Change in the energy sector is being driven by innovation and global problems such as climate change and sustainable development.
Fremont, CA: There are significant market factors driving the energy transition's acceleration, and while there may have been some decline in energy use during the pandemic, power demand will rise this year, notwithstanding any lockdowns. A growing portion of that will be generated in a renewable manner. There is a tremendous amount of innovation and investment in the renewable energy sector. Cutting system costs, improving understanding of integrating energy sources, renewable energy's role in overall sustainability, and, of course, hydrogen are the topics that are generating the most interest. Many of the existing and planned innovations will have an impact on one another – but they will require the proper support and commitment from both the public and commercial sectors.
Here are the technologies that are driving change in the energy market:
Wind
The size of turbines will continue to increase, and floating wind will offer new areas for offshore development. With the launch of an Orsted-led consortium to investigate recycling across the supply chain, sustainability will be a key focus as the industry investigates how to recycle blades. Offshore wind is recognized as a good transition opportunity for the oil and gas industry.
Storage
The market is predicted to be driven by falling lithium battery prices, sectoral integration, an increase in green hydrogen, and the continuous roll-out of gigafactories. Investment in large-scale battery storage facilities will inevitably follow in order to supplement the increased output of wind and solar energy.
digitization
The development of appropriate infrastructure is critical to the creation of a resilient, flexible, and sustainable grid. But, in order to realize the goal of smart, clean cities, a lot more effective protection, control, automation, and communication systems are needed, not just to manage the grid itself but also all the gadgets that are linked to it.
