Cloud technologies are revolutionizing the power industry by enhancing operational efficiency and service delivery. Recent innovations like Honeywell’s energy optimizer, Siemens‘ bi-directional EV chargers, and Schneider Electric‘s cloud-based management systems are advancing energy management, grid resilience, and customer engagement. Despite a decline in cloud-related patent applications, strategic deals and job postings in the sector have increased significantly. The impact of cloud thechnology extends beyond the power sector, influencing various industries. GlobalData’s cloud market report provides comprehensive analysis of the market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the power industry regarding cloud. It provides an overview of recent developments in cloud-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of cloud in power industry
Power companies are leveraging innovative cloud technologies to enhance their operational efficiency and service offerings. Recent patents highlight advancements such as Honeywell's integrated energy optimizer, which combines edge and cloud capabilities for improved building management. Siemens is transforming existing EV chargers to support bi-directional energy flow, enhancing grid resilience and EV integration. Schneider Electric's semantic meta federation broker facilitates seamless service requests across diverse cloud environments, optimizing resource allocation. Additionally, their modeling and management systems extend industrial network capabilities, ensuring better communication and control. These innovations position power companies to optimize energy management, improve customer engagement, and support sustainable practices through enhanced cloud applications.
The industry experienced a 79% decline in the number of cloud-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of cloud-related patent applications in the power industry witnessed a rise of 13% compared with Q2 2023.
Strategic deal trends in cloud in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in cloud. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of cloud in the power industry.
In Q2 2024, the number of cloud-related deals in the power industry declined by 36% compared with Q2 2023. On a quarterly basis, there was 367% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the power industry experienced a 0.71% drop compared with the previous quarter. On an annual basis, job postings also declined by 10%. Notably, computer and mathematical occupations, with a share of 38%, emerged as the top cloud-related job roles within the power industry in Q2 2024, with new job postings rising by 5% quarter-on-quarter. Management occupations came in second with a share of 12% in Q2 2024, with new job postings rising by 3% over the previous quarter. The other prominent cloud roles include business and financial operations occupations with a 4% share in Q2 2024, and architecture and engineering occupations with a 4% share of new job postings.
Duquesne Light, E.ON, AES, Schneider Electric, and Electricite de France are among the top companies leading in cloud hiring within the power industry.
Countries driving adoption of cloud in power industry
The US is the leading country in cloud adoption within the power industry, boasting the highest number of cloud-related patents, jobs, and deals. Meanwhile, China, Germany, Italy and the Netherlands also maintain significant positions in cloud adoption within the power industry.
In conclusion, despite a decline in patent applications, the power industry's investment in cloud technologies continues to drive significant deals and job growth. These advancements are crucial for enhancing energy management and operational efficiency.
To further understand GlobalData's analysis on cloud in the power industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
