| | May 20218VIVID OUTLOOK C OVID-19 brought unprecedented challenges for economies around the world and an unforeseen impact on global businesses at large. Companies worldwide dealt with varying concerns such as stress on working capital, supply chain disruption, and forced realignment of investments and projects. As the economy returns on the growth path, India's power consumption is expected to rise, aided by the 100% household electrification and revival in industrial activities. According to various industry reports, electricity demand this year is anticipated to grow by 3% (around 700 TWh). Two-thirds of this demand is expected in the Asia Pacific region. Most of the growth is concentrated in China and India, expected to grow by 5.2% (350 TWh) and 3.6% (40 TWh) respectively compared to 2020. Additionally, economic prospects look positive due to government stimulus packages and their success in triggering new investment and supporting businesses. It also paved way for some interesting trends like:OUTLOOK FOR 2021: ELECTRIC POWERBy Syed Sajjadh Ali, Managing Director - India, Electrical Sector, EatonGrowth of renewable energyIndia will lead the Renewable Energy Upswing in 2021. The country awarded landmark supply contracts for flexible renewable power, an important step in addressing the limitations of intermittent wind and solar. With stimulus measures aimed at utilities, willingness to extend project commissioning deadlines and several initiatives to encourage domestic solar manufacturing have also assisted in shoring up the positive outlook for renewables.The energy industry landscape in the near future is expected to be characterized by new economies of scale, consolidation and disaster readiness. Tech innovation and increasing adoption of automationAutomation and digitization are rapidly transforming industries, including the power sector owing to the growing concern about enhancing plant performance through dependable and predictable operations.In the power sector, Internet of Things (IoT) is bringing uniformity across devices and equipment. The interoperability and data readability are the key solutions with the advent of IoT. With the emergence of Cloud-based automation solutions, power companies have been beneficiaries of the reduction in costs, functionality enhancement, and greater flexibility. In 2021 and beyond, the tremendous growth and demand in enterprise cloud computing (private, public, and hybrid) will continue acting as the main driver in the DC industry.Syed Sajjadh Ali
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