A new report from ABB Motion, entitled “Circularity: No Time to Waste,” reveals that 91 percent of industrial businesses are feeling the effects of resource scarcity, prompting two-thirds to increase their investment in circularity initiatives within the next three years.
Raw materials (37 percent) are seen as the scarcest resource, followed by energy (34 percent), labor (32 percent), and electronic components (26 percent). This resource scarcity has led to increased costs for 37 percent of businesses, as well as supply chain disruption for 27 percent and slowdowns in production capacity for 25 percent. Despite energy being rated as one of the scarcest resources, two-fifths reported it as their biggest source of waste. This highlights an urgent need for greater energy efficiency across industry, something the International Energy Agency (IEA) says will be a critical lever in meeting Net Zero targets.
