Thematic Research: Power Predictions 2021

Globaldata’s Power Predictions 2021 report offers information about the thematic research ecosystem, theme map, and COVID-19 predictions among others.

The report provides predictions for 2021 on COVID-19, Technology Diversification, Artificial Intelligence, Sustainability, Big Data, Hydrogen, Electric Vehicles, Energy Storage, Renewable Energy, Internet of Things, 3D Printing, Blockchain, Drones, Predictive Maintenance, Cloud Computing, Mergers and Acquisitions, Microgrids, Virtual and Augmented Reality, Digitalization, and Emerging Economies. Companies that invest in the right themes become success stories; those who miss the big themes end up as failures. Given that so many themes are disruptive, it is easy to be blindsided by industry outsiders who invade your sector. So, to help our clients gain a competitive advantage, we have developed GlobalData’s thematic research ecosystem, an integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.

Vital analysis of the impacts of power predictions:

• Renewable energy share of power to increase in future due to COVID-19. Globally, renewable energy has remained resilient during the pandemic crisis and this is likely to continue in the future. We foresee continued growth in renewables throughout 2021 due to electricity demand coming back to normal, low operating costs, and priority or guaranteed access of renewable power generators to the grid through regulations. 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. The pandemic has underscored the need for clean air and healthful considerations more generally. Emissions reductions due to COVID-19 have led environmentalists to advocate for more renewable energy to maintain these levels and avoid a potential crisis in the future. This will further help to boost renewable energy

• The duration and severity of COVID-19 impacts on capital markets and economies will stymie the flow of investments. The economy-driven demand reductions will hurt new installations. New projects will be delayed due to a lack of capital and equipment. Power and utility companies will partially halt building new plants and tighten their budgets. Investments in renewables are expected to fall by 9-10%. Moreover, the resurgence of coronavirus cases can lead to renewed lockdown and can strain on the workforce, such as limited availability of engineers and limitation on movement of the workforce which would further create operational challenges. With financial issues increasing for companies in the power sector, it is expected to take a major toll on investment in 2021. A complete recovery will depend on the effective containment of the virus and the availability of vaccines to the general public

• Decline in wholesale electricity prices. Power companies took a financial hit in 2020 as both demand and wholesale electricity prices fell due to COVID-19’s economic impact. As demand rebounds, electricity prices are expected to do the same

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