In 2023, 64% of manufacturers stated that increasing energy costs are stopping them being competitive in the market.
Manufacturing must remain a strong business in the UK, lest we fall further behind on the world stage to the likes of China and the United States. As of 2024, the UK makes up just 1.8% of the worlds manufacturing contribution to the world’s economy. Lagging just behind countries like France on 1.9% and Italy on 2.3%.
Rising energy costs are responsible for a turbulent economic environment for manufacturers, which has meant that prices must rise to cover these costs. There’s a solution to this though…
Energy Purchased by the Manufacturing Sector Since 2016
Since 2007, energy prices have been rising. In 2023, prices the manufacturing firms paid hit new highs having tripled since the year they began to increase.
The industry saw it coming too… 70% of manufacturing leaders predicted that energy costs would increase significantly in 2023, with a further 20% expecting a moderate increase in 2024.
Source: Gov.uk – Department for Energy Security and Net Zero.
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You are not alone...
43% of manufacturers are planning to increase investment into green technologies and/or energy efficiency measures. Other eco-improvements include swapping your facilities lighting to LED lighting which can save up to 90% of the energy that traditional incandescent bulbs would consume. For manufacturing firms in operation for long periods of time, the electricity this would save would be astronomical.
Combine two or more eco saving options, and watch your savings hit the roof. Our finance partners specialise in renewable technology and can support you with a project to swap your lighting to LED as well as install and maintain solar system on your facility.
