The global power industry is being driven by multiple market forces that have made the power market smarter, resilient and cleaner, says GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Key Developments in Global Power Industry in 2018’, highlights the key trends that were seen in 2018 and are most likely to lead the power sector transformation in 2019:
- Disruptive Technologies
- Regulatory norms
- Changing consumer behavior
- Cleaner technologies
Ankit Mathur, Practice Head of Power at GlobalData, comments: “Digital transformation, distributed power and decarbonization are currently leading the power sector’s transformations. They are pivotal to this changing landscape and form a hub and spoke model, where all other key trends are the derivatives.”
Digital transformation is enhancing the way power is produced, transported, delivered and consumed. Power utilities are forced to invent new business models, enhance service offerings and innovate the ways to manage the power assets. Digitization – so far in the nascent stage – has yielded significant improvement in operational efficiencies and effective asset management.
Distributed power system (DPS) has ensured a model that can provide access to power even to places that are remote or in isolation. The world is witnessing the growth of DPS through a multitude of energy sources such as solar power, micro grids, wind power and energy storage. Solar power has predominantly led the race among the other sources.
Decarbonization has been the oldest trend that has always been at the center stage. Power utilities and countries globally have clearly understood the importance of decarbonization in evolving a cleaner, greener and sustainable power generation.
Mathur adds: “It has become vital for the power industry to leverage the successful breakthroughs of other industries and imbibe them to improve the global power industry services and offerings. Technology has played an important role in speeding and shaping this transformation. The technology led innovations are enabling the industry to cross the hurdles in creating a sustained, flexible and reliable model that works for all.”