The power industry is soaring to Icarus-like heights as cloud computing inspires a dynamic, data-fueled energy ecosystem.
The Energy Cloud is ushering in huge opportunities for innovation in the power and energy markets.
It’s based on cloud computing, which shifts data storage from computer hard drives to the Internet. Thus, the Energy Cloud is the digitization of traditional processes of creating, distributing, and consuming energy.
Data and digital for the power industry
The hub-and-spoke concept, where power travels linearly, inspired current energy channels.
The Energy Cloud however, veers away from this conventional model and is evolving into a multi-faceted digital organism of omnipresent connectivity.
It’s changing the energy landscape through the implementation of disruptive technologies, the manifestations of which are already present in everyday life.
However, companies are using smart technologies to change how they source and transmit energy. These innovations include autonomous meters in power plants, the Internet of Things (IoT), and machine learning (ML).
The International Energy Agency predicts that the industry will pump $8 trillion into modernization schemes over the next 25 years. These funds are the descendants of the already $3 trillion global investment that has happened since 2000.
Technology and energy pundits also foresee that new annual industry revenue will be worth $1.3 trillion by 2030. This staggering figure teases at the possibility of emerging market entrants that will redefine, and possibly dismantle energy practices from the last 150 years. Cutting edge developments in Big Data are increasing the market playing field. Previously, major brands heavily regulated this landscape.
Through data and digitization, the Energy Cloud is on a responsive precipice leading to a new world of energy creation and transmission. To stay current, it must include innavtions in disruptive technology.
Unlike Icarus however, it will achieve success through flying to even greater heights.