In the realm of the power industry, cloud technology has emerged as a pivotal driver of innovation and strategic investments. From optimizing industrial control systems to facilitating seamless updates and enhancing meter management, power companies are harnessing the potential of latest patents in cloud technology to revolutionize their operations. Simultaneously, advancements in cloud technology have also led to significant growth in job opportunities and strategic deals within the industry, reflecting its impact on the sector’s landscape. GlobalData’s cloud computing market report offers a thorough, forward-looking analysis of the global cloud computing market by channel type, business model, spend category, and key opportunities. 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 new cloud technologies and applications to innovate and improve their businesses. These technologies are aimed at enhancing the efficiency and reliability of industrial control systems, system updates and configuration changes, meter management systems, and fault detection in low-voltage distribution networks. The patents reveal that power companies are utilizing cloud computing environments to securely access diagnostic information from battery modules, enable firmware updates and configuration settings based on access levels of operation, manage meters via a cloud-based server, and collaborate between edge IoT agents and distribution network control centers for fault detection. These advancements in cloud technologies will benefit the acquirer by providing them with improved control, monitoring, and management capabilities, leading to enhanced operational performance and cost savings.
The industry experienced a 65% decline in the number of cloud -related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of cloud -related patent applications in the power industry witnessed a rise of 100% compared with Q2 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 Q2 2023, the number of cloud -related deals in the power industry grew by 143% compared with Q2 2022. On a quarterly basis, there was 70% increase in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the power industry experienced a 6% growth compared with the previous quarter. On an annual basis, job postings also grew by 12%. Notably, computer and mathematical occupations, with a share of 43%, emerged as the top cloud -related job roles within the power industry in Q2 2023, with new job postings rising by 6% quarter-on-quarter. Management occupations came in second with a share of 10% in Q2 2023, with new job postings dropping by 2% over the previous quarter. The other prominent cloud roles include architecture and engineering occupations with a 3% share in Q2 2023, and business and financial operations occupations with a 3% share of new job postings.
Siemens, Schneider Electric, Electricite de France, NextEra Energy, and Vestas Wind Systems 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, India, China, Germany and France 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.
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