The rising focus on renewable energy projects and energy storage devices, thermally activated technologies, and transmission & distribution systems has enabled more investments in renewable energy projects. Growing Capital Investment in Renewable Energy Projects to Boost Market Growth Several standards and guidelines regarding future-oriented, integrated investment plans for building-related digitalization technologies will be growing in the new construction and existing buildings. Digital technologies and solutions will be needed to achieve energy efficiency, automated buildings. The digitalization in buildings, such as sensors, should be capable of sensing energy and power demand, temperature, air quality, presence, and impact of moisture. The digitalization and technological advancement in the buildings will create an opportunity for energy efficiency and better power management. Digitalization also allows the developer to respond to its regulatory and market changes.ĭigital Buildings Will Unlock New Opportunities for Energy Efficiency and Better Power Management It improves the flexibility to increase the share of renewables and manage the impact of cycling. In addition, the usage of digital solutions in electricity plants can reduce the emission of carbon dioxide by enabling fuel analysis and better combustion performance. Request a Free sample to learn more about this report.ĭigitalization of Power Plants Worldwide will Support Market Growthĭigitalization in plants has been increasing due to growing digital technology and the emergence of software distribution models, such as software-as-a-service this software makes the digital solution affordable for the developers. In addition, the renewable energy projects were also delayed due to a lack of capital and equipment. ![]() The pandemic has restricted manufacturing and production centers where industrial demand has decreased owing to the decrease in need, the prices in electricity markets have declined, along with LNG and CO 2 prices. The maintenance activities have been hit, and there is lower utilization of power plants, which further led to the postponement of the capacity increment plans for these power plants. The COVID-19 pandemic and subsequent lockdowns have significantly reduced energy demand, hampering the growth prospect. Supply Chain Disruptions to Hamper Industry Growth It can also enhance the process's security, storage, and flexibility and provide cloud-enabled solutions to optimize the delivery speed. The digital power utility solution helps the power distributor by providing a real-time solution to control the assets using the cloud and Internet of Things applications. Digital power utility solutions are used to make these processes more efficient. The power generation, transmission, and distribution processes face numerous challenges and energy losses during their operations. Companies involved in the power generation industry are now focused on delivering sustainable and environmentally friendly energy to meet the needs of the people. The rise in CAGR is attributable to this market’s growth and demand, returning to pre-pandemic levels once the pandemic is over.Īccess to power or energy is a vital factor for the different regions to boost economic development and the well-being of the local people. Based on our analysis, the market exhibited a lower growth of about -6.0% in 2020 than average year-on-year growth during 2017-2019. The global impact of COVID-19 has been unprecedented and staggering, with the global market witnessing a negative demand across all regions. The market is projected to grow from USD 55.02 billion in 2021 to USD 239.38 billion by 2028, exhibiting a CAGR of 23.4% during the forecast period. The global digital power utility market size was USD 50.82 billion in 2020.
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