Understanding the Latest Trends and Future of Energy & Utilities
The world is advancing rapidly in terms of technology and energy efficiency, with new and innovative solutions regularly emerging such as blockchain-based green energy trading platforms and power generation using trash as a fuel. The energy and utilities (E&U) industry has always been driven by such technological forces with the hopes of economizing usage and gaining customer confidence.
Smarter power grids, greener energy sources, and more customer choices — all of these are coming together to shape the future of the energy and utility industry. Let’s look at some of the most prevalent trends that will shape the industry as a whole.
Future of the Energy & Utilities Industry
Energy Storage Will Likely Increase
Customers rely less and less on energy production and transmission as solar panels find their way into the infrastructure. Instead, the focus is now shifting to energy storage. The falling battery prices are also playing a major role in this change of behavior. Lower storage costs will mean lower demand for coal and natural gas while also boosting renewable energy production.
Renewable Energy: The New Go-To Energy Source
Renewable energy technologies are now finding their way into every project: big or small. From new airports and hospitals to skyscrapers and residential buildings, investments in renewable energy are on a steady rise.
Self-Sustenance Is the Way to Go
Companies looking to strengthen their bottom line need to reduce costs in any department or operations area they can find, and renewable energy sources are the way to go here. Industries and plants are now using solar panels and wind farms to become self-sustaining, thus eliminating the need for coal and gas utilities. To stay competitive, utility companies need to find a more efficient way of supplying energy, or they might end up becoming a ‘backup’ option for most businesses.
Digitization & Shared Economies
Operations across entire value chains are changing as energy generation is redefined via digitization. Digitization is the next big thing for the future of the energy and utility industry. It can already be seen in self-sufficient AI managing energy generation and transmission, and diagnosis.
Internet of Things (IoT), Artificial Intelligence (AI), and robotics are combining to increase energy efficiency. This will allow energy developers and transmission companies to negotiate better prices and trade energy in decentralized markets, reinforcing transparency and trust in the process.
At the end of the day, the energy and utility industry is shifting in terms of how energy is generated, and as a result, accepted norms are also changing. Where customers used to rely on utility companies for their energy needs, large corporations, industries, and many residential areas are also becoming more self-sustaining and empowered.
The industry now needs to focus on finding the perfect balance between customer demands and business viability. The energy sector needs to recognize the need for this shift and act accordingly. For those looking to strengthen their infrastructure or strategize their transition towards the future, we recommend you to get in touch with us and understand what needs to be done!