Roadmap for 2022: Energy, Resources and Industrial Sectors

A comprehensive viewpoint on sector trends

Due to the Coronavirus fallout, several industries like chemicals, oil & gas, utilities, construction and the renewables industry are undergoing tectonic shifts. The following blog gives a perspective on how market players can be optimistically cautious to maximize profits.

Future prospects for resilient business strategies in 2022

2020 and 2021 witnessed major ups and downs in terms of business & industrial trends. With the beginning of the financial year in 2022, market players and new entrants are anticipating promising growth potentials in the energy & industrial sectors. However, this optimistic outlook is being met with caution due to poor demand sentiments, labor shortages, high costs for raw materials and slow movement of goods & services. Thus, stakeholders in the industrial and energy sectors are gauging short-term and long-term industry trends of 2022 to tide over business uncertainties.

Companies are navigating through supply chain disruptions to ensure business continuity, especially in mission-critical projects of the energy, architecture, engineering and construction industry. Though 2022 is generating workforce and labor opportunities, challenges include with respect to growing skills gap as new technologies like digitalization take over and open positions going unfilled. This finding is prominent in the oil & gas industry since several thousand jobs were lost in 2020 and more than 50% of those positions remain open.

In the manufacturing sector, job openings continue to be at an all-time high with a possibility that workers and employees have chosen alternate employment opportunities to overcome the hire & fire trend amid volatility in businesses amid ongoing pandemic. While in the engineering and construction sector, lack of soft skills training and the presence of an exceedingly high number of engineers is reducing the scope for employment.

Such industry hurdles can be overcome with proper training, investment in forming focus groups and continuous R&D to onboard laborers & employees that contribute for long-term business & industrial growth. Companies in the renewables, utilities and chemicals industry are offering training programs in data science, programming & data analytics to ensure job security. These strategies ensure low attrition rates across industries. Companies are revising their financial budget for 2022 to adjust with changing shipping rates.

Thus, new government budgets, federal bills and implementation of new employment policies are safeguarding the interest of both the workforce and employers.

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