The president of GE Power today put a $1.3 trillion value on the digital transformation of the global power sector over the next decade.
Steve Bolze said that the digitalization of the energy sector “is real and it’s here. It’s the single biggest change in the power industry that I’ve seen in my career.”
Delivering one of the keynote speeches on the opening morning of Asia Power Week in South Korean capital Seoul, Bolze said that “Thomas Edison would not recognize the industry that we operate in today”.
He said that the digitalization of the energy sector was “software and analytics working in conjunction – it unlocks whole new levels of performance. There has never been a better time for the investment in technology.”
And Bolze also told the audience that Asia was going to be at the forefront of the shift in the global power landscape.
“Advances in power generation technology in Korea and the Asia Pacific region means that they are emerging as showcases for the world.
He said that with 320 GW of new power expected in the Asia-Pacific in the next 20 years, “there has never been a more exciting time for the Asia-Pacific market.