Summary

The digital transformation in the energy market is expected to grow at a strong CAGR of around 17% during the forecast period owing to the increasing integration of smart grid technologies along with the increasing adoption of smart grid technologies. Digital transformation is revolutionizing the energy industry by enabling energy companies to optimize their operations, reduce costs, and provide better services to customers. Digitalization in the energy fields helps in smart grid optimization, energy storage, customer engagement, energy forecasting and optimization among others. Also, Digital technologies are also playing a critical role in promoting environmental sustainability in the oil and gas industry. For example, data analytics can be used to optimize energy usage and reduce waste, while advanced imaging technologies can be used to detect and mitigate environmental impacts. In addition, digital technologies are enabling the creation of virtual power plants, which are networks of distributed energy resources such as solar panels and wind turbines that can be managed centrally. This allows for more efficient management of renewable energy resources and provides greater flexibility in meeting energy demand. Overall, digital transformation is helping to advance the development and adoption of energy sources, making them more efficient, reliable, and accessible. By embracing digital technologies, the energy sector can accelerate the transition to a more sustainable and renewable energy future.

Some of the major players operating in the market include Schneider Electric SE, Honeywell International Inc., Rockwell Automation Inc., SAP, ABB, IBM Corporation, Microsoft, Cisco Systems Inc., Teradata, and Intel Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst products, the industrial control system segment held a dominating share of the market in 2021”
Based on product, the market is segmented into big data analytics, artificial intelligence, industrial control system, field device, extended reality, and IoT. The industrial control system segment is expected to witness a significant CAGR during the forecast period. The digital transformation in ICS is to improve the efficiency, productivity, safety, and reliability of industrial processes. By connecting industrial devices and systems to the internet, operators can monitor and control their processes in real time, from anywhere in the world. This allows for greater flexibility, agility, and responsiveness to changing market demands. One of the key benefits of digital transformation in ICS is the ability to collect and analyze large amounts of data from sensors and other devices. This data can be used to identify patterns, trends, and anomalies, which can help operators to optimize their processes and detect potential issues before they become major problems.

“Amongst applications, the oil & gas segment register higher CAGR of the market in 2021.”
By application, the market is segmented into oil & gas, power generation, utilities, and others. The oil & gas segment holds a significant market share in the year 2021 owing to the major dependency on fossil fuels along with the increasing demand for energy around the world. Digital transformation is also driving innovation in the oil and gas industry, leading to the development of new technologies and business models. For example, digital marketplaces are emerging, where producers and consumers can trade crude oil, refined products, and natural gas in a transparent and secure manner. Furthermore, the industry is investing heavily in renewable energy technologies such as wind, solar, and hydrogen, which are expected to play a significant role in the energy mix in the future.

“North America dominated the Digital Transformation in Energy market in 2021”
North America dominated the digital transformation in the energy market in 2021 due to the boom in shale oil and gas field exploration along with the increasing technological advancements such as hydraulic fracture, horizontal drilling, and sub-sea exploration. Also, The North American energy market is undergoing a digital transformation, driven by the adoption of advanced technologies such as smart grids, renewable energy, energy storage, and electric vehicles. The integration of digital technologies into the energy grid is enabling utilities to optimize energy generation and distribution, reduce energy losses, and improve grid reliability. Overall, digital technologies are transforming the North American energy market and creating new opportunities for innovation and growth.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
The global Digital Transformation in Energy market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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