Technology Road mapping for Circular Economy Transition in Manufacturing Industries

Abstract

The paper provides a roadmap to the circular economy technologies in manufacturing, with a main emphasis on recycling, re-manufacturing, reuse, and reduction of waste by manufacturing through closed-loop systems. The paper constructs a Hybrid Simulation-Optimization Model to evaluate different technologies such as re-manufacturing systems, smart recycling lines and IoT-based waste monitoring that is implemented with the help of blockchain-based traceability. This model applies Multi-Criteria Decision Analysis (MCDA) and Geographic Information Systems (GIS) to make a judgment on technologies in waste reduction, material reuse, and recycling efficiency, resource utilization, and social Acceptance. The findings indicate that the Full Model (MCDA + GIS + All Criteria) is the best in terms of efficiency, waste reduction (85%), material reuse rate (75%), and recycling efficiency (80%). It was also the most resource utilization efficiency (90) and social Acceptance (88%). The results of this model are a clear indication of the advantages of integrating MCDA and GIS to have a holistic evaluation of circular economy technologies. The Hybrid Simulation-Optimization Model also showed that there is a possibility of incorporating digital technologies, including IoT and blockchain, to make manufacturing processes more circular, waste reduction more efficient, and resource-efficient. Such results demonstrate the need to employ a multi-criteria decision-making strategy in the process of implementing a circular economy. This research will assist in establishing a systematic theory of assessing and implementing circular economy technologies in the manufacturing sector. Additional areas of focus needed in future research are the scalability of the given approach in other industries, more applications of digital solutions, and research on the economic viability of implementing the given practices at a larger scale.