Energy Systems turn out to be progressively complex. A Unified energy system offers both prospects for performance improvement as well as perils of strategy and security. Thoroughly exploring the energy sector, we can adhere to several indications that the energy sector needs a rapid transformation for imminent improvements in the industry.
The energy sector adopted digital technologies early in the 1970s. The Power sector managed to be one of the early digital innovators, using budding technologies to accelerate grid management and approach. Other sectors like Oil and Gas industry also incorporated digital technologies to enhance decision-making for exploration and production assets, including reservoirs and pipelines.
TRENDS IN ENERGY INDUSTRY
Broadly, energy industry trends can be categorized into three recurring concepts:
• Decarbonization: Achieving the Net-Zero emissions transition towards a clean and carbon-free economy and avert the worst impacts of climatic change by integrating and increasing the share of renewable energy sources. A considerable upsurge in the share of electric mobility and shift to Zero carbon technologies away from fossil fuels is the best way to achieve this goal.
• Decentralization: Decentralization is the transformation of the “one-way street” of energy into a multi-directional, multi-lane highway. Renewable energy like Solar Power, Wind energy can reduce costs for manufacturing and provide us with an eco-friendly atmosphere too. IoE (Internet of Energy) is a new energy generation concept that utilizes the intelligent web and enhances proficiency and optimization in a comprehensive energy system.
• Digitization: Digital technologies are determined to make energy systems around the globe more connected, sensible, efficient, reliable, and sustainable in the future. Incredible developments in data analytics and connectivity have ascertained a new range of digital applications such as smart appliances, shared mobility, 3D printing, etc.
ENERGY VS TECHNOLOGY
Innovations in technology have a great potential for some of the biggest problems faced by different energy sectors. System solutions can be broadly impactful in the energy sector as they are tightly intertwined and can understand, predict, and control the exceptionally large scale of interlinked complex systems.
Technologies have the ability to transform the structure of the energy systems either by swapping the energy carriers or virtually by market transformations, through applied system analysis. The blend of blockchain and machine learning will allow for the delivery of cheaper and more sustainable energy to consumers.
Like the traditional meters which show the energy consumption every 6 seconds fail to provide a detailed behavioral change at home. What if, the lights, TV, and other systems could be managed even without switching off the traditional switches. New advancements in the energy sector can make our lives even easier. Imagine if you can be notified when a particular appliance will become inefficient? Wouldn’t that be great?
Sectors like Power, Oil & Gas, chemical industry also have revamped themselves with the new tech advancements. We are still at a point where these technologies can be allied with human expertise. Furthermore, if we can add AI to this sector, that would be vital in gaining a sophisticated energy supply in the coming years.