Cloud technology has revolutionized various industries, and the power sector is no exception. In recent years, power companies have been leveraging cloud technology to drive innovation, improve efficiency, and enhance their operations. From assigning tasks between devices to enabling secure computation and controlling industrial plants, the applications of cloud in the power industry are diverse and promising. While there has been a decline in cloud-related patent applications and deals in the industry, strategic investments and hiring trends indicate the growing importance of cloud technology. The impact of cloud extends beyond the power sector, influencing various industries. GlobalData’s Cloud Computing Market Trends and Analysis report helps keep abreast of the latest trends in cloud, market opportunity forecast and the competitive landscape. 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 in the field of Cloud are leveraging the latest patents to innovate and improve their businesses. These patents cover a range of technologies and applications related to Cloud. One patent focuses on the assignment of tasks between multiple devices in a system, allowing for efficient execution of applications. Another patent introduces a multi-purpose sensing device for industrial automation equipment, which collects data and generates signals for various actions. A third patent enables vehicles to communicate with a cloud system for sharing electronic keys, providing access and use of the vehicle. Additionally, there is a patent for performing computation of a function over encrypted data, ensuring secure and verifiable computation. Lastly, a patent describes a method for controlling an industrial plant through a programmable logic controller connected to a cloud server. These patents offer power companies the opportunity to enhance their cloud technologies and applications, leading to improved efficiency, security, and control in their operations.
The industry experienced a 72% decline in the number of cloud-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of cloud-related patent applications in the power industry witnessed a drop of 59% compared with Q3 2022.
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 Q3 2023, the number of cloud-related deals in the power industry declined by 47% compared with Q3 2022. On a quarterly basis, there was 53% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the power industry experienced a 18% drop compared with the previous quarter. On an annual basis, job postings also declined by 14%. Notably, computer and mathematical occupations, with a share of 43%, emerged as the top cloud-related job roles within the power industry in Q3 2023, with new job postings drop by 17% quarter-on-quarter. Management occupations came in second with a share of 11% in Q3 2023, with new job postings dropping by 9% over the previous quarter. The other prominent cloud roles include architecture and engineering occupations with a 4% share in Q3 2023, and business and financial operations occupations with a 4% share of new job postings.
Siemens, Schneider Electric, Engie, AES, and RWE are among the top companies leading in cloud hiring within the power industry.
Countries driving adoption of cloud in power industry
China is the leading country in cloud adoption within the power industry, boasting the highest number of cloud-related patents, jobs, and deals. Meanwhile, the US, Germany, Australia and India also maintain significant positions in cloud adoption within the power industry.
In summary, the power industry saw a quarterly decline in cloud-related patent applications but a substantial annual increase. Strategic deals in cloud technology grew significantly, highlighting its growing importance. Job postings experienced modest quarterly growth and steady annual expansion, with computer and mathematical occupations leading in cloud-related roles. Siemens, Schneider Electric, Electricite de France, NextEra Energy, and Vestas Wind Systems were prominent in cloud hiring. The US led cloud adoption in the power industry, with India, China, Germany, and France also contributing significantly.
To further understand GlobalData's analysis on cloud in the power industry, buy the report here.