Study: Rising energy costs and instability threaten business competitiveness and profitability
March 24, 2023
ABB has released the results of its 2023 Energy Insights Survey Report, which polled 2,300 executives from both small and large companies from a variety of sectors.
ABB has released the results of its 2023 Energy Insights Survey Report, which polled 2,300 executives from both small and large companies from a variety of sectors. The survey highlights the concerns most companies have about rising energy prices, the threat of energy instability, and strategies to set and meet sustainability goals.
Some key takeaways from the survey include:
92% of executives believe turbulence in the energy sector will impact profitability and competitiveness
Due to rising energy costs, 42% of respondents plan to decrease spending on recruitment efforts, with 38% planning to spend less on salaries and overtime
58% of respondents said higher energy costs could delay achieving sustainability and carbon reduction targets by one to five years
Protecting electrical controls and equipment within food and beverage plants presents unique challenges due to the sanitation requirements of the hygienic environment.
