New research indicates that enterprises are facing a $1.73trillion global energy bill – and will spend $70bn on smart solutions by 2030 to achieve renewable power and energy independence.
A report from ABI Research outlines how escalating energy prices pose a formidable obstacle to businesses and industries worldwide. By 2023, those prices will surge to a global $1.73 trillion enterprise spend on electricity consumption (which considers the electrification acceleration of vehicle fleets and robots).
As a result, businesses are compelled to reassess their energy purchase agreements with utilities, contemplate installing renewable microgrid systems, and prioritise energy efficiency. To do so, enterprises will spend a the $70 billion on smart energy solutions by 2030.
The research states that smart energy is no longer just the prerogative of centralised energy utilities.
“Enterprises and industries are assuming an increasingly important role in renewable energy generation,” explained Dominique Bonte, Vice President, Verticals & End Markets at ABI Research. “They are essentially becoming agents in the building and managing of collectively owned smart energy networks, assets, and solutions. Additionally, businesses will actively participate in new (renewable) energy markets, including trading on spot markets,”
The Smart Energy for Enterprises and Industries research service looks at smart energy through the lens of both enterprises and industries such as manufacturing, supply chain, oil and gas, and data centers.
Aspects covered range from on-site solar and wind farms to energy efficiency management, Battery Energy Storage Systems (BESS), and advanced Power Purchase Agreements (PPAs), enabling enterprises to lower the cost of their energy consumption, transition away from fossil fuel energy sources, improve energy quality and reliability, and achieve more energy resilience.