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Global Energy Cloud Market: Snapshot
The global market for energy cloud is anticipated to be driven by the fundamental changes made to the industrial and commercial longitudes across the globe. Energy cloud is a system derived from cloud computing that replaces the traditional grid architecture to give a range of commercial, environmental, and technical changes. The needs of the companies to maintain a pool of energy resources in order to distribute it via the grids with a greater level of efficiency has driven demand within the global market. Smart grids have become an important part of the energy infrastructure of regions, especially across North America. Hence, the market for energy cloud is expected to reap in commendable benefits over the coming years.
Cyber-attacks have become rampant across the globe which has raised concerns with regards to the security of grids, and hence, the global demand for energy cloud has reached unprecedented levels in recent times. Furthermore, the grid infrastructure across a lot of regions has become old and obsolete which also propels demand within the market for energy cloud. Managed energy services are projected to attract commendable demand over the coming years whereas enterprise asset management is expected to become popular across emerging economies.
The technological revolution that has offset across Canada and the US has given a boost the demand for energy cloud across North America. It is evident that emerging economies have followed the footsteps of developed nations, and hence, the market in Asia Pacific and the Middle East and Africa is also expected to capture a decent market share over the years to come.
Global Energy Cloud Market: Overview
Energy cloud is an emerging concept acquired from cloud computing that challenges conventional hub-and-spoke grid architecture with a wide spectrum of regulatory, environmental, commercial, and technical changes. The constant broadening of smart grid infrastructure and stable rise in distributed energy resources (DER) capacity are expected to be the two critical trends propelling the shift to the transparent, responsive, and dynamic energy cloud landscape. Energy cloud evolution is considered as an unparalleled opportunity for vendors and customers alike to improve or replace their status quo.
Global Energy Cloud Market: Key Trends
The world energy cloud market is anticipated to fuel its growth due to the increasing requirement of organizations to avail the advantages of customer relationship management (CRM). Other key factors such as concerns regarding grid security and growing aging infrastructure are expected to lay a solid foundation for the world market. Utilities, energy, and other similar enterprises could be challenged by exacting compliances and regulations and elevating levels of cyberattacks. Howbeit, there could be some lucrative business opportunities in solution and service markets waiting for players to capitalize on.
Managed services are predicted to register a significant growth in the global energy cloud market during the course of the forecast period. This service segment finds an expansive and vital application in utility and energy enterprises for the management of smart and nuclear grids and downstream and upstream oil and gas. Managed services can also be engaged for addressing client needs and pre and post-deployment queries of customers.
According to the segmentation by solution, enterprise asset management is prognosticated to rake in a larger share in the international energy cloud market. Benefits such as governing assets, improving the return on them, and accessing real-time visibility into their usage could set the tone for this segment.
Global Energy Cloud Market: Market Potential
Genesis Energy, one of the largest power generators and gas and power retailers in New Zealand, has teamed up with Spark to migrate its IT infrastructure to a cloud-based platform. The technology and digital executive general manager of Genesis Energy expressed that the shift to Spark’s Revera cloud platform was a great move for the company in the fast-changing energy sector. Genesis Energy will now be able to offer innovative energy solutions to customers and enhance its efficiencies. The highly competitive five-year partnership will present a robust IT managed services package tailored to the business needs of the energy company.
Global Energy Cloud Market: Regional Outlook
As a result of a telling adoption of technologies in the forefront and voluminous presence of a number of enterprises, countries such as Canada and the U.S. are prophesied to be the major markets for energy cloud. In this regard, North America is envisaged to secure a tremendous share in the worldwide energy cloud market. Quickly catching up the pace at which larger markets are growing, Asia Pacific is foretold to display a higher CAGR during the forecast years. The analysts could also be interested in studying other convincing regions such as Europe and Rest of the World.
Global Energy Cloud Market: Competitive Landscape
Leading companies in the global energy cloud market could be dependent on constant technological innovations with a view to further customer satisfaction and sustain their position in the industry. The global market is envisioned to be served by these players as they count their growth on various strategies such as partnerships, acquisitions, and new product development. Some of the crucial players in the market are Oracle Corporation, Cisco Systems, Inc., SAP SE, HCL Technologies, IBM Corporation, and Accenture PLC.
The study presents reliable qualitative and quantitative insights into:
The regional analysis covers:
The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.
Highlights of the report:
Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.
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