Cloud computing is revolutionizing all facets of the energy sector—including making it easier to manage renewable assets centrally. In short, this technology is rapidly becoming a key aspect of effective asset management. These assets are typically large-scale structures that span wide geographic areas, have large structural elements, and are subject to severe environmental forces. As the industry faces the brunt of these challenges, the impact of cloud computing in the power sector is more relevant than ever.
According to GlobalData’s recent forecast, the cloud computing market in the energy sector is booming. This increase will happen at a CAGR (compound annual growth rate) of 22%. This demand for cloud solutions underscores the cloud’s key role in addressing the mission-critical trifecta industry challenges. These benefits range from accelerating the energy transition to modernizing disinvested, outdated grids to increasing productivity and efficiency, and improving energy security.
Cloud-based, collaborative asset management platforms broaden that impact Cloud-based, collaborative asset management platforms are the foundation for this transformation. Orchestratii They collect and show operational data in real-time aggregate through Internet of Things (IoT) devices plugged into renewable infrastructure. This aggregation provides operators with real-time insight into the health and performance of their assets. As such, they’re able to apply their limited funding towards more informed decision-making and proactive maintenance priorities.
The electric utility industry stands to profit immensely from the transformative capabilities that cloud computing can provide. By improving operational efficiency and productivity, companies can better manage their resources while navigating the complexities of renewable energy generation. Cloud computing plays a role in modernizing our aging grid systems. It helps to make them more responsive and adaptable to the growing demands of energy distribution.
Energy security, an increasingly important issue for all countries, benefits as well from cloud technology. With the right cloud solutions in place, companies can strengthen their infrastructure to withstand the shocks of future disruptions and provide a more stable energy supply. Global power companies and specialized cloud vendors alike are working swiftly to incorporate cloud computing into their operational frameworks. That impact is especially apparent given the rapid adoption of these technologies.
A thematic scorecard measures the progress through this street and median – ever evolving – jungle. It then ranks large electric utilities according to how well invested they are in advancing cloud computing projects. This ranking seeks to bring attention to the competitive advantages achieved by those organizations willing to adopt disruptive technologies and trends in their approach to asset management.