Covina, July 18, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the study concludes that the global cloud computing in energy market size and share is expected to grow at a CAGR of 10.3% between 2024 and 2034. The market revenue of USD 1.5 Billion in 2024 is expected to grow up to USD 3.7 Billion by 2034.
Cloud Computing in Energy Market Report Overview
Cloud computing is the force behind transforming operations in the energy sector. It offers efficient management over energy production, delivery, and consumption. Vast sensor data, smart grids, and other sources are stored, processed, and analyzed to give real-time insight into optimum operational efficiency. In addition, cloud platforms are used to make the electrical grid both more efficient and reliable through the administration and analysis of the intelligent grid data. The machine learning algorithms enable the forecasting of equipment faults and hence proactive maintenance scheduling. Cloud-based systems can be utilized in the forecast of renewable energy output and hence improve grid integration. They provide an online platform for producers and consumers of energy to trade and help develop an effective open energy market. This in turn will improve operational effectiveness by reducing on-site visits presently needed.
Cloud computing enhances efficiency and optimization in renewable energy projects by gathering the sensor data of devices such as wind turbines and solar panels into machine learning algorithms for schedule and planning of proactive maintenance, minimizing downtime, and optimizing operational efficiency. It also helps to host the analytics of data more productively, thereby linking energy output with their demand, hence saving waste and allowing real-time monitoring of renewable energy installations. Accuracy in the output projections provided by the cloud-based solutions enhances the market reaction and integration for renewable energy programs.
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Competitive Landscape:
Cloud Computing in Energy Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Amazon Web Services (AWS)
- Microsoft Azure
- Google Cloud Platform (GCP)
- IBM Cloud
- Oracle Cloud
- Schlumberger
- Clir
- Uplight
- AVEVA
- Siemens
- GE Digital
- SAP
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Analyst View:
Cloud computing is making an impact in the energy sector through increased productivity and optimization of renewable energy projects. It collects, stores, and analyzes huge amounts of sensor data produced by smart grids and other devices to bring real-time insight into operational effectiveness. Cloud platforms increase electrical grid reliability with the analysis of intelligent grid data. They enable machine learning techniques for proactive maintenance scheduling and equipment fault predicting. Besides, cloud-based solutions can improve grid integration and generate forecasts related to renewable energy generation. Other trends driving the growth in this segment include machine learning and advanced analytics, Infrastructure as a Service, Platform as a Service, and hybrid cloud deployment.
Market Dynamics:
Drivers:
Including Renewable Energy
- Cloud computing platforms are useful for managing and analyzing data on weather patterns, energy production, and demand fluctuations of renewable energy sources like solar and wind. This aids in better forecasting and integrating these sources into the grid. Additionally, cloud platforms can manage networks of decentralized energy resources like rooftop solar panels.
Optimizing Smart Grids
- Smart grids, which optimize energy distribution and consumption using sensors and real-time data, are made possible by cloud computing. This reduces energy losses and enables users to modify their energy consumption in response to pricing or grid conditions, resulting in increased efficiency and demand response management.
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Market Trends:
Machine learning and advanced analytics
- Cloud computing is a way to provide both processing power and storage capacity in the energy sector for sophisticated machine learning and data analytics applications. Such programs can be used in customer behavior analysis, identification of cybersecurity threats, or predictive maintenance. Such sensor data analytic programs could enable individual energy strategies and detect the possibility of cyber threats or failures in equipment.
Segmentation:
Cloud Computing in Energy Market is segmented based on the Service Model, Deployment Model, Application, and Region.
Service Model Insights
- IaaS provides an energy firm with the capabilities to manage large datasets and complex analytics by offering virtual servers, storage, and networking resources. PaaS, on the other hand, gives a development environment focused on energy to assist businesses in rapidly developing and deploying apps quickly and cost-effectively. This market is expected to grow, especially with the flexibility and adaptability to the varied needs that PaaS provides.
Deployment Model Insights
- Under fluctuating demands, scalable resources can be availed by public cloud services like AWS, Microsoft Azure, or GCP at a decent price. In contrast, private clouds have more control over security but are still highly demanding in terms of infrastructure and expertise from the administrators. Hybrid cloud deployment combines private and public cloud services. Businesses can remain in the private cloud for relevant data and leverage the scalability of the public cloud for lower costs on less sensitive data.
Application Insights
- Cloud-based solutions are widely in use in a number of industries that encompass grid management, renewable energy integration, customer management, upstream oil and gas exploration, and production operations. These technologies improve the general effectiveness and reliability of the electrical grid through the continuous monitoring, optimization, and state control of it. Besides, they realize flexible real-time data management for the integration of renewable energy sources into the grid, such as wind power and solar power. Furthermore, cloud-based CRM solutions provide energy usage insights, billing, and customer account management, which enable users to manage their energy consumption.
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Recent Development:
- In June 2024, Google’s global expansion: Investing in geothermal energy in Nevada and a major data center in Malaysia. Google has partnered with NV Energy to power its Nevada data centers with advanced geothermal electricity. The deal, subject to regulatory approval, is expected to double the power output, providing carbon-free electricity for Google's regional operations. The plan, which will increase the local power grid from 3.5 megawatts to 115 megawatts in six years, aligns with Google's goal of operating entirely on clean energy by 2030.
- In March 2024, NVIDIA Blackwell Platform Arrives to Power a New Era of Computing. NVIDIA has launched the NVIDIA Blackwell platform, enabling organizations to build and run real-time generative AI on trillion-parameter large language models at 25x less cost and energy consumption than its predecessor. The Blackwell GPU architecture features six transformative technologies for accelerated computing, unlocking industry opportunities in data processing, engineering simulation, and quantum computing.
Regional Insights
- Asia Pacific: The need to update and modernize outdated infrastructure is pouring large amounts of money into distributed energy resources and smart grids in this growing market. It thus becomes very important to be able to deal with complicated DER networks and allow cloud computing for scalability, flexibility, and smooth integration with the broader grid. What's more, a spate of government programs that promote innovative grids and renewable energy sources will further accelerate the adoption of clouds in the region.
- Europe: The rising share of energy efficiency and renewable energy has been helping the region grow; cloud computing furthers these ends in the following ways: First, integrating a vast array of heterogeneous sources of renewable energy into the grid does call for sophisticated monitoring and management capabilities. State-of-the-art grid technology maximizes energy consumption, reducing total demand.
Browse Detail Report on "Cloud Computing in Energy Market Size, Share, By Service Model (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS)), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Application (Grid Management, Renewable Energy Integration, Customer Management, and Others), By End User (Utilities, Independent Power Producers (IPPs), Oil & Gas Companies, Energy Service Companies (ESCOs)), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/cloud-computing-in-energy-market-5491
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