Innovation Processes in the Energy Sector of the Arctic Region

Moving forward, striving for perfection of any human activity is associated with innovative development of technologies, manufactured products, labor relations and other factors. The study presents the results of the joint activities of educational, scientific and industrial organizations in the energy sector of the country. It has been established that with the acceleration of scientific and technological progress, innovations and investment technological processes are becoming key components of government and business activities that contribute to the development of energy sector companies to ensure their long-term competitiveness, which is especially important when implementing Arctic projects. The importance of developing and creating an innovative technological product is especially acute in the energy industry that provides life support for people, businesses, and the country. The energy sector is a rather conservative industry in terms of innovations (this is due to the long life cycle of the main equipment, which is several dozens of years), created by domestic enterprises using exclusively domestic components. Modernization and construction of new facilities in the Arctic zone of the Russian Federation in the energy sector requires significant investments with long payback periods, which is a significant factor in decision-making. Small and medium-sized businesses operating in the energy sector are set to make a profit in the short or medium term, but such companies are characterized by a low level of research and development. Nevertheless, the reconstruction of the energy sector is an urgent topic for the industry today, due to the fact that the wear and tear of equipment exceeds its service life. The key results of investment activities and key trends in the development of the energy sector, including in the Arctic, are highlighted. The purpose of the study is to identify long-term trends in innovative technological solutions in various areas of the country’s energy sector and to determine methods for their application in Arctic projects.