Mentions of cloud increased by a CAGR of 81% in the power industry since 2020

The global power industry experienced an 81% rise in compound annual growth rate (CAGR) in company filings mentions of cloud since 2020. Key companies in terms of mentions include Enel, ChargePoint Holdings and Siemens, according to GlobalData’s analysis of over 1,400 power company filings.  

Notably, since 2020, cloud was among the five most referenced technology themes in terms of mentions, ahead of big data, internet of things and digitalisation, according to GlobalData's Company Filings database. Mentions related to cloud increased by 19% year-on-year in 2021 and by 25% year-on-year in 2022.

Of the 50 leading companies in the power industry, View had the highest year-on-year increase in references to cloud in 2022. GlobalData identified 38 cloud-related sentences in the company's filings in 2022, 3% of all sentences. Meanwhile, ChargePoint Holdings had the highest year-on-year increase in references for cloud in 2021. GlobalData identified 58 cloud related sentences in the company's filings in 2021, 7% of all sentences.

GlobalData’s Company Filings Analytics also applies a sentiment weight to reference sentences, based on how positive the sentiment has turned. Sentiment score is based on the level of positivity on a scale of 0 to 1. The average sentiment score for cloud in 2022 was 0.79, which was marginally more positive compared to the average industry sentiment of 0.76.