The use of AI is key to becoming data-driven in the power sector
LONDON, July 21, 2022 (GLOBE NEWSWIRE) -- The “Power Industry Top 20 Themes Predictions for 2022 – Thematic Research” report offered by GlobalData identifies the top 20 themes that will impact the power sector in 2022. For each theme, the report offers a series of predictions, identifies winners and losers, and points you to further reading.
Companies who invest in the right themes become success stories while those who miss the big themes end up as failures. Given that so many themes are disruptive, it is very easy to get blindsided by industry outsiders who invade your sector. Hence, to help our clients gain a competitive advantage, we have developed GlobalData’s thematic research ecosystem, a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
Top Themes Impacting the Power Sector in 2022
According to the thematic report published by GlobalData, the major technology themes impacting the power sector in 2022 will be artificial intelligence (AI), Big Data, blockchain, cybersecurity, cloud computing, the Internet of Things (IoT), virtual and augmented reality (VR and AR), robotics, electric vehicles (EVs), and smart grid while the major macroeconomic themes impacting the power sector in 2022 will be COVID-19, China impact, and environmental, social, & governance (ESG). Furthermore, the major industry themes impacting the power sector in 2022 will be carbon emissions, renewable energy, energy transition, distributed generation, hydrogen, energy storage, and predictive maintenance.
Technology Theme - The use of AI leads to the creation of huge amounts of insightful data, which can help utilities achieve situational awareness, make better decisions, and forecast more accurately. Improved management and transparency will witness significant growth in 2022. Large utilities will continue to develop their in-house capabilities, hiring machine learning (ML) and data science specialists, and more AI-specific start-ups will persist in growing the list of AI-focused partnerships in the power sector. Electricity trading, smart grids, and asset management represent primary growth areas for AI in the power sector. ML, a key element of the AI value chain, will drive most of this growth.
Macroeconomic Theme - The renewable energy share is expected to increase despite the ongoing COVID-19 pandemic. Globally, renewable energy has remained resilient during the COVID-19 pandemic in 2021 and this is likely to continue in 2022 and beyond. We foresee continuous growth in renewables throughout 2022 due to increasing focus on climate change and support for ESG relative initiatives and rising demand for renewable energy sources in most markets. In addition to these trends, the renewable energy industry will witness a major shift toward local manufacturing, reducing supply chain dependence on imports and encouraging the setup of new domestic manufacturing facilities.
For more insights on macroeconomic themes impacting the power industry, download a sample report
Industry Theme - Leading economies, such as the US and the EU are increasingly putting the onus of carbon reporting on corporates considering their net-zero targets. In March 2021, the EU brought into force the Sustainable Finance Disclosure Regulation (SFDR), which requires financial institutions to declare scope 1 and 2 emissions of their investment portfolio. Further, from January 2023, scope 3 emissions will also need to be reported under SFDR. It will compel financial institutions to review their portfolios and potentially curtail investments in high carbon-emitting companies, such as those from the fossil fuels industry. This, in turn, would impact financing for fossil fuel projects. More than 20 countries including the US, Canada, and Italy at COP26 pledged to end support for international financing of fossil fuel projects.
This report covers the top 20 themes that would impact the power industry in 2022. For each theme, the report gives a series of predictions, highlights the leaders and laggards, and points you to further reading.
This report is a multi-theme report covering 20 themes, drawn from industry, technology, and macroeconomics. It depicts a short-term outlook for the industry from the perspective of these 20 themes.
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Top Themes in Power Sector
Major Technology Themes
Artificial Intelligence (AI), Big Data, Blockchain, Cybersecurity, Cloud Computing, The Internet of Things (IoT), Virtual and Augmented Reality (VR and AR), Robotics, Electric Vehicles (EVs), and Smart Grid
Major Macroeconomic Themes
COVID-19, China Impact, and Environmental, Social, & Governance (ESG)
Major Industry Themes
Carbon Emissions, Renewable Energy, Energy Transition, Distributed Generation, Hydrogen, Energy Storage, and Predictive Maintenance
FAQs
What are the major technology themes that will impact the power sector in 2022?
The major technology themes that will impact the power sector in 2022 are artificial intelligence (AI), big data, blockchain, cybersecurity, cloud computing, the Internet of Things (IoT), virtual and augmented reality (VR and AR), robotics, electric vehicles (EVs), and smart grid.
What are the major macroeconomic themes that will impact the power sector in 2022?
The major macroeconomic themes that will impact the power sector in 2022 are COVID-19, China impact, and environmental, social, & governance (ESG).
What are the major industry themes that will impact the power sector in 2022?
The major industry themes that will impact the power sector in 2022 are carbon emissions, renewable energy, energy transition, distributed generation, hydrogen, energy storage, and predictive maintenance.
Table of Contents
Executive Summary
2022 Theme Map
1. Artificial Intelligence
2. Big Data
3. Blockchain
4. Cybersecurity
5. Cloud Computing
6. Internet of Things
7. Virtual and Augmented Reality
8. Robotics
9. Electric Vehicles
10. Smart Grid
11. COVID-19
12. China Impact
13. ESG
14. Carbon Emissions
15. Renewable Energy
16. Energy Transition
17. Distributed Generation
18. Hydrogen
19. Energy Storage
20. Predictive Maintenance
Glossary
Further Reading
Our Thematic Research Methodology
About GlobalData
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About GlobalData
GlobalData is a leading provider of data, analytics, and insights on the world's largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision makers to predict and navigate the future. This is why GlobalData's mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.
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