The need to use less energy is becoming critical to manufacturers, especially those in heavy industries, because of their energy-intensive processes. The cost of energy has been volatile, and according to the International Energy Agency, “… energy markets, geopolitics and the global economy are unsettled and the risk of further disruption is ever present.”
Manufacturers must also meet the carbon reduction demands of external stakeholders, including investors, customers and governments. Investors are backing companies focused on environmental, social and governance (ESG) standards and divesting those with poor ESG ratings. Customers prefer to purchase sustainable products. Global governments continue to rapidly develop policies and regulations supporting sustainability. Therefore, manufacturers need to employ energy optimization to use less energy and successfully navigate these challenges.