Investment in energy Metaverse will grow to $80 billion in 2031
A new report from Guidehouse Insights provides an overview of the energy Metaverse.
Broadly speaking, the metaverse is the confluence of several emerging digital technologies, most already familiar to energy industry executives, which promises to radically change the way energy companies plan, build, operate, and market their services over the long term. According to a new report from Guidehouse Insights, global investment in the core energy Metaverse technologies is expected to grow exponentially over the next decade and beyond, from a base of just over $6 billion in 2022 to nearly $80 billion in 2031, at a compound annual growth rate (CAGR) of 33.0%.
The energy Metaverse is just emerging, but the building blocks are securely in place. Core energy Metaverse technologies include digital twins, AI and machine learning, unmanned aerial systems (UAS) and drones, extended reality (XR), and Blockchain-based applications.
“When the energy Metaverse is fully realised – admittedly more than a decade away – utilities and O&G concerns can envision a day when employee onboarding and training take place via XR in a Metaverse-based training centre,” says Richelle Elberg, Principal Research Analyst with Guidehouse Insights. “Much like it was difficult in the early 1990s to imagine all the ways a smartphone or the Internet would change how business is conducted, in 2023 it can be hard to see just how radically Metaverse technology stands to change the operating dynamics of energy industry verticals. But the benefits are sure to be compelling, and investments can be made incrementally as the industry learns and evaluates where best to begin.”
Utility storefronts in Metaverse malls could provide virtual customers with real-world benefits such as product comparisons and purchasing, energy use analysis, and evaluation of a premises’ suitability for solar. In-demand specialised experts in a field could work on a virtual offshore rig, advising onsite workers how to address a problem – without ever leaving their home office. And drones could conduct ongoing inspections of critical assets, feeding real-time data into digital twins equipped with advanced AI to predict and prevent wildfires or methane emissions, according to the report.
The report, The Energy Metaverse, provides an overview of the energy Metaverse. It defines the core technologies and provides case studies where these technologies are in use today. It outlines energy Metaverse market drivers and barriers and describes the industry value chain and competitive landscape. Finally, it provides market analyses for core energy Metaverse technology investments by the utility and O&G energy verticals through 2031.