Surge in the Shale Oil & Gas field along with the Increasing Demand for Fossil Fuel has Propelled the Growth of Digital Transformation in the Energy Market in the North America Region!
- Vikas Kumar
- May 15, 2023
- ENERGY & POWER, NEWS
- Digital Transformation in Energy Market, Digital Transformation in Energy Market Forecast, Digital Transformation in Energy Market Growth, Digital Transformation in Energy Market Outlook, Digital Transformation in Energy Market Share, Digital Transformation in Energy Market Size, Digital Transformation in Energy Market Trends
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Digital Transformation In The Energy Market refers to the integration of digital technologies and systems in the production, distribution, and consumption of energy. It involves the use of advanced technologies such as big data analytics, artificial intelligence, the Internet of Things (IoT), blockchain, and cloud computing to optimize energy operations, increase efficiency, reduce costs, and enhance customer experience. The impact of digital transformation on the energy market is seen in the deployment of smart grids to manage and optimize the distribution of energy, the optimization of renewable energy assets such as solar panels and wind turbines, the implementation of digital systems to monitor and control energy usage, the use of blockchain to facilitate peer-to-peer energy trading, and the use of digital tools to enhance customer engagement. Overall, digital transformation is reshaping the energy market, creating a more sustainable, efficient, and customer-centric energy system. By leveraging these technologies, the energy market is becoming more sustainable, efficient, and customer-centric, leading to a better energy system for all.
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Further, the Digital Transformation in Energy Market is expected to grow at a strong CAGR of 17.0% during the forecast period (2022-2028). North America is anticipated to emerge as the fastest-growing digital transformation in energy market primarily owing to technological advancements such as digital twins, well monitoring, and energy distribution attributed to the increasing demand for shale oil in the market due to its superior quality. One of the key drivers of this transformation is the adoption of smart grid technology, which allows utilities to improve the efficiency, reliability, and resiliency of the grid. This involves the use of sensors, IoT devices, advanced analytics and machine learning algorithms to optimize grid operations and monitor energy usage. Another major trend in the North American energy market is the growing demand for renewable energy sources such as solar and wind power. This has led to a proliferation of renewable energy projects and the need for advanced digital tools to manage and optimize their performance. Additionally, the rise of renewable energy sources has highlighted the need for effective energy storage solutions to manage the intermittency of these sources. For instance, according to EIA, the US exported 8.54 b/d of petroleum products to 176 countries including four US territories in the year 2021.
FIG. 1 North America Digital Transformation in Energy Market Revenue (2020-2028)- USD Mn
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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.
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.
Global Digital Transformation in Energy Market Segmentation
Market Insight, by Product
- Big Data Analytics
- Artificial Intelligence
- Industrial Control System
- Field Devices
- Extended Reality
- IoT
Market Insights, by Application
- Oil & Gas
- Power Generation
- Utilities
- Others
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- APAC
- China
- Japan
- India
- Rest of APAC
- Rest of the World
Top Company Profiles
- Schneider Electric SE
- Honeywell International Inc.
- Rockwell Automation Inc.
- SAP
- ABB
- IBM Corporation
- Microsoft
- Cisco Systems Inc.
- Teradata
- Intel Corporation
