Digital Transformation in Energy Market: Current Analysis and Forecast (2022-2028)

Report Description

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.

Digital Transformation in Energy Market Report Coverage

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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Research Methodology

Research Methodology for the Digital Transformation in Energy Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global digital transformation in the energy market were the three major steps undertaken to create and analyze the adoption of digital transformation in energy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global digital transformation in the energy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the digital transformation in the energy market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the digital transformation in the energy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the digital transformation in the energy market. Further, we conducted factor analysis using dependent and independent variables such as product and application of digital transformation in the energy market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the digital transformation in the energy market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global digital transformation in the energy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the digital transformation in the energy market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global digital transformation in the energy market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global digital transformation in the energy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product and application in the global digital transformation in the energy market.

The main objective of the Global Digital Transformation in Energy Market Study

The current & future market trends of the global digital transformation in the energy market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the digital transformation in the energy market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product and application.
• Define and analysis of the regulatory framework for digital transformation in the energy
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the digital transformation in the energy market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the digital transformation in the energy market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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