In an industry undergoing huge transformation, it’s never been more important to stay ahead of the game.
New climate efforts, including the near-global COP26 net zero commitment, COVID-19 and new technologies have altered the way energy companies are required to operate. Research, innovation and transformation characterize the industry, with organizations attempting to navigate an ever-changing market, which in some cases, is more volatile than ever before. However, this growing focus on research, innovation and transformation is opening doors for the industry, revealing an exciting new landscape which will not only allow companies to transform their own operations, but also wider society.
The power and utilities sector has experienced substantial disruption, fueling the acceleration of investments and innovations in the space. The road to cleaner energy will demand new technologies to further developments around decarbonization and decentralization.
The renewables sector has been growing and maturing over recent years. With international climate summits leading the way to a ‘greener future’, we can expect this development to continue. Big cost reductions in productions have increased renewables’ competitiveness. That coupled with government support to reach ambitious clean energy goals will mean tremendous growth opportunities for businesses in the years to come.
With oil and gas prices reaching their highest levels in years, the current state of the industry delivered a shock to the utility industry and raises long-term questions about how consumers choose to heat their homes.
The increase in digitalization and the use of advanced data analytics is prospected to grow to transform the chemical industry. These tools will help drive innovation, productivity and profitability, giving businesses an advantage.