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Smart Industry Q1 round up

By Sam Lingwood

Q1 of 2024 is all wrapped up (no, we don't know where the time's gone either), so we thought we'd look back at some of the key headlines of the year so far from Smart Industry space.

Overall industry news

Move over Industry 4.0, Industry 5.0 is coming! This is set to build on the technological and business principles of Industry 4.0 with an extra focus on three tenets: Human Centricity, Resilience, and Sustainability

The renewables industry is way ahead of the curve on AI adoption with 32% of renewable professionals already using AI consistently. This high uptake of AI adoption is expected to increase demand for skills in the industry, but should also help to improve personal productivity, improved career progression opportunities, and increased salaries.

Acquisitions and funding

Sphera acquired SupplyShift, a supply chain sustainability software company that empowers businesses to build transparent, responsible and resilient supply chains. This acquisition allows Sphera to enhance their supply chain offerings with expanded supplier mapping, scoring and traceability capabilities.

Ideagen acquired Plant Assessor to strengthen their health and safety compliance capability - this is their 7th acquisition in the last 12 months! They're also looking into a move for Australian based Damstra, wanting to add yet another company to its environmental, health and safety capability.

Honeywell announced the closing of $300 million equity investment round for Quanitinuum, the world’s leading integrated quantum computing company.

OpenAI completed a deal that values their company at $80 billion, more than tripling their value in less than 10 months.

Product Launches

Hexagon have released a new model for enhanced data integration called Databridge Pro. It is considered the next evolution in enterprise asset management technology and can help with those that shape the data landscape and those responsible for smooth operation of systems.

In the ConTech world. OpenSpace introduced OpenSpace BIM+ for team coordination. This product uses AI and computer vision technology to align 360 ° photos with Building Information Modelling (BIM).

ONYX launched a world first blade root monitoring system. Blade root connection failures are a growing issue across the wind industry and are not limited to any one turbine or blade manufacturer. This solution has been proven on over 3,000 blades across 1,000 turbines, demonstrating highly effective and accurate fault detection.

GE Vernova have introduced GridOS Data Fabric as part of their portfolio. This latest software is set to help grid operators discover and utilise even greater volumes of distributed data to improve decision making in real time.

With all this happening in only the first three months of the year, we'll be watching the market closely to see what the rest of 2024 has in store. 
What do you think the biggest news from the space has been this year so far?