Global industry is accelerating its investment in energy efficiency – ABB survey
“Almost 2/3 of the survey respondents are upgrading their equipment to best-in-class efficiency ratings“
June 10, 2022 By Anthony Capkun
June 10, 2022 – Global industry is accelerating its investment in energy efficiency in the next five years, according to ABB’s Energy Efficiency Investment Survey 2022.
Conducted by Sapio Research, the global survey targeted 2294 companies in 13 countries, ranging in size from 500 to 5000+ employees, and offers a snapshot of how industries across the world are planning to invest in energy efficiency measures to achieve net zero.
A key finding is that more than half (54%) of the companies are already investing, while 40% plan to make energy efficiency improvements this year.
“Industrial motor-driven systems, in particular, hold huge potential for energy efficiency measures,” said Tarak Mehta, president, ABB Motion. “Almost 2/3 of the survey respondents are upgrading their equipment to best-in-class efficiency ratings, such as high-efficiency electric motors controlled by variable-speed drives.”
The report also highlights areas of concern. Half of the respondents mentioned cost as the biggest barrier to improving energy efficiency, and 37% felt downtime was a barrier. Also concerning is that only 41% of respondents felt they had all the information needed regarding energy efficiency measures.
“It is vital to help stakeholders across industry understand that net zero need not mean net cost,” said Mehta. “Both suppliers and governments have a role to play in promoting the message that adopting energy efficient technology offers a fast return on investment while cutting CO2 emissions.”
“The bottom line is that energy efficiency is good for business and good for the environment.”
Respondents said 23% (average) of their annual operating costs are attributable to energy usage, while 9 out of 10 indicated that rising energy costs are at least a minor threat to profitability, while more than half (53%) perceive it as a moderate or substantial threat.
Despite cost being a significant barrier to investing in improving energy efficiency, cost savings were the most important reason for investing (59%).
The survey was carried out as part of The Energy Efficiency Movement, which is a multi-stakeholder initiative launched by ABB in 2021. Companies are invited to join the movement and make a public pledge as a way of inspiring others to take action, says ABB.
DOWNLOAD The Energy Efficiency Investment Survey 2022 (PDF).
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