REPRESENTING BUSINESS ISSUES
The Energy Industry’s Impact on All Businesses August 21, 2020 | Press Release H ow does the energy industry affect businesses? What implications does it hold for marketers? For some companies, energy is energy — a cost Energy Industry Disruptions Have a Ripple Effect
Like every other sector, the energy industry felt major impacts in the wake of COVID-19’s spread in early 2020. Supply shocks that saw demand crater in some areas and surge in others forced the industry to move fast to handle shifting needs. Prices for goods, like oil, fell sharply at the same time. The most likely effect of all this is market consolidation once the crisis is over. Interestingly, these disruptions may also help speed up the ongoing transition to clean energy. Demand for fossil fuels is often forecast to peak within the next 10-20 years, though analysts disagree on when exactly this will happen. Some industry observers even argue that we have already passed peak demand. The energy industry as a whole is moving toward a clean energy transition in anticipation.
of doing business, but not something they invest much attention or research in. As a result, many don’t think about where their power comes from and can sometimes ignore or fail to investigate shifts in the sector. Trends in the energy industry, however, often have major impacts across the business world. Some of these may create advantages savvy business owners can take advantage of — or they may cause issues for companies that don’t know change is coming. Shifting priorities and market conditions in the energy industry are having a significant impact on all businesses. With knowledge of these trends, companies can take steps to prepare for the future.
22
The Business Review | November 2023
Made with FlippingBook - professional solution for displaying marketing and sales documents online