The energy and power industry comprises of companies that produce or supply energy. It includes companies involved in the exploration and development of oil or gas reserves, oil and gas drilling & refining, generation and distribution of power. The oil and gas sector can further be sub-classified into three segments upstream, midstream, and downstream. The energy industry also includes integrated power utility companies such as renewable energy and coal. The oil and gas sector has been severely impacted by the global crisis caused by the coronavirus (COVID-19) pandemic as oil prices have crumbled. The global power sector is witnessing an increasing shift towards renewable energy sources, as these sources are becoming less expensive. However, this is also constraining the growth in gas demand. The development of energy storage solutions and advent of off-grid power systems are creating new opportunities in the power sector. The Energy sector is adopting digital transformation initiatives as a viable response to present challenges in order to boost performance, enhance efficiency and reduce costs. The energy companies that would invest in sustainable digital capabilities are likely to emerge as winners in the long run.
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