The global energy sector has had an exciting time during the 4th industrial revolution.
2017 was the year where people witnessed what the global energy landscape has been doing especially by outgrowing the traditional demand centres.
This has led to a landscape in 2019 where new regulations and innovative approaches to traditional electricity needs have become mainstream. Here are some of the innovations that rocked the global energy sector in 2019 and the expectations of what is to come over the next few years.
The Guiding Principles
The guiding principles of the global energy sector this past year were to economize and innovate.
In 2019, we have seen the challenge of meeting the demands brought forward by consumers who are technology conscious. This could only be achieved by economising the entire energy production process and the distribution chain. As a result, there was an increased vigour and life in the entire industry.
Here are the top 5 trends the team at Easton Electrical has noticed this year.
1. Digitisation Of Assets
The global energy industry is experiencing a lot of innovative digital assets. These include smart meters, microgrids, IP-enabled sensors and energy management systems. As a result, these digital assets have become a hot trend in this industry.
Stakeholders have now leveraged the power of advanced analytical tools to build smart energy infrastructure. It’s bound to address problems such as asset malfunctions or anomalous readings.
According to the financial experts at Max Funding, “adopting new technological innovations has allowed MORE businesses to find their niche, with a decrease in overheads and easier avenues for funding allowing new players to enter the space.”
Such an evolution has forced businesses, both small and large to adopt this technological approach and gain all the benefits associated with it. In 2019, there was an equal measure of opportunities in the energy niche. That can all be attributed to higher connectivity, intelligent use of data analytics and greater automation.
2. The Entry Of E-Fuels
The entire world is completely starved of energy. However, e-fuels have become the salvation the industry needs. They are basically fuels derived from the use of electricity. E-fuels have been identified as the best rivals for the existing fuels currently in use. They are also notably the most eco-friendly energy alternatives out there.
According to the experts at Drink Driving Defence Melbourne, “while we’ve noticed a movement towards e-fuel vehicles in Australia, it’s clear that models like trucks, container ships and planes will remain traditionally fueled for the foreseeable future. So while change is occurring, it should be measured against the obstacles yet to be overcome.”
Actually, some of the top names in the energy industry have already started investing in e-fuels. Note that, they are compatible with the current infrastructure, both in the supply chain and industrial complex. Therefore, policymakers have adopted them as the best solution for the various global energy woes in place. That’s with regard to the advances that have been made in AI and material sciences.
3. Wind Technology Has Increased
Wind technology is one of the fastest-growing sources of energy. It encompasses everything that people in the 21st century are actually looking for. Some of these attributes include the fact that wind energy is renewable, affordable and has zero emissions. 2017 has brought about numerous technological innovations that have improved the overall performance and reliability of wind energy.
Actually, these innovations have eliminated a lot of challenges that previously hindered the use of wind energy on a large scale for power generation needs. There are a few reasons why wind energy has become sought after in many countries all over the world. These include higher power capacity, increased tower height and notable advances in aerodynamics. It’s hopeful that soon wind technology will be powered successfully by kite turbines.
4. Next Generation Solar
Similar to wind energy, solar has proven to be a viable and sustainable source of energy. In fact, solar generation is up 18% from the previous year. The solar power industry is a highly capital-intensive market with a lot of investments particularly because of the huge reduction in the cost of solar modules.
By 2050, there is an expectation that solar photovoltaic technology will occupy at least 20% of the electricity used globally. The production of solar cells has become efficient and cost-effective currently because of technology such as perovskite.
According to the glaziers at Mark Rogerson Glass, solar power can work hand in hand with creative construction to reduce energy bills, they explain “in addition to solar power, using insulation efficient glass can prevent heat from escaping and deliver between 10% and 25% reduction in heating costs, depending on climate and design. This shows the ability of electrical innovation to work alongside design to really benefit local Victorian families.”
5. The Transformation Of Energy Suppliers Into Lifestyle Providers
Currently, there is an ongoing trend where electricity consumers using wind turbines or solar technology prefer selling the excess energy to the grid. As a result, energy suppliers have transformed into lifestyle providers. Consumers are actually on the centre stage because it’s expected that by 2020, the traditional energy generating companies in place currently will have reduced by 20%. As a result, a lot of stakeholders in the energy niche have been forced to re-calibrate their services.
In conclusion, economisation and innovation of the existing energy options are the reasons why the industry is still vibrant and robust. Over the past few years, there have been notable changes in the energy industry, thanks to environmental concerns and technological improvements. 2019 was the year of rapid improvements in the availability of nuclear, renewable and hydro energy as well as their competitive landscapes.
Is There A Bright Future Expected For Energy in 2019?
Just like 2018, 2019 is expected to bring forth a high degree of tech innovation in the global energy niche. Technavio industry analysts have predicted that the evolution of IoT, blockchain and distributed energy systems are the major trends that should happen soon enough. Notable tech corporations such as GE, Schneider Electric, STMicroelectronics and also Kiban Labs Inc have actually invested in R&D activities to add IoT into their products.
Even on a micro-level, there is optimism, with local Victorian business JC Celebrant noting, “In my line of work there has been a move from traditional methods to innovative digital methods – all fueled by technology. I can only imagine the same will occur for many small business owners, with sustainable energy and more options giving the power back to small businesses—no pun intended.”
Pressure groups, policymakers and numerous international organisations have started working on an eco-friendly, inclusive and exciting energy production space.
2019 has the promise of bringing numerous opportunities for investors and stakeholders, so time will tell where the electrical industry goes next.