Energy Cloud Market Size, Share, Key Players, Growing Demand and Opportunities by 2023

Energy cloud is a dynamic network that supports distributed energy resources (DER) with a two-way energy flow and can be implemented by a wide range of strategic, technological, operational, commercial and environmental changes, in approach of traditional utility model to increase energy efficiency. The global energy cloud market is growing because of factors such as aging infrastructure, carbon footprint concerns, grid security concerns and need for enterprises to have customer relationship management.

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North America has been the largest market for energy cloud due to the presence of large number of enterprises, strong technical skills among the regional workforce and high adoption of energy cloud products and services. Asia-Pacific is expected to grow at the highest rate in the energy cloud market, in the coming years due to technological advancements and the imposed government regulations on the utilities.

The growth of the energy cloud industry is driven by factors such as government regulations and increased end-user involvement in generation, distribution, buying and selling of electricity. In addition, the aging infrastructure and need to access real-time data by energy utilities are also driving the market growth. The discussions between government and utilities to reduce the carbon emissions have been on the rise, which is further impacting the market positively.

The major factor driving the growth of energy cloud market is the need to shift the traditional approach of one-way energy flow to two-way energy flow, to reduce losses and improve efficiency of the system. A shift towards an increasingly decentralized power grid architecture from conventional grids due to the rise in the renewable and distributed energy resources (DER), is increasing the demand for energy cloud solutions. In addition, factors such as rising electricity charges and growing government focus towards reducing energy loss are also expected to drive the demand of energy cloud during the forecast period.

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The key players operating in the energy cloud market include Accenture PLC, Cape Gemini, Cisco Systems Inc., HCL Technologies, Hewlett Packard Enterprise, IBM Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services.

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