Delivery : 24-72 Working Hours
Report Code: IM11120
Category : Software & Services
Energy Cloud Market Overview
Energy cloud is a dynamic network that supports distributed energy resources (DER) with a two-way energy flow and can be implemented by a wide range of strategic, technological, operational, commercial and environmental changes, in approach of traditional utility model to increase energy efficiency. The global energy cloud market is growing because of factors such as aging infrastructure, carbon footprint concerns, grid security concerns and need for enterprises to have customer relationship management.
Energy cloud markets offers various solutions such as enterprise asset management, workforce management, reporting and analytics, customer relationship management and risk management. The market for reporting and analytics solution has significant growth opportunities during the forecast period, due to increasing need of improved decision making, optimization of internal business processes, increasing operational efficiencies and the need to gain competitive advantage in the market by the energy sector utilities.
North America has been the largest market for energy cloud due to the presence of large number of enterprises, strong technical skills among the regional workforce and high adoption of energy cloud products and services. Asia-Pacific is expected to grow at the highest rate in the energy cloud market, in the coming years due to technological advancements and the imposed government regulations on the utilities.
Energy Cloud Market Dynamics
The growth of the energy cloud industry is driven by factors such as government regulations and increased end-user involvement in generation, distribution, buying and selling of electricity. In addition, the aging infrastructure and need to access real-time data by energy utilities are also driving the market growth. The discussions between government and utilities to reduce the carbon emissions have been on the rise, which is further impacting the market positively.
Enterprise asset management solution has been the largest market, as it helps the enterprises to track and manage their assets to improve productivity and return on the asset investment. Energy cloud players provide organizations with asset management solutions, which enhance visibility and control over critical assets that possess a huge risk.
During the forecast period, the fastest growth is expected from reporting and analytic solution, owing to the government regulations in various countries to reduce carbon footprints to diminish global warming and improve efficiency of the aging power plants. The increasing need for improved decision making, optimization in internal business process and gaining competitive advantages in the market are other factors driving the energy cloud market growth. Contrary to these, the increasing number of the cyber-attacks on energy systems and lack of technical workforce to implement energy cloud solutions stands as a restraining force for the energy cloud market.
In several countries such as the U.S, China and India, proceedings are underway that will impact industry structure and business model boundaries for utilities. Further, allowing customer-owned generation resources at all points in a timely manner and at reasonable cost and creation of grids that maximizes the integration of renewable power with existing systems are major upcoming trends seen in energy cloud market.
The major factor driving the growth of energy cloud market is the need to shift the traditional approach of one-way energy flow to two-way energy flow, to reduce losses and improve efficiency of the system. A shift towards an increasingly decentralized power grid architecture from conventional grids due to the rise in the renewable and distributed energy resources (DER), is increasing the demand for energy cloud solutions. In addition, factors such as rising electricity charges and growing government focus towards reducing energy loss are also expected to drive the demand of energy cloud during the forecast period.
Moreover, customers nowadays have become more aware and are involving themselves in understanding the nature of energy used by them, amount of energy consumed and the amount of bills paid. Therefore, the need for enterprises to maintain a healthy customer relationship to increase customer base are propelling the demand for energy cloud market.
Competitive Landscape in the Energy Cloud Industry
The key players operating in the energy cloud market include Accenture PLC, Cape Gemini, Cisco Systems Inc., HCL Technologies, Hewlett Packard Enterprise, IBM Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services. To gain a competitive edge over competitors and to follow the stringent regulation laid by government, the companies are upgrading their technologies. Companies operating in the market are now focusing towards maintaining a strong consumer relationship to maintain their consumer base across the globe.
Global Energy Cloud Market Segmentation
By Service Model
By Deployment Type
By Organization Size