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The fourth industrial revolution introduced the concept of Industry 4.0, which refers to the digitalization of the modern world and the inclusion of digital industry in major industrial sectors. Within this context, we investigated how Industry 4.0 technologies could transform conventional factories into smart factories and contribute to the development of a circular economy with significant economic, environmental, and social advantages. The primary goal of this study was to assess the potential of Industry 4.0 technologies in optimizing energy production from renewable resources. Specifically, we examined how various Industry 4.0 technologies, including Blockchain, the Internet of Things (IoT), and Cloud Computing, contributed to energy generation, transmission, and trade. In addition, we investigated solutions to issues such as intermittent power supply, low efficiency, grid bottleneck, wastage of excess power, and unpredictable energy markets. Furthermore, we discussed two case studies based on circular economies, sustainable development goals, and Industry 4.0-based data analysis platforms. The study concludes by discussing the challenges faced by industries in adapting to the digital revolution and the potential uses of modern-day digital technologies to advance the energy sector and society as a whole.