If we look closely at the energy industry today, we can see that it is constantly evolving and developing. Governments across the globe pass laws concerned with sustainable energy sources and technology that will allow us to efficiently use the different energy sources.
The energy industry trends can be classified into three key areas: decentralization, digitization, and decarburization. Let us look at the top five energy industry trends that fall under these three key concepts and different innovations that have been developed in 2021.
Table of Contents
Internet of Energy
The Internet of energy is a great technology that solves the problems and challenges faced by the electric power industry due to its unique architecture by increasing efficiency. IoE allows distributed control when users do energy transactions. The new technology develops a smart grid, enhances coordination, and increases the efficiency of the micro energy system.
The new blockchain technology is designed to bring together all energy stakeholders under a single platform or network. All professionals linked to the energy industry, such as financial services providers and electricity producers, all benefit from utilizing the contacts from the dense network.
The network ensures that all energy transactions go through a secure and safe network, eliminating any chances of loss. Blockchain also promotes equality among consumers and energy producers by making electricity cheaper, affordable and allowing utility and energy bill validation.
The technology available today provides a significant level of energy production. However, it does not have energy storage features. Energy storage allows stable pricing by efficiently managing customers’ demands. In addition, customers now have the option to purchase and store energy during optimum conditions and use it later. This stored energy helps to reduce grid loads during peak electricity hours when energy is expensive.
Energy as a service
Energy industry trends in 2021 are concerned with energy resources that are supervised by artificial intelligence and IoT. EaaS, blockchain, and prosumers all make up the EaaS solutions. Energy as a service enables change to selling services instead of electricity, such as optimization of energy production and consumption monitoring and management. The availability of energy storage options and renewable energy sources enhances the efficiency of energy across the grid, which makes energy more accessible to people.
The major benefit of consuming renewable energy is that it conserves the environment and protects it from harm as no harmful emissions are produced in the process. The main concept behind using renewable energy is to obtain it from an infinite source available to us, such as the sun, water, or wind.
The next step involves the conversion of renewable energy into electrical energy. The different types of machines and technologies that are responsible for generating electricity from renewable energy make up the largest industry trends. Such as reducing the cost of manufacturing renewable infrastructure and producing heat or power with higher efficiency rates.
In a nutshell
2021 has been a year of rapid progress in the energy industry with amazing innovations. The energy industry has seen many developments and is expected to see many more.