Category: Energy & Utilities
4 Emerging Trends in Energy Sector that Help Industry to Improve Efficiency Post Pandemic
Similar to other industries, the impact of COVID-19 has created enormous challenges for the energy sector too. While, on the other hand, energy transition also got various remarkable opportunities. However, the challenges are always on the high end of the scale. According to the experts, during this time, renewable energy has proven to be more resilient compared to the other sectors.
As per the data , between 1Q19 and 1Q20, the global consumption of renewable energy increased by 1.5 percent across all industries. And, it was expected that by the end of 2020, it will have more than doubled. But, Instead , drastically reduced transportation, aviation, and general economic activity, correctively decreased energy demand by 3.8 percent in the first quarter of 2020. Emissions have fallen by 5%.
Above all these, rather than just be a part of the energy transition discussion, the pandemic has forced the entire sector to make it happen swiftly in order to survive the unusual circumstances. Also, emphasize the industry to accept the situation and instantly implement new emerging trends in energy sector.
Embracing technology trends in renewable energy not only helps the whole industry to remain active during this uncertain period but also allows them to improve their work effectiveness. And post-pandemic these trends will be going to play crucial roles and turn into best practices.
Once the pandemic is under control, demand and emissions may easily return to pre-pandemic levels. Hence, keeping work efficiency at a high level will be a primary focus. And to accomplish this goal energy sector has to shift its working strategy into a new direction and that is “emerging trends in renewable energy”.
By taking the support of emerging trends, the energy sector can improve efficiency post-pandemic. Let's see which are the 4 emerging trends in renewable energy that will be a pacesetter for the energy industry.
Renewable is one of the emerging trends in energy sector. This Renewable energy trend helps to safeguard the environment by emitting little to no harmful pollutants. The fundamental premise of renewable energy is to obtain it from a consistent source in the environment, such as the sun, wind, or geothermal sources. The source is then converted into useful power or fuel.
A variety of technologies that address various facets of generating power and heat from renewable sources is one of the latest technology trends in renewable energy. This involves lowering the cost of building renewable infrastructure and enhancing the efficiency of power generation.
In the traditional method, during the time of construction, the electric power system uses the central architecture and this poses a number of obstacles to the industry. And here IoE comes into the frame. It helps to recognize some of the challenges and accordingly propose the best efficiency and optimal design to build an energy system.
Technology trends in the energy industry refer to automate the power infrastructure in order to manufacture and produce energy.Benefits:
- Reduce insufficiency
- Make the transmission of energy more productive
- Reduce the expenses
- Decrease in the wastage of energy
Energy storage is one of the effective energy industry emerging trends. Energy storage permits steady pricing by proactively maintaining demand from consumers.
In response to shifting energy demands and technological advancements, the energy storage business has evolved, adapted, and innovated during the last century. Energy storage systems offer a diverse set of technological solutions for improving our power supply to build more resilient energy infrastructure and save money for utilities and customers.
The many methods of energy storage can be classified into five categories based on their technology:
- Pumped hydro
It has the potential to save consumers money while also improving dependability and resilience, integrating power sources, and reducing environmental impacts.
Blockchains or distributed ledgers are emerging technology trends in the energy industry that has drawn significant interest from energy supply firms, startups, financial institutions, governments, technology developers, and the academic community.
Blockchain technology proposes to combine all energy stakeholders under a single decentralized system. Electricity producers, metering operators, distribution network operators, and traders potentially avail from utilizing smart contracts. These agreements ensure that all energy-related transactions are routed through a safe and immutable network, reducing the risk of losses. Blockchain also has the ability to achieve some degree of equity between energy generators and consumers.
Therefore, we could say that Blockchain has the potential to transform the energy sector.
It has been estimated that after the pandemic the demand and consumption of power will dramatically increase. Thus, during that pressurize period along with meeting consumer demand business has to consider the factors that will improve the efficiency. And the best practice to implement the above 4 emerging trends in energy sector.
At KCS , we take pride in being ahead of the curve in predicting trends of the industry and meet our clients’ needs. Hence, we supply effective and result-oriented solutions to our clients by keeping the future of upcoming technology enhancement in mind. These solutions are entirely flexible in adopting new and emerging green technology.
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