In the realm of the power industry, digitalization has emerged as a driving force for innovation and strategic investments. From innovative patents enabling virtual testing of autonomous systems to strategic deals emphasizing the significance of digitalization, the power industry is navigating a dynamic landscape. The impact on hiring within the sector and the countries driving digitalization adoption further illustrate the transformative nature of this technological evolution. However, the impact of digitalization extends beyond the power sector, influencing various industries. GlobalData’s ‘Utilities 2.0: How Digitization And Decentralization Are Unlocking New Possibilities In Power’ report offers a deep dive into the sector’s top themes, real-world innovation use cases, insights across value chain segments, and a vendor list showcasing key players in emerging technologies. Buy the report here.
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 in the field of Digitalization are leveraging the latest patents to innovate and improve their businesses. One patent titled "Virtual testing of autonomous environment control system" describes methods and systems for assessing and responding to malfunctions in autonomous vehicles and smart homes. This technology allows for the robustness of autonomous systems to be determined through virtual assessment of software components within a simulated environment. Another patent titled "Energy efficiency data collection service" enables efficient and accurate collection of energy efficiency data, generating user profiles based on the collected information. Users are incentivized to participate in energy efficiency data collection surveys. Additionally, a patent titled "Techniques to control system updates and configuration changes via the cloud" allows for firmware updates and configuration changes to be controlled based on access levels of operation. These patents provide power companies with valuable tools to enhance their digitalization technologies and applications, improving their operations and services.
The industry experienced a 25% decline in the number of digitalization-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the power industry witnessed a rise of 70% compared with Q2 2022.
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 2023, the number of digitalization-related deals in the power industry grew by 156% compared with Q2 2022. On a quarterly basis, there was 64% 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 2% drop compared with the previous quarter. On an annual basis, job postings also grew by 60%. Notably, computer and mathematical occupations, with a share of 17%, emerged as the top digitalization-related job roles within the power industry in Q2 2023, with new job postings drop by 3% quarter-on-quarter. Management occupations came in second with a share of 14% in Q2 2023, with new job postings dropping by 2% over the previous quarter. The other prominent digitalization roles include architecture and engineering occupations with an 8% share in Q2 2023, and business and financial operations occupations with a 6% share of new job postings.
Siemens, Schneider Electric, Siemens Energy, Amentum Services, and Iberdrola 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, the UK, France and Germany also maintain significant positions in digitalization adoption within the power industry.
In conclusion, the power industry experienced a temporary decline in digitalization-related patent applications but a significant annual increase. Strategic deals in digitalization surged, highlighting its growing importance. Job postings showed stability with modest quarterly decline but substantial annual growth, led by computer and mathematical occupations.
To further understand GlobalData's analysis on How Digitization And Decentralization Are Unlocking New Possibilities In Power, buy the report here.