Intelligent networking of machines, processes and robots in the Industry 5.0 era enables automated decision-making and efficient operations. Situational awareness (SitAw) lies at the core of the development, providing understanding of what is happening around us. It uses inputs from sensors and humans and provides the ability for robots to survive in an uncertain environment. This paper defines the situational awareness system and the general SitAw architecture and shows how it can be applied to numerous use cases. We discuss time-scales of operation and show how real-time and non-real-time information are simultaneously used to provide real-time services. Predictive capabilities and ability to react to anomalies are essential part of proactive and safe operations. In contrast to typical focus on short range wireless connectivity, we highlight the importance of satellite technologies as an enabler in many application areas including smart farming, mobile robot swarms and autonomous shipping. Future research directions including three-dimensional SitAw and industrial metaverse are given.