The energy & power industry is key to economic stability and inclusive growth which promotes secure, affordable and sustainable energy through the transition to a market-oriented low carbon energy sector. The sector is clubbed together with different industries like Non-Renewable/Conventional, Clean & Renewable Energy, Transmission & Distribution, Pumps Motors & Control Devices, Power Generation, Drilling Services, Drilling Equipment, Offshore Oil & Gas and Well Intervention. Furthermore, the energy & power sector is influenced by numerous factors such as extremely volatile oil prices, changes in regulations and upsurge in environmental concerns. However, the industry is controlled by government and utilities sector in most of the developing nations. But dynamics are tremendously changing propelled by growing electricity demand, new capital investments of power projects by both public & private, new policy changes and use of smart metering and smart grid to better manage services & reduce transmission losses.
Moreover, oil & coal currently dominates the energy market with more than 50% market share, while renewable energy accounts only around 20% market share and this trend is anticipated to undergo large transformation in near future. Generating power through own sources such as roof-mounted solar panels, gas-fired combined heat, power plants and conventional diesel-based generators are becoming popular among industrial, commercial and even residential consumers. Renewable energy technology companies have already set the disruptive strategies in the energy and power industry. In their bid to remain competitive and relevant, traditional energy and power companies are rising their investments in renewable energy. These companies will eventually emerge as alternative energy suppliers that will tap into the rapidly growing clean energy market. From large companies to start-ups, these ‘go green’ champions are set to disrupt the energy generation mix and ownership to reimagine the energy and power market.