Emphasis on Product (Big Data Analytics, Artificial intelligence, industrial Control Systems, Field Devices, Extended Reality, and IoT); Application (Oil & Gas, Power Generation, Utilities, and Others); and Region/Country
The Digital Transformation in Energy Market was valued at approximately USD 49.5 Billion in 2023 and is expected to grow at a robust CAGR of around 28.4% during the forecast period (2024-2032) owing to the need for enhanced operational efficiency, integration of renewable energy sources, improved grid reliability, and the demand for sustainable and data-driven energy solutions.
Digital activities are revolutionizing the energy industry, changing the business models and effects of organizations, and providing services to customers. It ranges from smart grid, and renewable energy, to accurate prediction of the time to failure of a machine in a factory’s production line. Smart grids are likely to be deployed to control power distribution, detect power failures, and adapt to system failures for efficient energy consumption. Current forms of renewable energy such as wind and solar are now being utilized and enhanced through digital interfaces for placement management and tracking of performance. The storage of energy is also being enhanced and made firmer using digital technology. Predictive maintenance is being employed to cut costs and avoid equipment malfunction by keeping schedules of possible malfunctioning equipment.
Besides, digitalization is a flexibility opportunity for the organization where the organization is achievable in enhancing user energy efficiency, photovoltaic charging and storage, demand and supply forecast, and other operations.
This section discusses the key market trends influencing the digital transformation in energy market segments as identified by our research experts.
Oil and Gas Transforming Industry
The oil & gas segment holds a significant market share in the year 2023 wing 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 transparently and securely. 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 is Expected to Grow with Significant CAGR During Forecast Period
North America is expected to grow with a significant CAGR during the forecast period due to the growth in shale oil and gas field exploration coupled with the rise in technological advancements like hydraulic fracture, horizontal drilling, and sub-sea exploration. Furthermore, it is important to note that North American energy market is now in the middle of a digital transition due to technology smart grids, renewable energy, energy storage, and electric vehicles. The incorporation of digital technologies into the energy grid system allows the utilities to efficiently generate and distribute electricity with fewer losses and increase the reliability of the grid. In conclusion, one has to state that the North American energy market is being influenced by the growth of digital technologies, and the chances for development benefit both sides.
The digital transformation in energy market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Schneider Electric SE, Honeywell International Inc., Rockwell Automation Inc., SAP, ABB, IBM Corporation, Microsoft, Cisco Systems Inc., Teradata, and Intel Corporation.
In January 2023, the Federal Cabinet of Germany adopted a bill to relaunch the digitalization of the energy transition, setting out a roadmap for the deployment of smart meters and expanding the scope of dynamic tariffs
In May 2023, Spanish TSO Red Eléctrica’s (Redeia) subsidiary Elewit announced its ASUMO project, which aims to enhance data collection across electrical substations through the use of AI and digital twin technologies. Elewit, a tech platform for the country’s transmission operator, announced the project in response to the need for automated efficiency in the lifecycle of grid assets.
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.
1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Digital Transformation In Energy Market Revenue (usd Bn), 2022-2032f
7. Market Insights By Technologies
8. Market Insights By Application
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Digital Transformation in 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, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Digital Transformation in 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. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Digital Transformation in 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 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, such as technologies, applications, and regions. 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 Energy market. Further, we conducted factor analysis using dependent and independent variables such as technologies, applications, and digital transformation in energy market regions. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Digital Transformation in Energy market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above three steps, we arrived at the current market size, key players in the global Digital Transformation in 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 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
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.
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 energy market. Data was split into several segments and sub-segments after studying various parameters and trends in the technologies, applications, and regions of the global Digital Transformation in Energy market.
The current & future market trends of the global digital transformation in 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:
Q1: What is the global digital transformation in energy market's current size and growth potential?
Q2: What are the driving factors for the growth of the global digital transformation in energy market?
Q3: Which segment has the largest share of the global digital transformation in energy market by technologies?
Q4: What are the emerging technologies and trends in the global digital transformation in energy market?
Q5: Which region will dominate the global digital transformation in energy market?
Customers who bought this item also bought
