3 Industries Affected by Power Outages
When discussing power outages, it is easy to focus more on their effects on residential life. However, these impacts are more than just inconvenient for enterprises in the industrial sector. Without taking proper protective measures against power outages, companies risk losing productivity, data, and more.
Consequently, businesses throughout the US suffer annual losses of approximately $150 billion.
Considering industries feel the weight of these outages differently, it is important to know where your industry stands in regards to power outage effects. Keep reading to discover three sectors that are significantly affected by power outages.
1. Manufacturing Industry
The US manufacturing industry plays a critical role in driving economic development. An unprecedented loss of power to machinery can lead to the absence of productive capacity, waste of materials, and the disruption of the supply chain. This can result in massive financial losses of approximately $6.5 million each hour.
2. Financial Services Industry
The $4962 billion market size of the financial services industry tells you a bit about the magnitude of effects a power outage can have on the industry. This is especially apparent when considering the fast pace of the industry and the need to make million-dollar decisions on time. The stock market exchange is at the industry's core and faces the most risks. After just one minutes of downtime, millions of dollars can be lost.
3. Consulting and Information Technology Services Industry
The Consulting and IT services industry is another industry significantly affected by power outages. Its reliance on consistent internet connectivity makes it vulnerable. Apart from the loss of power to computing devices, power outages cause internet service towers to stop working, the solution of which is out of the control of any IT-related business. Data stored in remote centers may also be lost, putting a complete halt to proceedings in an industry worth $5.2 trillion.
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- Tags: Effects and Impact
- Written by John Sims