Which technologies will propel industry forward and give companies that competitive advantage? According to digital consultancy McKinsey Digital’s Tech Trends Index, several technologies will have a profound and disruptive impact on industries including the chemical sector. So, which ones will have the biggest effect on the way you work in the coming decade?
By 2025, more than 50 billion devices around the world will be connected to the Industrial Internet of Things (IIOT) and about 600,000 industrial robots a year will be in place from 2022. The combination of these, along with industrial processes such as 3D and 4D printing, will speed up processing and improve operational efficiency.
According to McKinsey, 50% of today’s work practices could be automated by 2022 as ever more intelligent robots (in physical and software form) increase production and reduce lead times. So, how does this change look in the real world?
According to the McKinsey Tech Trends Index, 10% of today’s manufacturing processes will be replaced by additive manufacturing by 2030.
According to the Tech Trends Index, one large manufacturer has used collaborative robots mounted on automatic guided vehicles to load pallets without human involvement, while an automotive manufacturer has used IIOT to connect 122 factories and 500 warehouses around the world to optimise manufacturing and logistics, consolidate real-time data, and boost machine learning throughput.
2: Next generation computing
An almost incredible 368,000 patents were granted in next generation computing in 2020. Advanced computing will speed up the processing of reams of data to optimise research and cut development times for those in the chemicals and pharmaceuticals industries, accelerate the use of autonomous vehicles, and reduce the barriers to industry for many eager entrants.
‘Next-generation computing enables further democratisation of AI-driven services, radically fast development cycles, and lower barriers of entry across industries,’ the index notes. ‘It promises to disrupt parts of the value chain and reshape the skills needed (such as automated trading replacing traders and chemical simulations, reducing the need for experiments).’
According to McKinsey, AI will also be applied to molecule-level simulation to reduce the empirical expertise and testing needed. This could disrupt the materials, chemicals, and pharmaceuticals industries and lead to highly personalised products, especially in medicine.
3: The Bio-revolution
It doesn’t take much investigation before you realise that the bio-revolution has already begun. Targeted drug delivery and smart watches that analyse your sweat are just two ways we’re seeing significant change.
The Tech Trends Index claims the confluence of biological science and the rapid development of AI and automation are giving rise to a revolution that will lead to significant change in agriculture, health, energy and other industries.
In the health industry, it seems we are entering the age of hyper-personalisation. The Index notes that: ‘New markets may emerge, such as genetics-based recommendations for nutrition, even as rapid innovation in DNA sequencing leads ever further into hyper personalised medicine.’ One example of this at work in the agri-food industry is Trace Genomics’ profiling of soil microbiomes to interpret health and disease-risk indicators in farming.
4: Advanced materials
It’s no secret that we will need to develop lighter materials for transport, and others that have a lighter footprint on our planet. According to McKinsey, next generation materials will enhance the performance of products in pharma, energy, transportation, health, and manufacturing.
For example, molybdenum disulfide nanoparticles are being used in flexible electronics, and graphene is driving the development of 2D semiconductors. Computational materials science is another area of extraordinary potential. McKinsey explains: ‘More new materials are on the way as computational-materials science combines computing power and associated machine-learning methods and applies them to materials-related problems and opportunities.’
5G networks will help take autonomous vehicles from tentative - to widespread use.
So, which sorts of advanced materials are we talking about? These include nanomaterials that enable more efficient energy storage, lighter materials for the aerospace industry, and biodegradable nanoparticles as drug carriers within the human body.
These are just four of the 10 areas explored in the fascinating McKinsey Digital’s Tech Trends report. To read more about the rest, visit: https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-top-trends-in-tech