Sunrise industries create new opportunities

Digital technology and infrastructure underpins the top seven emerging or ‘Sunrise’ industries that will fuel future regional growth, international collaboration and job creation, according to a CSIRO Data61 report.

‘Sunrise industries’ are defined as new industries arising out of technological, regulatory, economic or social change.

CSIRO’s Data61 released the Sunrise Industries report at the recent Association of Southeast Asian Nations (ASEAN) Summit in Australia.

“While some existing industries will decline, there are a set of emerging industries underpinned by advances in science and technology that will contribute to ASEAN’s growth,” said Data61 Senior Principal Scientist and report co-author, Dr Stefan Hajkowicz.

The seven emerging industries identified are highly relevant to our smart cities of the future and could play a role in the future Ginninderra development. The seven industries are:

1. Artificial intelligence and autonomous systems. Made up of large and small companies which design, construct, implement and operate automated systems, this industry emerges as a result of the increasing capabilities of automation and artificial intelligence to deliver benefits at lower costs.
2. Financial and regulatory services technology. Enabled by technology and growing demand for innovative financial services, the FinTech and RegTech sector is made up of companies that provide digitally enabled financial and regulatory products and services.
3. High value nutrition. Growing incomes, rates of chronic diseases and concerns about food safety and provenance are driving demand for healthy, traceable and trustworthy food products that are sustainably and ethically produced, giving rise to an industry focused on high value nutrition.
4. Next generation energy storage and distribution. Improvements in the affordability and capability of batteries, other technological innovations, and consumer demand for clean energy solutions are fuelling demand in the energy storage and distribution market.
5. Cyber-physical systems security. Cyber-physical systems (having intertwined software and physical components) are becoming increasingly widespread, but can be vulnerable to hacking. This creates new opportunities for the cyber-physical systems security industry.
6. Personal health and ageing. Ageing populations are creating demand for products and services related to personal health and ageing (e.g. apps, wearable devices and mobile/telehealth services) along with personalised health and aged care.
7. Digital infrastructure and connectivity. While the wider Asia Pacific region has some of the world’s most digitally advanced nations, digital infrastructure is still lacking for many ASEAN members. This creates opportunities for improved digital infrastructure and connectivity.

CSIRO Chief Executive, Dr Larry Marshall said the ASEAN region could become the world’s fourth largest economy by 2030. “Each of these opportunities is strongly supported by breakthrough Australian science, giving the potential for enormous economic benefit as we help ASEAN countries make this transition.”

“As part of CSIRO’s Strategy 2020, we are increasing our focus on global partnerships to drive Australian innovation across the entire region.” Dr Marshall said.