Power sector is one of the crucial components of infrastructure having an integral role to play in the economic upturn of the country and even the world. This Power sector is brimming with internet of things and every big fish is trying to make the best out of it. India has one of most diversified power sectors in the world because it has a rich pool of natural resources from coal, hydro and electric power, oil and natural gas, to name a few and non- conventional resources like solar, domestic and agricultural waste as well as wind. The Indian power sector is undergoing a sea change. Here’s how the power sector picture looks like in the year to come.
Digital solutions is the need of the hour and the proof is right in front of you. Most of the big fish in the power sector are up for it. While the bandwagon is lead by GE with its Predix platform, players like ABB have ability, Schneider Electric has Eco Struxure besides Siemens just launched Energy Digital Services last year. Companies are making use of Internet of things to build their real time portfolio and digital model of their assets as well. The market is mammoth considering the fact that 90 million bucks are estimated to be poured in by 2020.
Solar Power – Solar is by far the fastest growing renewable sources of energy and the department has also confirmed a growth by 8500 MW in 2017/18. But, this could take a U-turn and go southwards because of the solar investment tax credit (ITC) and over procurement in terms of capacity.
Energy Storage – As for the energy storage sector reports tell the story of it all set to explode. The market for storing power is said to rise to a staggering 19 billion as per IMS Research. With the commercial viability of the technology required for power storage, getting projects funded online seems to be in pipeline.
Natural Gas – The US is said to see a significant rise in the natural gas consumption in the coming year and US producers have estimated a jaw-dropping addition of a capacity of 25,400 MW. If these plans work-out it would be the highest after 2005 as per the Energy Information Administration of USA. Looking at this estimate even the major players in the gas turbine manufacture business are going all guns in launching innovative designs in gas turbines with an objective to make them efficient, speedy, flexible and durable than the older ones.
Overall, the picture of power business looks clear and the future seems brighter than ever, thus ringing profit bells for its producers across the globe.