i am concerned that which would be the more suitable and efficient platform for hosting odoo 13 for a mid sized manufacturing organization? at cloud or at own local server
I prefer a local server. You can set up a local server inside your company only. There will you need to pay at one time only and you don't want to renew and you don't want to pay anymore if you're upgrading your system also.
But if you are really concerned about the power breakup system and and you don't have too, go for cloud !