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Industry 4.0 technology could add $74 billion to Australia’s economy

17/09/2019
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A recent report claims that the market for Australian-made Industry 4.0 technologies within the Oil & Gas and Mining industries could support 80,000 new jobs and add $74 billion to the economy by 2030.

The report, titled "Staying Ahead Of The Game" highlighted the many benefits that integration of Industry 4.0 technologies could have on Australia's economy
(Image via METS Ignited/NERA)

Industry 4.0 technologies are transforming multiple industries. It involves the digitalisation of processes from the installation of sensors that provide data and monitor operations, to artificial intelligence and autonomous robots that accurately and efficiently conduct rote tasks.

Within the Oil & Gas industry, for example, one example of such technology is the installation of drilling sensors that allow access to real-time insights and diagnostics which allows drill operator to optimise their process. In Mining, there is a potential for automated trucks, and it’s thought that an integrated, automated iron ore mine could be 60% more productive.

The report, produced by Mining Equipment Technology and Services (METS) Ignited and National Energy Resources Australia (NERA), suggests that the uptake of industry 4.0 technologies by these sectors has the potential to drive industry transformation. 

“A vibrant and competitive resources sector is vital to Australia’s economic future and the adoption of Industry 4.0 technologies will be a key driver of industry transformation,” said Karen Andrews, federal industry, science and technology minister.

“The use of analytics and robotics not only provides significant safety and environmental benefits, it is also rapidly increasing job opportunities. This kind of technology opens up new, unexplored opportunities for the resources sector and what this report shows is the huge economic opportunity if new technology is embraced.

“The new jobs will be created across the country, including many in the regional areas where mining already exists, which will ensure the continued vibrancy of these communities.”

The report goes on to highlight the benefits that implementation of Industry 4.0 in these sectors can have on developing a local supply chain for autonomous technologies, suggesting that a strong domestic supply chain could deliver $65 billion in benefits by 2030, while also generating new jobs. 

NERA have launched a $2 million Future Technology Project Fund for projects that accelerate the commercialisation of science and technology, improve the uptake of innovative digital technologies and encourage future investment, productivity and global trade in the Oil & Gas and energy sector.

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Industry 4.0 technology could add $74 billion to Australia’s economy - Time to read 2 min
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