Frost & Sullivan’s Top 10 Growth Opportunities for the Power & Energy Industry summarizes the major trends that will gain momentum in 2023.

The mounting pressure to achieve global decarbonization and Russia’s invasion of Ukraine will continue to disrupt the power and energy sector. Investment in renewable energy will increase, with annual installation rates continuing to hit record levels, despite short-term supply chain challenges.

This growth will drive associated investment in power grids, which will see new service offerings, advancements in virtual power plant solutions, and greater use of analytics and artificial intelligence. It will also drive new energy storage propositions.

Investment in renewables will be used to power electrolyzes that produce hydrogen and drive commitment to expanding the hydrogen economy. Finally, the need for global decarbonization will require new business propositions for better utilization of waste heat, greater electrification of industry, and adoption of more sustainable practices in sectors such as data centers.