Economic slowdown continues on a global scale, population growth continues, as well as increased living standards in many emerging countries - ensuring the demand for energy will continue to grow. Energy companies have to consider this, evolving regulatory and environmental issues and carefully weighing the risk-reward relationship with each project. Many companies are even expanding their energy focus to include renewable energy sources – a field increasingly dependent on innovation and technology.
There is no question that the Energy industry is experiencing unprecedented technological innovation. This rapid evolution of the systems, processes and technology that help successful companies develop and deliver energy around the world presents enormous challenges for businesses. Ensuring that these are all well integrated, performing, and delivering is no easy task.
Ideas and Trends in the Energy Industry
The energy sector is an industry that has traditionally been considered conservative, difficult and slow to adapt to markets forces. However, it is now facing the reality of significant changes and challenges from ongoing environmental sensitivity, changing policymaker attitudes and consumer expectations. These challenges have generated a great deal of innovation from inside and outside of the traditional IT area. Public and private utilities, for example, are looking at how technology can reduce cost, drive efficiencies and enhance competitive advantage.
The digital revolution has come to the Energy sector, some of the top technology trends where Techedge is helping its clients include:
Big Data and Industry 4.0
Smart grid development will increase data quantity by several orders of magnitude. In addition to significantly impacting data volume, smart grid initiatives will produce a different variety of data, such as temporal, spatial, transactional, streaming, structured and unstructured.
Mobile and Location-Aware Technology
Lowering costs and improving the accuracy and effectiveness of the field force are the main drivers for utilities to deploy mobile and wireless technologies.
Cloud Computing and SaaS
Although the utility industry trails other sectors in cloud adoption due to security and reliability concerns, solutions are beginning to emerge in areas such as smart meter, big data analytics, demand response coordination and GIS.
Social Media and Web 2.0
Enhance opportunities for customer acquisition, retention and engagement. Drive participation in energy efficiency programs, communicating outages, or even for crowd-sourcing distributed energy resources coordination.
According to Gartner, other important technology trends within the Energy sectors are: Sensor Technology, In-Memory Computing, IT and OT Convergence, Advanced Metering Infrastructure, Communication Technology and Predictive Analytics.