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8 Key Industries Of The Future For South Africa’s Economy

8 Key Industries Of The Future For South Africa’s Economy

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South Africa is one of the major economies within Africa, and the country needs to consider important industries of the future in order to remain competitive and develop a sustainable path towards modernisation and economic growth.

According to the Industrial Development Corporation (IDC), South Africa has ambitious plans to become an important player in some new technology-driven industries that have excellent potential to stimulate job creation and boost the competitiveness.

With around $810.5 million in funding approved from the Industrial Development Corporation in 2015, their New Industries Strategic Business Unit (SBU) is working to identify and prepare for the industries of the future.

We take a look at 8 of the industries of the future that will be important for South Africa’s economy.

Source: BusinessDayLive, EngineeringNews, LondonStockExchange, News24, MineWeb.

Ghana Canada Medical Centre
Medical advancements from SA – greenglobalhealth.com

Medical Devices

Medical devices are an innovative new field that South Africa is capable of contributing to. The Industrial Development Corporation already invests in medical advancement, and one of the success stories is the Lodox full-body X-ray machine, which takes a full-body X-ray image in just 13 seconds while emitting very low levels of harmful radiation.

Gas pipeline China hopes to build in Mozambique
The Sasol pipeline was completed in 2013 between Mozambique and South Africa. Photo: bni.co.mz

Gas Beneficiation

Technologies designed for the purpose of cleaning up raw gas will allow for the clean gas to be used in mainstream beneficiation activities, such as methane processing. A demo plant built in partnership with Klydon Gas is already producing results, proving that gas purification will be a viable industry in SA.

Bokpoort concentrated solar energy plant (Image: evwind.es)
Bokpoort concentrated solar energy plant (Image: evwind.es)

Energy Storage

Energy storage will be fundamental in future, and is already an important tech breakthrough that has enabled the dawn of the electric car. Tapping into the potential for storage of energy derived from the sun or other renewable sources could make South Africa a global energy storage leader.

Protea, the national flower of South Africa, growing in Kirstenbosch, Cape Town. The Cape Floral Kingdom is a world heritage site. Photo Dana Sanchez
Protea, the national flower of South Africa, growing in Kirstenbosch, Cape Town. The Cape Floral Kingdom is a world heritage site. Photo Dana Sanchez

Natural Products

Thanks to South Africa’s incredibly vast biodiversity, the country is looking into ways of developing new cosmetics and medicines through use of the plant life available. South Africa has the third-highest level of biodiversity globally, and is the only nation that contains an entire floral kingdom.

platinum drives fuel cell tech innovation in South Africa
Mining platinum at Bathopele Mine. Photo: Geoff Brown/Planet KB/mining-technology.com

Fuel Cells

As a device that converts chemical energy into electricity, the potential for fuel cells is vast. In fact, in South Africa this tech is already becoming an industry, with fuel cells from platinum mined in the country envisioned to be exported worldwide in future. At the moment, this tech is used to ease the energy burden in the country.

3D printing could herald a new era in prosthetic technology - Youtube/eNCANews
3D printing could herald a new era in prosthetic technology – Youtube/eNCANews

3D Printing

The interesting thing about 3D printing is that it is a technology that enables other tech improvements. Traditional manufacturing and production can be improved upon through 3D printing, at a fraction of the cost of factory produced items. It can therefore improve capabilities in other advanced sectors such as prosthetic technology.

Nanotechnology - blogs.dunyanews.tv
Nanotechnology – blogs.dunyanews.tv

Nanotechnology

Nanotechnology allows for scientific, engineering and technological input at nano-scale, which enables various industry applications to exist or become possible. Image for example the advances in medicine that would be possible if nanotechnology was successfully applied to healing of the body on a scale not yet experienced.

renewable energy
Jeffreys Bay Wind Farm, South Africa (Image: jeffreysbaywindfarm.co.za)

Renewable Energy Inputs

Many large energy users are trying to diversify their energy source mix, which means that renewable energy is now an important part of future plans. The sectors included in this are mining and manufacturing, amongst others. South African plans are under way to create a manufacturing industry for renewable energy components and systems to supply local renewable companies and export globally.