Using outdated equipment can hinder the efficiency and productivity of the entire manufacturing process, resulting in higher operational costs and increased maintenance. According to a recent IFC report, Energy Efficiency: A New Resource for Sustainable Growth, the Armenian industrial sector could be saving up to 14.5% of energy costs by further improving energy efficiency. The 100 companies surveyed indicated plans to invest more than $35 million in energy efficiency in the short term, which represents a market potential of more than $200 million in Armenia. According to the National Program on Energy Saving and Renewable Energy, the following industrial sectors have the largest energy efficiency potential in Armenia: food production (24.7%), metal ore extraction (16.7%), metallurgical industry (12.7%), chemical industry (8.7%), non-metal mining (5.1).
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