The major technology themes impacting the power sector in 2023 will be artificial intelligence (AI), big data, blockchain, cybersecurity, cloud computing, the Internet of Things (IoT), virtual and augmented reality (VR and AR), electric vehicles (EVs), smart grid, robotics, and drones, while the major macroeconomic themes impacting the power sector 2023 will be geopolitics and environmental, social, and governance (ESG). Furthermore, the major industry themes impacting the power sector in 2023 will be renewable energy, energy transition, energy storage, distributed generation, carbon emissions, predictive maintenance, and hydrogen. The power predictions 2023 thematic intelligence report identifies the top 20 themes that will impact the power sector in 2023. For each theme, the report offers a series of predictions and identifies leaders and laggards.
The top 20 power industry trends are classified into technology themes, macroeconomic themes, and industry themes.
Top Technology Themes: Artificial Intelligence (AI), Big Data, Blockchain, Cybersecurity, Cloud Computing, The Internet of Things (IoT), Virtual and Augmented Reality (VR And AR), Electric Vehicles (EVs), Smart Grid, Robotics, and Drones are some of the top technology themes.
Big Data: Big data will address energy consumption analytics. It is also expected to impact renewable energy. It will deliver superior gains to the energy sector. With the growing adaptability of EVs across the globe, large volumes of data will be generated from EVs, drivers, charging stations, and infrastructure. Big data analytics in EVs will help develop policies for EV charging stations, build intelligent charging algorithms and solve energy efficiency issues.
Blockchain: Blockchain will build peer-to-peer (P2P) energy trading. The technology will also impact wholesale electricity distribution and certify sources of green energy. Power companies are implementing blockchain technology into the wholesale electricity distribution market to connect end-users with the grid. The technology, combined with IoT devices, will enable consumers to trade and buy electricity from the grid rather than from retailers.
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Top Macroeconomic Themes
Geopolitics and Environmental, Social, and Governance (ESG) is the key macroeconomic themes. The rising need for ESG in the power industry. The role of the power industry has become even more critical today due to growing environmental concerns. Industrial operators across the globe can ensure that they minimize harm to the natural environment by adopting an effective environment, social, and governance (ESG) model. In a bid to mitigate greenhouse gas (GHG) emissions, the power sector is moving towards global decarbonization following strict emission regulations. To reduce dependency on power generation from fossil fuels, emission-free technologies such as renewable energy, energy storage systems, hydrogen technology, carbon capture technology, and electric vehicles are being pushed to help create a pollution-free environment.
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Top Industry Themes: Renewable energy, energy transition, energy storage, distributed generation, carbon emissions, predictive maintenance, and hydrogen are some of the key industry themes in the power industry.
Renewable Energy: Renewable energy will continue to drive the power industry. The investment in renewable energy deals will see a steep rise in the coming years because of decarbonization initiatives. This is indicative that the companies are willing to invest in renewable projects associated with the net zero carbon emission goals. Wind and solar power will continue to be the top renewable technologies and will make the largest contribution to clean energy in the coming years. Renewable energy has the potential to reduce prices and dependence on fossil fuels in the short and long term.
Distributed Generation: The demand for distributed generation is expected to grow in the coming years since it is cheaper, more efficient, and cost-effective compared to conventional systems. A surge in pollution levels is encouraging the adoption of clean and renewable energy sources. To curb greenhouse gas emissions, governments are offering incentives and subsidies to the industrial and commercial sector stakeholders for the adoption of distributed generation technology that will have a significant impact on its growth. The widespread deployment of the microgrid will significantly boost the global energy market due to growing concerns about the environment, fuel supply constraints, grid constraint, the need for resilience, and increasing costs.
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