Digitalization technologies are revolutionizing the power sector, with companies like Causam Energy, Hanwha Corp, Schneider Electric SE, and Intel Corp leading through innovative patents. These advancements in energy settlements, adaptive storage, equipment analysis, and resource allocation promise improved efficiency and performance. Despite recent declines in patent applications and job postings, strategic deals and investments in digitalization continue to shape the industry, with key markets like China, the US, and Germany driving adoption. The impact of digitalization extends beyond the power sector, influencing various industries. GlobalData’s digitalization market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the power industry regarding digitalization. It provides an overview of recent developments in digitalization-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of digitalization in power industry
Power companies are increasingly leveraging digitalization technologies to enhance operational efficiency and improve service delivery. Recent patents highlight innovations such as an adaptive heat map system for real-time data visualization in industrial environments, enabling better decision-making through augmented reality. Additionally, congestion management systems optimize traffic flow during events, enhancing customer experience. A central plant control system focuses on cost-effective energy facility operations through online optimization, while a flexible DC microgrid for electrolytic aluminum production improves process efficiency via cloud monitoring. Lastly, advancements in data management ensure the integrity of information from diverse sources, facilitating better analytics and operational insights. These technologies collectively position power companies to innovate and streamline their operations effectively.
The industry experienced a 44% decline in the number of digitalization-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the power industry witnessed a drop of 2% compared with Q2 2023.
Strategic deal trends in digitalization in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in digitalization. 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 digitalization in the power industry.
In Q2 2024, the number of digitalization-related deals in the power industry declined by 21% compared with Q2 2023. On a quarterly basis, there was 70% 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 8% growth compared with the previous quarter. On an annual basis, job postings also declined by 0.39%. Notably, management occupations, with a share of 12%, emerged as the top digitalization-related job roles within the power industry in Q2 2024, with new job postings rising by 7% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 11% in Q2 2024, with new job postings dropping by 4% over the previous quarter. The other prominent digitalization roles include architecture and engineering occupations with a 10% share in Q2 2024, and business and financial operations occupations with a 6% share of new job postings.
Prysmian, Hitachi Energy, Worley, Schneider Electric, and E.ON are among the top companies leading in digitalization hiring within the power industry.
Countries driving adoption of digitalization in power industry
The US is the leading country in digitalization adoption within the power industry, boasting the highest number of digitalization-related patents, jobs, and deals. Meanwhile, China, Germany, the UK and Japan also maintain significant positions in digitalization adoption within the power industry.
In conclusion, despite a recent decline in patent applications and job postings, digitalization technologies remain crucial for enhancing efficiency and performance in the power industry. Key investments and strategic deals continue to drive innovation, with major markets leading the way in adopting these transformative technologies.
To further understand GlobalData's analysis on digitalization 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.
