A new report from Guidehouse Insights reveals the potential for exponential growth in the energy metaverse over the next decade. The metaverse represents the combination of several emerging digital technologies that have the potential to revolutionize how energy companies plan, build, operate, and market their services.
By 2031, global investment in core energy metaverse technologies is projected to reach nearly $80 billion, with a compound annual growth rate (CAGR) of 33.0%. The building blocks for the energy metaverse are already in place, including digital twins, AI and machine learning (ML), unmanned aerial systems (UAS) and drones, extended reality (XR), and blockchain-based applications.
The possibilities offered by the energy metaverse are vast. For instance, utilities and oil and gas (O&G) companies could leverage XR technology for employee onboarding and training in a metaverse-based training center. Virtual utility storefronts in metaverse malls could offer customers real-world benefits such as product comparisons, energy use analysis, and evaluation of premises’ suitability for solar installation.
Specialized experts could remotely advise onsite workers in fields such as offshore rigs, thanks to metaverse technology. Drones equipped with advanced AI could conduct ongoing inspections of critical assets, providing real-time data to digital twins for predicting and preventing wildfires or methane emissions.
The report highlights the market drivers and barriers for the energy metaverse and provides case studies illustrating the application of these technologies today. It also outlines the industry value chain and competitive landscape. The utility and O&G energy verticals are expected to drive core energy metaverse technology investments through 2031.
The energy metaverse represents a transformation that may take more than a decade to fully realize. However, incremental investments can be made as the industry learns and evaluates where to begin. The benefits of this transformation are expected to be compelling, providing new opportunities for energy companies to enhance their operations and services.