- Asset Performance Management
- Data Analytics
Consolidation Begins Across APM Solutions Providers
In a recent announcement, Power Factors, a US provider of renewable energy operations and asset performance management (APM) software, acquired the Sweden-based renewable energy management platform Greenbyte. Renewable APM is the digitalization of operations, maintenance, monitoring and control (M&C), and technical performance of renewable energy technologies such as solar PV plants, wind turbines, and energy storage solutions to enable them to operate at the highest level of efficiency and increase asset availability. According to Guidehouse Insights, deployments across renewable energy technologies hit a record in 2020 with almost 200 GW of combined annual solar and wind installations globally.
Traditional Asset Management Falls Short
Instances of outages and equipment fails in off-grid locations, along with random surges in power demand, can cost millions per day in lost revenue to asset owners. Adverse weather conditions and inefficient performance can exponentially increase the risk profile of these projects, creating an imperative need to optimize asset performance. The energy industry has traditionally relied on calendar management programs for its valuable assets. Consequently, these assets face a high risk of breakdowns and unavailability between service intervals. This traditional approach can negatively affect the life expectancy of assets while drastically reducing their ROI, as they are likely to miss faults that occur between these intervals.
APM Helps Unlock the Power of Data
APM refers to a holistic approach to strategically manage risk and returns for asset owners while ensuring optimum technical performance across assets. As a result of the logistics involved in monitoring and controlling remote installations, integrated APM solutions have an economic advantage over corrective and reactive maintenance practices. Unlocking the power that data analytics can bring to the asset management function can transform the energy sector’s ability to drive up efficiency, lower emissions across hybrid renewable energy systems, and bring more flexibility and resilience to renewable power generation. As the renewable energy industry continues to transform, stakeholders are consolidating their position in this sector and implementing customer-driven strategies. This approach includes harnessing their position to provide integrated digital solutions and services through both organic and inorganic expansion of their value chain. The renewable APM solutions industry, including M&C providers, is likely to witness a large number of mergers and acquisitions, especially across the smaller market participants, over the next 5 years.