The energy & power sector has been a dynamic one due to its vulnerability to volatile energy prices, global economic conditions; moreover, the global COVID-19 pandemic has affected it in the last few months. For instance, the global oil prices plummeted to historic low, following the pandemic situation and Saudi-Russian price war. However, the rising awareness about green energy solutions has subsequently facilitated
The energy & power sector has been a dynamic one due to its vulnerability to volatile energy prices, global economic conditions; moreover, the global COVID-19 pandemic has affected it in the last few months. For instance, the global oil prices plummeted to historic low, following the pandemic situation and Saudi-Russian price war. However, the rising awareness about green energy solutions has subsequently facilitated the adoption of several renewable power generation solutions across different commercial, industrial, and residential end users in the past decade. Furthermore, the increasing needs to minimize carbon footprint as well as to reduce the environmental impact of power generation from the conventional fuel sources have boosted the adoption of renewable energy solutions.
In addition, the energy & power sector market players that provide comprise complex project management solutions and offering turnkey solutions or services have witnessed considerable business growth opportunities across both developed and developing economies. The installation of solar power, wind power, and hydropower-based renewable energy solutions has gained swift traction in North America, Europe, and Asia. In contrast, many nuclear power plant maintenance, decommissioning, and deployment projects have gained momentum in numerous countries. In developing economies of Asia and Africa, increasing demand for the development and maintenance of energy & power utilities is expected to provide attractive business growth opportunities for the market players of energy & power sector in the coming years.
Energy Storage & Distribution
The global energy storage and distribution industry has undergone modernization through the integration of state-of-the-art technologies and energy storage systems. Moreover, the rising popularity of renewable energy sources and of-shore deployment also have boosted the adoption of efficient and advanced distribution solutions in power grids. The companies catering to the demands of energy storage and distribution businesses, or other related industries, have undergone a paradigm shift through adopting business solution featuring the Internet of Things (IoT) solutions for seamless analytics and data driven operation, maintenance, planning and project management among other business functions across the energy storage and distribution verticals.
Renewable energy sources are expected to present more lucrative growth opportunities for the companies in energy & power sector compared to traditional energy sources due to the substantial adoption of the green energy solutions. However, the periodic maintenance and modernization of
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