The concept of digitalizing power utilities is gaining pace amidst recent technological advancements in the power sector. Utilities are known as slow adopters when it comes to technology while government regulations have largely dis-incentivized the adoption of latest technology and planning processes. Several power utilities globally have now learnt advantages and the importance of digitalization, which are much prevalent in other industries. Today, several startups and big companies provide technologies and platforms that allow power producers, utilities, and other companies in the energy sector to reduce their operating costs, increase revenues, and exploit new business opportunities. Some key benefits for power utilities include optimized operation and maintenance, efficient asset management, managing electricity loads, and higher customer satisfaction due to the higher predictability of energy ecosystem.
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Increase in Renewable Energy Sector and Renewable Integration Drive Digital Power Utility Market
A shift from conventional power centric policies to renewable focused policies by several nations have resulted in a significant rise in renewable energy share in the digital power utility market. The next big change to impact the power sector is the rapid adoption of digital platforms, and the renewable sector is an early adopter of this technology. Along with several other advantages, digitalization can also help integrate variable renewables by enabling grids to better match the energy demand to times when the sun is shining, and the wind is blowing. Digitalization can further facilitate the development of distributed energy resources, such as household solar PV panels and storage, by creating better incentives and making it easier for producers to store and sell surplus electricity to the grid.
Growing Demands in North American Markets Enable Growth in Digital Power Utility Market
North American countries such as the U.S. and Canada are among the few first countries to strengthen its power utilities using digital platforms. Digital transformation in North America is driving utilities to change their business and operating and information models. Further, the North American power utility market is highly competitive, and any value addition to its existing services means a great deal to its consumers. With the potential of cleaner energy supply coming from renewable energy and the surge in shale gas in North America, utilities are in a position where they must evolve their supply mix and innovate to protect their customer base.
Increase in Use in Transmission and Distribution (T&D) Boosts Market Growth
Digital devices are rapidly being used in power generation, transmission, and distribution industries to improve plant productivity, reliability, and protection. Smart grids, sensors, and smart meters are digital systems that provide the business and the consumer with a more precise and real-time account of power consumption. These technologies aid in the improvement of power generation and distribution productivity, performance, safety, enforcement, and reliability. This leads to improved asset management, preparation, and execution, as well as a higher level of quality and customer satisfaction.
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COVID-19 Impact Analysis
- COVID-19’s unfavorable global effects are already evident, and had a big impact on the digital power utility market in 2020.
- The World Health Organization (WHO) declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which previously show signs of improvement, have escalated once more. The outbreak of the virus has added danger factors to the international economy’s already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the digital power utility market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
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