Goals) by decades across the globe. Apart from the loss of life, it increased the woes of disadvantaged people by rising child labor rates, the lower female ratio in schools, higher risks of early marriage, the explosive increase in gender-based violence, and approx. 6% increase in the Gini coefficient of inequality in under-developed and developing countries. This trend will continue to harass the global health standards for years to come, threatening the well-being of a large part of the population.
Insufficient Funding For Global Health Challenges: Since the onset of the pandemic, the funding for global outbreak response and climate change mitigation has decreased by leagues. The higher spillover of infectious diseases and loss of biodiversity has escalated the threats of more pandemics leaving global healthcare systems vulnerable and ill-prepared. The Center For Global Development reports that recent modeling shows that the chances of the next worldwide pandemic within the next 25 years have gone up by 47-57 percent in the last 2-3 years.
Lack of information Among Policymakers: Currently, most policymakers worldwide have nil information on most viable health services, COVID-19 procurement prerequisites, investment in novel pathogen tracking systems, etc. There is a dire need to strengthen national and regional level health interventions, products, and technological developments for quality healthcare assistance to those who need it most.
Lack of Access and High Mortality Rate In Low and Middle-Income Nations: Despite all efforts, initiatives, and global drives, millions await access to life-saving medicines, basic health amenities, and healthcare services. People living in low and middle-income countries have a 1.5 times higher chance of succumbing to antimicrobial resistance than their counterparts in developed nations.

Comparitive Summary of Impact Of AMR On Kids Around The World (Source: The Lancet, Feb 2022

High Rate Of Lead Poisoning Across the Globe: According to UNICEF, approx. 800 million children are annually affected by lead poisoning all across the globe. It has a fatal effect on their health, learning capability, and normal growth. The brain damage caused by lead exposure is irreversible, and even the minutest levels of exposure can have a critical effect on children. Despite all agreements and reaffirmations, no concrete support has been mobilized to date for the remediation or mitigation of lead poisoning in low and middle-income nations.

G20 Summit: Average Blood Levels Of Kids Per Nation Globally (μg/dL) (Source – Unicef, 2020) — **Figure 1:** *Average Blood Levels Of Kids Per Nation Globally (***μg/dL) (Source – Unicef, 2020)**

Medical Device Biases: Though it is a pandemic bred by the Western part of this planet, it has brutally affected all parts of the world. Medical device biases have been found in all kinds of medical equipment and examinations ranging from newborn bilirubin examination to intensive care respirator masks and AI healthcare systems.

Theme 3: Global Economic Recovery

Commitments: In the wake of all ongoing crises and post-pandemic effects, the G20 Summit economies agreed to control the rise in interest rates to control inflation, increase volatility in the currency markets, and keep emerging economies safe from huge capital outflows. They also plan to keep the fiscal stimulus measures “targeted and temporary” due to rising financial burdens on governments and financial institutions worldwide. Lastly, they underscored the need for creditors to share the “debt” burdens of middle-income countries and keep them from deteriorating further.

G20 Summit Challenges:

Russia-Ukraine Conflict: Till last year, Russia and Belarus supplied 40% of global potash exports. In comparison, Russia alone accounted for 48% of ammonium nitrate exports, and together, Russia-Ukraine supplied 28% of nitrogen-phosphorus-based fertilizers and potassium. Not only this, but the war also increased fuel prices and the raw materials needed for fertilizer production. The loophole left by the lack of fertilizers leaves a good part of crops vulnerable. Also, Russia-Ukraine accounted for 30% of global wheat exports, which are now standing at a standstill.
As reported by the UN, these deficits have forced 1.7 billion people in developing nations on the brink of food insecurity, debt burdens, and more suffering. No economy can recover, albeit growing, with a lack of food and good produce. Most low- and middle-income governments exhausted their reserves in battling the COVID-19 pandemic and are currently under huge debts. As the World Food Programme predicted in one of the reports mentioned above, 49 million from 46 nations are at risk of collapsing to famine-like or full-fledged famine in the coming years.

G20 Summit: Share of Food Imports Affected Nation-By-Nation In Wake Of Russia-Ukraine Crisis (Source – Statista) — **Figure 2:** *Share of Food Imports Affected Nation-By-Nation In Wake Of Russia-Ukraine Crisis (Source – Statista*)

Economic Slowdown and recession: The aforementioned complications are bound to pave the way to economic uncertainties in 2023. Experts predict a global economic slowdown accompanied by a recession in mainstream markets. The U.S., EU, and UK will witness sharp interest rate hikes by their respective central banks, declining the chances of recovery and growth in developed and emerging markets.
Increasing natural calamities across the globe threatening food security: All the latest climate change models indicate a higher frequency of extreme weather conditions in the coming year. Currently, they are at the sporadic stage, but it is expected that these may begin to happen more synchronously and for longer periods. Remember last summer in Europe when the winds stopped for weeks, and the plans to harness wind energy went astray? That’s a small example of what may happen in the long run. Severe droughts and heatwaves across India, China, the US, and Europe this summer were another example of how extreme things might go. And the frequency of these calamities is about to set up on the path of destitution, retarded growth, and more loss of life and resources. Agreements and reaffirmation don’t look so reassuring now, do they?

G20 Summit: Final Word

Conflicts, food insecurities, natural calamities, and rising inflation: none of these are new to our world. But the current nature of problems calls for something more than reaffirmations and agreements. As a civilization, we need to showcase some serious restraint, the ability to look over our personal needs, and work for the future of the complete world as a whole. There is no room for “ifs” and “buts” here, just an urgency to act and improvise to save the best of our world. The G20 Summit alone can’t resolve it, but adapting and adopting sustainable means and understanding of founders and owners of conglomerates, business houses, and different nations can be helpful.

What Can Stellarix Do For You?

In the wake of the developments mentioned above, complications, and affirmations, every major sector is bound to undergo serious changes in lieu of its respective SDGs. As an experienced and expert market researcher and consultancy, Stellarix can hold your hand while transforming your business in a more technically sound and sustainable direction. We can help you plan, strategize, execute, and maintain a foothold in your respective genre.

15 Minute City: The Sustainable Neighborhoods

Posted on November 23, 2022April 1, 2024 by admin

As humanity’s collective future becomes a looming question, the impending reliance on green, sustainable models seems inevitable. It applies to all spheres of life, including city planning and urbanization. Moreover, it is important to work on urban civilizations’ rapidly expanding carbon footprint and control it. According to the BBC, transport accounts for a quarter of CO2 emissions globally. Therefore, the longer your commute to the office, shopping trips, or rides to and from your kid’s school, the greater your and your city’s carbon footprint. Thus, the concept of 15-Minute City is more viable than ever.

15-Minute City was a concept devised by a French professor, Carlos Moreno, in 2016 to resolve mobility issues and improve convenience. According to his observation, in Paris, 66% of the public area is covered by cars, and their numbers account for more than 17% of the city’s population. The ideology behind the 15-minute city model was to provide cultural, economic, and social opportunities to residents within 15 minutes’ walking or biking distance.

If applied successfully, this kind of township can play a vital role in reducing carbon emissions by decreasing commute time and gifting residents with a better quality of life. It is a buzzing topic in every part of the world as well as a topic of discussion at the COP27, which is about to conclude this weekend.

15-Minute City: Defining Features

Here are some salient features that define the importance and implications of 15-minute cities:

Complete neighborhoods: City planners can map the most essential amenities required by each community and work to provide easy access on a bike or foot. Importantly, this neighborhood design aims to alleviate everyday problems, not confine people to their immediate surroundings. Commuting to different parts of the city should be a choice and not a forced compulsion on a daily basis. Also, Portland, Oregon, has set a wonderful example in this context with a mapping analysis of a 20-minute neighborhood for the city.
Green and clean space: The 15-minute townships will be very compact with green energy, buildings, circular resources, and an economy. Even the construction practices followed for these townships will be clean and eco-friendly. A classic example of this can be viewed in Milan, where L’Innesto is soon to become the first Zero-Carbon “Housing Sociale” district in its own country. It will feature a renewable energy-based heating system for neighborhoods and Nearly Zero-Energy Buildings.
Promoting Health and Well-being: The 15-minute city concept not only revolutionizes urban planning but significantly contributes to individual health and well-being. By minimizing traffic, the 15-minute city reduces noise and air pollution, directly alleviating stressors linked to urban living. This transformative urban model enables residents to reclaim more personal time within their immediate communities, fostering a positive impact on mental health. Embracing walkable and bike-friendly neighborhoods aligns with healthier lifestyles, providing convenient options for physical exercise. In essence, the 15-minute city becomes a catalyst for both environmental sustainability and the holistic well-being of its inhabitants.

Additional Features for 15-Minute City

People-Centered Mobility: An ideal compact city needs to benefit people of all ages and physical abilities. It will involve several measures, like enabling non-profit groups, businesses, and residents to turn around their on-and-off street parking spaces, improving pedestrianization of streets, etc. Moreover, active frontages on streets will create a positive atmosphere for bikers and walkers, supporting the local economy.
A more inclusive environment: Apart from ecological and sustainability issues, the 15-minute city model resolves several basic problems related to urban life. It also brings equal benefits and opportunities for people of all races and economic groups. Modest-income families can relieve car ownership pressure as everything is within walking or biking distance. Some reports show that with this new model, an average New York family will be able to save USD $14,501 annually.

Implementation of 15 Minute City Model in Different Cities

Governments and city planners across the world are currently experimenting with this concept and trying to inculcate the idea of a green and safe lifestyle in people’s minds.

Paris: Anne Hidalgo, Paris’s mayor, included the 15-minute city model in her 2014 re-election agenda. Considering the compactness of this dense, historic city, she suggested “hyperproximity” to connect all car-centric areas with cycleways. In addition, it was a smart move to facilitate trade and good health among citizens. After 8 years, Hidalgo continues leading the project, creating a safer, greener, healthier environment for Parisians.
Melbourne: The City of Melbourne is using a 20-minute neighborhood model that includes the development of walkable communities for playing, working, and living. The city planners aim to invest in better public transport infrastructure and mixed-use public spaces. If successful, it will reduce Melbourne’s greenhouse emissions by 370,000 metric tons on an everyday basis. They also plan to create cooler streetscapes and help the city reach its net zero emission plans by 2050.

Various parameters for 15-Minute City — **Figure:** *Various Versions of 15-Minute City Currently Being Implemented All Over The World*

Other Important Cities

Sweden: Sweden took things a step ahead with the 15-minute model by upgrading the development of intersections and streets. Vinnova, the innovation agency, is focusing on providing all amenities on each street and connecting all residents with their built environment. In addition, they call it the “1-minute city model”, which, if successful, will help nine Swedish cities reach their net-zero emissions target by 2030.
Barcelona: Barcelona’s urban planners introduced “superblocks” in 2016 to experiment with the idea of a 15-minute city model. They created clusters of nine city blocks, forming one “superblock” that confined traffic within its perimeter. Motorists expressed strong opposition. However, the implementation of this plan effectively reduced nitrogen oxide and noise pollution within a short span. It also gave local small businesses a better chance to thrive near pedestrian areas. Moreover, with time, they proved how the redevelopment and pedestrian schemes were a win-win for all sides.

Conclusion

The 15-minute city model is one of the first of its kind, which can make future smart cities globally. It lets the idea of a green, peaceful, and economically viable life settle down in everyone’s imagination. Everyone will reap its benefits, especially those who need them most. Moreover, the idea focuses on those quintessential elements that define a quality life rather than things that just complicate and burden families with endless expenses. It refocuses attention on the living rather than non-living entities, initially completing the circle of life as nature intended.

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Here at Stellarix, we have over a decade of experience helping companies address complex challenges. Moreover, opportunities are arising from changing industry dynamics, the need for carbon-neutral and sustainable practices, and rapid digitalization. With better sustainable business models, technologies, and cross-domain partnerships in their respective domains, we help them thrive through all changes. To know more, kindly reach out to us at sales@stellarix.com.

How Fatal Can Be Medical Device Biases For Human Life?

Posted on November 23, 2022March 21, 2024 by admin

Some pandemics last a few years, while others continue to evolve into more lethal forms, causing ever-increasing damages. The case of medical device biases is one of those everlasting pandemics. We can thank COVID-19 for bestowing the issue with the needed limelight. According to a recent estimate, healthcare-based racial disparities cost $93 billion of extended costs and approx. $42 billion worth of lost productivity per year. Apart from other healthcare services, the data suggests that several medical devices show reliable accuracy only for Caucasians and anomalies when used on colored individuals. Another research from the Centers for Disease Control and Prevention (CDC) disclosed huge disparities in mortality rate, life expectancy, pregnancy-related deaths, chronic conditions’ prevalence, and degradation of mental & physical health in colored individuals as compared to their white counterparts.

For example, a high inaccuracy has been registered in bilirubin measurement devices for newborns. Newborn babies often show high bilirubin levels due to the breakdown of red blood cells. If left unchecked, it may lead to permanent brain damage. The bilirubin levels are detected through light-based treatments that examine the skin and eye color of the infant. It was found that the accuracy of this test was low in black newborns, making proper diagnosis and treatment difficult for a considerable part of the population. Since high bilirubin levels are quite common in the black population, a biased, inaccurate apparatus could become an instrument of havoc any day.

In the upcoming paragraphs, we will discuss this matter’s significance, plausible solutions, and bottom line, along with some important examples that deserve attention and correction without delay.

Medical Device Biases: What’s The Accuracy Level Of Health Monitors?

Inaccuracies in hospital monitoring devices are not new. Almost all healthcare professionals verify false alarms sent by the most accurate machines sometimes. But those are once in a hundred cases, as high-stakes medical devices are vetted and extensively tested by their makers and regulatory bodies. They ensure that there is no room for mistakes. But things are different when it comes to home-based health monitoring devices.

Most personal health monitoring devices don’t undergo extensive testing or vetting processes by their makers or regulatory bodies. A study conducted in this context found that while the accuracy level of heart rate monitors for phone apps was close to 95%, the same could not be said for energy expenditure calculators. It also concluded that the accuracy levels were subjective to the race of the person being monitored. The precision level of many instruments was found to vary according to the user’s skin color. The most prominent machines included in the list were:

Pulse Oximeters: Numerous tests and examinations verified that the accuracy levels of pulse oximeters were relatively low for colored individuals. The device detects the color of blood by shining light through the skin, where the color of blood varies according to oxygen level. Skin pigment closely influences how light penetrates the skin to reach the blood vessels, leading to inaccurate results. A study by the University of Michigan Hospital found that blood oxygen levels were overestimated for patients with darker skin, which delayed required treatment and placed their lives at risk
Respirator Masks: Respirator masks act as a barrier between health workers and contagious infections like COVID-19. The protection is ensured by a good fit of these masks’ Filtering Face Piece (FFP). However, studies published in 2020 and 2021 found that the masks didn’t fit well on health professionals from Asian backgrounds. The fitness level of these masks varied from 40 to 90 percent, especially among Asian females. The 2021 study also found that the fitting of these masks specifically focused on Caucasians, leaving people of other races aside and endangering their lives.
Spirometers: Racial biases have also been reported when interpreting data collected by spirometers. These instruments are used for measuring lung capacity. Experts raised questions on how most spirometers showed a lower lung capacity for Asian and black people compared to white individuals.
Remote Plethysmography: It is a medical technology used to scale pulse rates by noting variations in skin color. Achuta Kadambi, a computer scientist and electrical engineer at the University of California, states that the visual cues noted in this process are highly susceptible to biases due to variations in subsurface melanin quantities.
Artificial Intelligence Systems: AI applications in medical devices and diagnostics is rapidly expanding worldwide. However, some research raised concerns over how most image databases used for developing AI for skin cancer detection were devoid of valid ethnicity or skin tone labels. Several institutes developing AI projects for different diseases have acknowledged this default error and are now working to develop “inclusive and diverse” datasets for AI systems.

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Why Is It Important To Acknowledge Medical Device Biases?

Usually, minute errors in measurement have a very small or distant effect on a subject’s health. However, as technology dives deeper and deeper into diagnostics and health monitoring systems, it is important to set some high standards to create an inclusive and nonbiased healthcare system. For example, in the case of pulse oximeters, the reading determines if a person needs intensive care or not. Wrong or false reading can easily be fatal simply because of the darker skin color of an individual. Incidents like this can easily worsen the disparities humanity has been trying to leave in the past so desperately.

Ways To Fix Medical Device Biases

The answer to this problem begins with accepting that racial bias is still at the core of healthcare education in the Western world. Though the issue of medical device bias came to light during the pandemic, the foundation of this problem was laid years before that. Achuta Kadambi states the importance of unbiased evaluation of new technology and how a conscious effort needs to be made to remove physical bias from the mechanics of medical devices. Once dealt with, the teams need to work on the interpretation bias that is more in the users than the machines. Clinicians must apply equal, non-racial standards to data transmitted by medical devices and tests.

Final Word

Computational biases penetrate medical technologies when research and studies are performed on a homogeneous group of individuals. Deliberate efforts must be made to recruit people from different ethnic backgrounds to design and test medical technologies and devices. Lastly, universities and other higher-level educational institutes need to work on building diversity in their research teams. There should be mandatory training on the fundamental effects of racism on health and the overall healthcare system. Altogether, such efforts may change the scenario in the coming years by eliminating the basic causes of bias in human nature and device mechanisms.

Autonomous Driving Major Challenges & Future Plans

Posted on November 10, 2022April 1, 2024 by admin

Driverless Cars Were Supposed To Take On Roads By Now: What’s Keeping Them At Bay?

If Arthur Weasley were a part of today’s world, he would say that technology is a broken muggles’ wand that may or may not turn dreams into reality. If you asked anyone about self-driving vehicles or autonomous driving cars 2-3 decades back, they would jump with joy at an idea that may change the world for good in the future. But now, we are standing in a world that is moving back and forth with the idea of driverless cars. The driverless market is anticipated to experience substantial growth in the coming years, projected to reach a size of nearly $62 billion in the year 2026.

If the recent developments are summarized, the claims made by all the big players, including Ford, Tesla, Google, and Lyft, seem to drift back and forth with every passing year. Ford recently reported losing billions in a self-driving startup.

Along the same lines, Volkswagen pulled the plug on its driverless project.

Tesla has been making claims since 2017 about making selfless cars a reality, but regulators are currently investigating it for rear-ending halted emergency vehicles on roads and its automated vehicle’s inability to identify motorcycles.

Au contraire, Google’s Waymo works at level 4 autonomy and has been working well as a robotaxi in the state of Arizona for quite some time now. If you are in Phoenix any day, you can always book yourself a Waymo and enjoy the driverless ride. Similarly, the University of Michigan has created a Mcity Test Facility where global players like Ford are testing the limits of their autonomous vehicles. This fake city, whose size equates to 24 football fields, is providing a controlled environment for testing autonomous technologies. Then there are those who are focusing on developing driverless loading vehicles for highways and making that journey a smoother and safer one.

Autonomous Driving: Where Exactly Does The Problem Lie?

High Expenses: At the moment, economics does not favor autonomous vehicles. These system frameworks’ development, innovation, and evolution require deep, long-term collaborations between governments, carmakers, telecom companies, and innovators. The mad rush to automate first is not alone enough to finance this cause, nor is it within the financial capability of any single party. McKinsey states that over $10 billion has been invested in driverless projects in the last decades. Intel claimed that the market evaluation would go up to $10 trillion as driverless cars join the mainstream world. However, consumer and market trust is currently taking a backseat to these projects. Even LiDAR-developing companies like Ouster, Luminar, and Velodyne are making attempts to recover from the steep stock crashes.
Legal And Policy Matters: Autonomous driving has a crystal clear relationship with safety. The deployment of these vehicles will need strict regulatory changes and new policies. It is a huge complication that can delay the commercialization of AVs for years. While the AV designers make a compelling case by stating that AVs will eliminate the chances of human error, which is proven in 9 out of 10 accidents, who will take the blame when an AV crashes into another being or vehicle? Currently, researchers are conducting trials in controlled environments, which cannot serve as the basis for statistical conclusions regarding road safety.

Additional Issues Surfacing Autonomous Driving

Cybersecurity: One of the biggest and most prominent concerns about AVs is cybersecurity. These vehicles will be permanently connected to a network that is not hard to crack. Any hacker can easily modify the algorithms in all automated systems within the vehicle. Even though carmakers and fleet owners are actively pursuing solutions, they have not yet resolved the problem.
Artificial Intelligence Lacks The Intuitive and Perceptive Nature of the Human Brain: Driving is an intensely social process that requires alertness on all levels and complicated social interactions with street animals, pedestrians, cyclists, other drivers, etc. Human beings tend to behave impulsively and break the rules. How will the machines cope with such uncertainties? Artificial intelligence lacks common sense, general intelligence, and perceptive decision-making ability. Tesla’s undergoing investigation is a fine example of that.
Data: Today’s partially autonomous cars generate 25 GB of data per minute that is sent back to the server for processing and storing all information. Imagine the amount of data generated by fully autonomous vehicles in the future and the kind of servers, data centers, and processing abilities we will need to manage all that information. Autonomous cars will generate more than 300 TB of data annually. Our world at present lacks the infrastructure and technology required to process and manage such huge amounts of data. The emergence of the 5G network gives some hope, but it is still far from home.

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Autonomous Driving: The Silver Lining

The purpose of this discussion is to acknowledge the hurdles and find ways to overcome them. Developers are prioritizing challenges to set the chronology of developments in a fruitful direction. For now, the biggest hurdle is teaching computers to predict, perceive, and analyze the unpredictable complexities of human environments. All innovators are currently focused on cracking this part of the puzzle.

The emergence of AVs will change regulations, insurance matters, and the overall transport system. All these changes need time to mature and take full effect. A plausible solution is to deploy driverless vehicles in dangerous environments such as nuclear plants, oil fields, and military areas. Another viable option is utilizing them in war-prone areas. It will restrict the dangers to human life. Additionally, it will give carmakers enough time and space to mature the technology for roads.

With limited speeds, we can start with lighter robotic vehicles on sidewalks and bike paths. This approach will allow people to adjust to them while enabling the machines to learn about human behavior. Such vehicles can also serve food and grocery deliveries, farming, fieldwork, conducting research in extreme weather conditions, and more. There are mixed opinions about the timeline of fully autonomous vehicles. However, we certainly wouldn’t be seeing them within the next 10-15 years. It may take a few decades before we start wondering how people survived with manually operated cars and vehicles. But still, it’s a long, long way to go.

How Stellarix Can Help?

Stellarix can help automobile and industrial sector companies establish strong business resilience through the changing dynamics of the respective industries. Our services cover a myriad of segments of these industries ranging from automotive to aviation & aerospace, robotics, automation, UAVs, and so forth.

Europe’s Energy Crisis: Assessing the Status Quo

Posted on October 27, 2022March 22, 2024 by admin

The mayor of a French town recently distributed winter jackets to schoolchildren because the temperature of all public buildings wouldn’t exceed 19 degrees Celsius in the coming months. On the same line, the Belgian government plans to levy a hefty tax on energy companies to create a backup worth $4.6 billion for the anticipated economic crisis. In contrast, the EU energy ministers agreed in the text to cap revenues at €180 per megawatt-hour for electricity producers to cushion citizens and traders from rising energy prices. These are just a few of the endless efforts that European governments are making to stay afloat amidst the looming energy and economic crisis.

Ursula von der Leyen, the European Commission president, has voiced her views on Russia’s role in this crisis. Still, if reports and discussions before February 2022 are noted, Europe was already heading towards a steep energy conundrum. The lessons weren’t learned fast enough from the 2014 Russia-Ukraine crisis, and the pace of investment in renewable energy resources was slow compared to the rising energy demands. The recent war accelerated the series of events that would fall into the EU’s lap within the next few years. So, just blaming the unreliable nature of the Nord Stream 1 pipeline for all this disturbance may not be the best course of action.

How Bad Will Europe’s Winters Be in 2022-23?

The lone wolf dies, but the pack survives”—George R.R. Martin’s description of winter befits the current situation in Europe. However, the pack of nations may still need to fight harder to tread the economic and political damage caused by this crisis. Currently, the EU’s energy reserve stands at the annual optimal level, quantified at 79bn cu meters. It is enough to meet the annual requirement and marginal additions from Saudi Arabia, the US, and Europe’s alternate sources. However, these reserves will be enough just to survive the normal winters. If the temperatures dip a little lower or lower than usual, the common man may need to choose between keeping the house warm and putting food on the table.

On a national scale, the most vulnerable economies include central European nations—Hungary, Slovakia, and the Czech Republic. These countries had almost a hundred percent reliance on Russia for gas supply to date, and now they are left with just one year’s optimal storage. Given their landlocked geography, super expensive spot market gas prices, and lack of new supply lines, they have a very low scope of diversification for emergencies or future purposes. The industrial sectors of these nations are on the verge of reaching a standstill due to the falling demand for industrial products in Europe, high inflation, and strict gas rationing.

Images Showing Direct Effects of Low Gas Supplies From Russia On EU Nations

Figure 1 : Direct Effects of Low Gas Supplies From Russia On EU Nations

Images Showing Indirect Effects of Low Gas Supplies From Russia On EU Nations

Figure 2: Indirect Effects of Low Gas Supplies From Russia On EU Nations

Images Showing Direct (Left) and Indirect (Right) Effects of Low Gas Supplies From Russia On EU Nations

Bigger economies like Austria, Italy, France, and Germany are facing bigger problems on multiple fronts. 30% of Germany’s GDP is derived from its industrial sector, which runs on a tight string due to low optionality and rising market inflation. Though it reduced its reliance on Russian gas to 35% from 55%, energy-intensive sectors like fertilizers, glass, steel, and chemicals will still get a heavy blow due to strict gas rationing. France is heavily dependent on nuclear energy, which is under threat due to low water levels in the river Maine. As reported in September, 56/57 nuclear reactors are offline due to a lack of cooling water. It plans to restart 27 nuclear reactors by the end of this year to combat the energy issue. But that is still a long shot; for now, France is dependent on imports like many others.

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Italy has similar speculation about its energy, metallurgy, and mechanical sectors that will become highly vulnerable due to gas shortages. The Baltic States, the UK, Spain, and the rest of Europe are bound to suffer stagnated growth due to high inflation and gas prices. Even if the present energy reserves, a regular winter (which is quite unlikely), and some new supply lines help the continent survive this year, there is still no definite answer to how the 62% of total EU energy supplies will be met next year with the dwindling supply lines from Russian pipelines.

What Impact Will It Have On The Global Economy?

Energy Crisis: Graph Establishing The Effect Of Fluctuation In EU Gas Prices On The U.S., Asian, and UK Markets — **Graph Establishing The Effect Of Fluctuation In EU Gas Prices On The U.S., Asian, and UK Markets (**Image Credits: Vanguard and Bloomberg)

The implications of Europe’s energy crisis are bound to spill beyond its borders. It is already pushing up fuel prices globally, making things difficult for developing and under-developed nations that are still reeling from the effects of the pandemic. The “Russian Winter” is pushing inflation higher and higher all over the world. Analysis shows that even the slightest rise in the EU’s natural gas prices increases Asia’s and the UK’s vulnerabilities. The below-given table establishes a close correlation between gas prices in Europe and global commodity markets. It indicates how the changing dynamics of one market affect the other. If the price per barrel increases by $10 in Europe, the price of gas will rise by $9 in the UK and $8 in Asia.

The U.S. doesn’t bear so much brunt as it has turned itself into a net energy exporter in the last six years. Nevertheless, as households and industries try to substitute gas with cost-effective options (coal, gasoline, or oil), it will push the price of crude oil by a few points, creating some pressure on the U.S. The crisis seems to be tipping in Europe, with uncertainty rising over future energy prospects. In essence, what appears like a continental problem at the moment may turn into a full-scale catastrophe in the long run.

Is There Any Solution?

Europe’s high commitment to net zero emission targets somewhat tunneled its options to deal with such an unwarranted acute crisis. It strives hard to reduce its dependence on Russia and find alternate supply lines, but that task amounts to building a new Rome. It would be tough to replenish the energy stores in 2023 as they will go vacant this winter. But every story has another side.

Goldman Sachs and Forbes believe that the market is currently overly negative. Despite tight supply lines, gas and oil prices will fall. Germany has decided to keep two of its nuclear sites operational, while France will run its nuclear power lines by the first quarter, and Norway is working to increase its power exports in the near future. The central European nations Bulgaria, Slovakia, Hungary, and Romania, too, have pledged to add their additional natural gas supplies to the supply promised by Azerbaijan. Putin too has offered to reinstate the supplies through Nord Stream 2 pipeline, however, EU has reserved its decision on accepting the offer due to recent event. The recession and inflation are bound to reach a certain peak, but there is no way that countries that survived two world wars wouldn’t find a way out of this powerless tunnel.

Stellarix is committed to smoothening the creased path to future energy transition with comprehensive, integrated energy solutions. You can maintain your hold on your stakeholders, markets, and end-users with proper strategy, innovation, execution, and social solutions. For more, kindly get in touch with us.

Industry 5.0: Imparting Soul into a Mechanizing World

Posted on October 13, 2022March 22, 2024 by admin

Human evolution and technology have a straight equation with each other. This relationship and the rising mechanization through subsequent industrial revolutions can be traced throughout history. We are currently passing through the initial phase of Industry 4.0. It centralizes on “Smart Production” that shifts the technological paradigm from embedded systems to Cyber-Physical Systems (C.P.S.). There is a dynamic move from centralized to decentralized production, and Industry 5.0 will bring a paradigm shift.

The key drivers of this revolution are IoT, Big Data, Cloud Computing, AI, and robotics. As interesting and acceptable as it may sound, the inadequacies of this shift are apparent to those whose vision is fixed on a sustainable future devoid of ethical conundrums. But that’s where the need to look beyond Industry 4.0 arises.

How is Industry 4.0 the Precursor To Industry 5.0?

A study published in 2015 indicated that most Small and Medium Enterprises (S.M.E.s) around the globe fail to acknowledge the relevance of Industry 4.0. The cost of deploying ultra-sophisticated technologies like big data, IoT, and robotics might be feasible for big corporations, but SMEs are at a disadvantage. It stands true even after seven years.

Then, there is the social aspect, where increased automation is dissolving job opportunities instead of creating new ones. This invalidates the real intent of bringing Industry 4.0 to the table.

There is broad skepticism about the rising dependence on I.T. systems for every small task. It may strengthen the technology sector, but cross-domain implications are yet to be predicted. Several other unknowns need to be considered. For example, the juggernaut of gathering behavioral data from every end poses a potential threat to privacy and safety irrespective of the harmless good intentions of enterprise owners. It amounts to the foundation of a “Surveillance Capitalism” that may have more negatives than positives in the near future.

All these loopholes, combined with a great dearth of respect for our environmental conditions, bred ground for a more evolved and ethically synergetic industrial revolution that would restore the currently lost balance between development and sustainability, hence, Industry 5.0.

Figure: Industrial Revolution Progression

Introducing Industry 5.0

Industry 5.0 will be a step ahead of Industry 4.0. It will work beyond connecting devices with each other. It will allow collaboration between humans and robots on factory floors and replace standard robotic production with automated production. “Cobots” – machines collaborating with human operators will replace robots.

Some researchers think that it will be the age of the bioeconomy, where renewable biological resources will be produced, converted, and upcycled to yield value-added products like bioenergy, bio-based products, feed, food, etc. Unlike Industry 4.0, where major developments will be witnessed in the I.T. sector, equal measures of progress will be seen in ecology, life sciences, food sciences, agronomy, enabling technologies, industrial technologies, I.C.T., and tacit & local knowledge base.

Another vision of Industry 5.0 states the efficient utilization of machine and human workforce within the boundaries of this planet. The path will be traced back from a virtual to a real environment. The industrial world will improve on Logistics Efficiency Design (L.E.D.) principles, a model devised to redefine global supply chain efficiency. It aims to neutralize the waste generated by the contemporary buyer-supplier interaction and inculcate more transparency, efficiency, and profit sharing along the supply chain. Its Principles are famously known as the 6Rs, which include Recognition, Reconsideration, Realization, Reduction, Reuse, and Recycling of available resources.

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The Concept

The academic world has been pushing the concept of the Fifth Industrial Revolution since 2017. The European Union recognized this term in 2021 after discussions with research groups, technological organizations, and funding organizations.

The concept of Industry 5.0 acknowledges the industry’s potential to become a resilient creator of prosperity while maintaining our planet’s natural ecosystem and keeping human needs at its core. It will complement the ongoing Industry 4.0 and transform it into a human-centric and sustainable Industry. This approach will shift how value is created, distributed, and exchanged in the socio-economic world. It will meet the pressing need to support societal goals.

The emergence of Industry 5.0 will open gates to various value-driven technological developments, including:

Personalized human-machine interaction through technologies that reconcile human and machine capabilities
Smart bio-manufacturing and recyclable materials embedded with sensors, scanners, and health monitors
Digital cloning and simulation of entire systems
More efficient data analysis, storage, and transmission technologies can tackle system interoperability
Better integration and incorporation of artificial intelligence in decision-making, sensible automation, and error reduction in complex systems
More energy-efficient, autonomous, renewable technologies that simultaneously reduce manual labor and ecological burden

Key Technologies Driving Industry 5.0

Here is an in-depth exploration of the key technologies propelling Industry 5.0:

1. Big Data Analysis:

Industry 5.0 harnesses the power of Big Data Analysis as a cornerstone for informed decision-making. Organizations extract actionable insights by processing and analyzing massive datasets, enabling them to optimize operational processes and enhance strategic decision-making. This data-centric approach forms the bedrock of Industry 5.0’s drive toward intelligent and adaptive manufacturing systems.

2. Internet of Things (IoT):

Industry 5.0 enables real-time data exchange and automation by seamlessly connecting devices and systems. This interconnectedness improves operational processes and catalyzes enhanced productivity. IoT integration empowers industries to create responsive, self-optimizing ecosystems where devices communicate intelligently, fostering a dynamic and interconnected industrial environment.

3. Collaborative Robots:

Industry 5.0 embraces the deployment of Collaborative Robots, or cobots, to augment human capabilities in manufacturing and beyond. These robots are designed to work alongside human operators, enhancing overall efficiency and safety. Cobots liberate human workers to focus on tasks requiring creativity, adaptability, and critical thinking, thereby contributing to a more harmonious man-machine collaboration within industrial settings.

4. Digital Twins:

The concept of Digital Twins emerges as a powerful tool for optimization. Organizations can thoroughly comprehend their operations by developing virtual duplicates of physical processes, products, or services. Digital Twins facilitate performance optimization, predictive maintenance, and iterative improvements without disrupting real-world processes. This technology, enhances agility and adaptability in complex industrial systems.

5. Artificial Intelligence :

AI-powered systems automate tasks, enabling a shift from rule-based to intelligent decision-making. Industry 5.0 guarantees the automation of routine and time-consuming tasks by implementing machine learning, natural language processing, and other AI applications. It empowers human professionals to concentrate on high-level, strategic activities, fostering a symbiotic relationship between human expertise and AI-driven efficiency in the evolving industrial landscape.

What Lies Ahead of Industry 5.0?

Industry 5.0 will indeed be instrumental in converging human and machine worlds in a synergetic fashion, but it will bring the need for domain-specific research to the surface. The cross-domain flow of data will remain an unresolved mystery, and so will the coupling of different technologies for more efficient delivery of products and services. Areas like portable medical diagnostics, bionic organs, co-morbidity cures, commercialized computing, E.E.G., deep dive technologies, and extended reach of quantum computing in the mainstream world will be some fundamental dynamics that will enforce the need for Industry 6.0. Achieving a balance between sustainability and technology will solve only one part of the giant puzzle. Improving the overall quality of life will become the core of the research and hypothesis.

There is already a word about Industry 6.0, but how about we discuss that in the next blog?

How Can We Help?

To stay afloat amid major paradigm shifts, every business must identify scalable opportunities through innovation, value creation, and a strategic road map to these goals. With over a decade of experience, Stellarix has also supported hundreds of clients in achieving these goals with a comprehensive 360-degree horizon scan, current and future landscape visualization, and extensive market research.

We can be your partner on the road to strategic growth and a sustainable future. To know more, please refer to our contact details.

Storytelling for Brand Marketing

Posted on April 14, 2022March 18, 2024 by admin

The world of marketing is evolving and so are the engagement tactics. Storytelling has become a crucial part of establishing and sustaining a brand’s identity. This article talks about the benefits of storytelling in brand marketing and how to create an amplified branding campaign with the power of a good story.

According to a recent study, people remember stories 22 times more than facts and figures, thus boosting the conversion rate by 30%. Stories help a brand build a deeper and more rooted connection with its audience. They add a sensible human touch to the brand, compelling people to buy their product. Let us start by understanding the science behind storytelling and why it is taking over traditional marketing techniques.

Engagement vs Interruption Brand Marketing

The traditional advertising or interruption marketing technique ruled for decades before falling to the ground. According to the 2019 Edelman Trust Barometer Special Report on trusted brands, 3 out of 4 people avoid advertising. Marketing the product while interrupting the customer to talk at them through one-way conversation makes people feel detached from the brand.

Engagement marketing or storytelling, on the other hand, has the power to gain a customer’s trust and loyalty. The same study also suggests that 81% of people consider trust as the deciding factor while purchasing a product. Sharing the brand’s story showcases confidence and vulnerability and engages the audience in a more authentic and trustworthy relationship.

The Benefits of Storytelling

Sharing the brand’s story across all touchpoints is the easiest and most efficient way to capture the customer’s attention. As per a study conducted by Headstream on the impact of a good story, 55% of people are more likely to buy the product in the future, 44% will share the story instantly and 15% of people buy the product immediately.

The following are the benefits proving that storytelling amplifies the brand marketing strategy:

Unique brand identity: Storytelling highlights the traits that make a brand unique for customers. It engages and includes the audience with the brand’s vision and tells them why it’s different.
Creates a loyal customer base: Sharing the brand’s story demonstrates transparency. It enables a customer to trust the brand’s intention and integrity and stay faithful to it.
Targets right audience: Demonstrating the brand’s values through effective storytelling enables customers to align themselves with the brand’s unique selling proposition.
Relevant content marketing: Instead of creating vague campaigns for each product launch, the brand saves time and resources by creating meaningful content around its unique story.

How and Where to Start Brand Marketing?

Having an authentic brand story is the first and crucial step to devising an efficient engagement marketing strategy. The key pointers to consider while creating your brand’s own storytelling design are:

Defining the brand: Start by being vocal about the brand’s purpose, vision, mission and values. Create a strong foundation by defining brand transparently. It enables customers to see the logic and design pattern behind each product.
Telling a strong brand story: As per a recent market study, 92% of people want advertisements that tell a story. Understand the science behind storytelling and create a strong brand story for the audience. It will increase the levels of Oxytocin which is a hormone that promotes the feeling of love, bonding and well-being in our body.
Relevant branding: Make sure that the content is branded with the right impact, effective communication, consistency, and a strong connection with the audience. Identify your brand’s voice, personality, and visual identity. It empowers the marketing and content teams to create relevant branded strategies and content.
Finding inspiration: Connecting and collaborating with other brands is the key to finding inspiration for a good story. Let’s see some of the amazing brand stories that have successfully captured a loyal customer base.

Brilliant stories by renowned brands

Brands around the world are extensively using compelling stories to market their products and attract the target audience.

IKEA Brand Marketing: Using humor for promotion in Singapore

IKEA Singapore uses comic scripts and hilarious puns to demonstrate practical storage, furniture, and home solutions. Their recent advertisement features a couple discussing the lack of space in their bedroom, followed by the appearance of IKEA’s Shelf-Help Guru with the solution in the form of IKEA’s Pax wardrobe, Malm drawers, Komplement interior fittings, etc. The story ends with the power line “Begin your journey of shelf discovery”.

The story is relatable and interesting, making the content compelling and attracting buyers to find their home solution at IKEA.

BACARDÍ Brand Marketing: Celebrating the culture through music

BACARDÍ, the largest spirits company in the world, is using music to connect people with their culture. It develops a sense of belonging and creates a celebratory environment that stays in people’s minds for a long time. Their recent video Sound of Rum: Dancehall Kings & Queens shares the story of vibrant dance culture in Jamaica and how it has been adopted across Europe.

Land Rover Brand Marketing: Inspiring stories from real people

Land Rover celebrated their 70^th anniversary by taking everyone to the Land of Land Rovers, a village in the remote area of the Indian Himalayas. The video features the local drivers from the village who rely on 1957 Land Rover vehicles for transportation and connectivity between two small villages, Maneybhanjang and Sandakphuand.

This campaign reminded everyone that the best brand stories come from the customers and fans.

Huggies Brand Marketing: Using data to create a touching story

The global diaper brand Huggies created a campaign named No Baby Unhugged. The video showcases a mother hugging her newborn baby in the hospital with the power line “Hugs strengthen your baby’s immune system, they promote weight gain and improve brain development”.

The brand used the research and data to prove that hugs help stabilize babies’ vital signs, ward off illness, and promote brain development.

Nike Brand Marketing: Web series to connect with the audience

Nike created an eight-part mini web series to connect with the younger audience. The series is named Margot vs Lily and features two sisters challenging each other to make a fitness web show and gain followers. The brand’s investment in real content inspired customers to exercise and live a healthy life. It connected with the audience’s personal fitness journey.

Methodology of Storytelling in Brand Marketing

Storytelling is a formidable tool for brands, allowing them to forge emotional connections, instill trust, and communicate their values effectively. Brands can harness the strength of storytelling in diverse ways, including:

1. Crafting a Compelling Brand Story:

Developing a narrative intricately weaves the brand’s mission, values, and journey. This storytelling approach ensures relatability and leaves a lasting imprint on the audience.

2. Integration Across Marketing Channels:

Seamlessly incorporate storytelling into various marketing channels, such as social media, websites, and promotional materials. This multi-platform strategy enables brands to communicate their narrative widely and engage with their audience effectively.

3. Showcasing Customer Stories:

Feature authentic customer experiences and success stories. This builds credibility and serves as a tangible testament to the brand’s impact and effectiveness.

4. The 4 Ps of Storytelling:

Emphasize critical elements like People, Place, Plot, and Purpose in crafting a compelling brand story. This approach ensures the narrative remains relatable and engaging, creating a deeper connection with the audience.

5. Highlighting Conflict and Mission:

Present the brand’s challenges and conflicts and the overarching mission that propels it forward. This narrative tactic inspires and motivates, showcasing the brand’s resilience in the face of adversity.

6. Authenticity as a Foundation:

Be transparent and authentic in storytelling. Share the successes, challenges, and failures encountered by the brand. This openness creates a genuine connection with the audience, establishing trust and credibility.

Conclusion

Storytelling is the most crucial concept of brand marketing, and more brands are now incorporating this into their strategy. From retail industry to the wholesale market and other sectors, conveying the message The story may be a brand’s own or generated from its customers. Still, it has the power to connect with a real audience and establish a strong brand presence. More practical and creative ideas can be adopted for sharing a conventional brand story in the future, such as:

Mini advertisement
Data-driven storytelling
Stories sourced from customers
Immersive podcasts
Visual representations
Long-form storytelling
Storytelling through digital realities
Personalized storytelling