There are a number of big changes underway in the energy sector. Overdependence on the fossil fuels and climatic changes have been challenging the sector for many decades. Now, having so developed technologies, can we solve this problem? Let us see the possible ways out of this crisis.
- Digital Disruptions
Energy companies are working to implement technologies like AI (Artificial Intelligence) to automate the intelligent grids. There are a number of advantages of using the intelligent grids like saving human capital, better control over the entire infrastructure, etc.
However, there are a number of risks associated with this technology. The possibility of cyber attacks and risks associated with the power grid failure that can have a ripple effect on the interconnected lines and grids.
- Digitization of Assets
Innovative digital assets like smart meters, IP enabled sensors, microgrids and other energy management systems are the hot trends in the energy sector. Many energy companies have also started leveraging the technologies like blockchain, advanced analytics, and data science.
They aim to develop a smart energy infrastructure and deal with the problems like asset malfunctions, anomalous readings, etc.
- Wind Technology
Wind technology is a rapidly developing source of energy. Advances in the aerodynamics, higher power capacity, and many other factors are making it possible for the energy companies to tap the power of wind technology.
The transport sector will see a tremendous change over the next few years. Electric vehicles are expected to replace the fossil fuels globally in the future.
There is an increasing consumer desirability for the electric vehicles as they cause no pollution and tend to save a lot of fuel costs over a period of time.
- Solar Energy
In the past few years, the cost of solar modules and using solar panels for energy production has gone down significantly. That's why solar energy sector is witnessing a lot of investment from the energy companies.
To Sum Up
Technology impacts every industry and energy sector will be disrupted totally by the upcoming technologies. People have started producing electricity on their own using the solar and wind technology.
The power grids are getting smarter with the onset of technologies like AI. Blockchain will allow the energy companies and consumers to trade electricity in the digital energy marketplace.