The energy industry experienced difficult market conditions in 2020, given falling crude oil prices and lockdown-induced disruptions in refined petroleum consumption. The year also saw an increased focus on developing the industry’s sustainability goals. With vaccine roll-outs and the easing of mobility restrictions, the industry is starting to recover in 2021. Global demand for fossil fuels is set to continue expanding over the long term, driven by the expansion of economies in Asia Pacific.
Digitalisation is able to reduce manufacturers’ operating costs, while improving efficiency, workplace safety and continuity of operations in the event of major disruptions, such as the global pandemic in 2020.
As climate change and sustainability in manufacturing is an increasingly important topic in global economies, large market players have to find ways to reduce their emissions and adapt to the changing environment. Stricter environmental policies and emissions goals are not only pushing oil, gas and coal producers to invest in technological advances but also to focus their investments on renewable energy.
The outbreak of the COVID-19 pandemic had a severe effect on global crude oil prices. To cope better with reduced demand and stalling operations, companies were forced not only to cut operating costs but also, in some cases, to turn to mergers and acquisitions in order to avoid bankruptcy.
With the expected rise in global fossil fuel consumption, investment in new infrastructural channels and the upkeep of existing supply networks is essential in order to avoid future shortages.
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