Trends to look out for in 2020 if your business is in the Energy sector
The world population has grown to 7.5 billion people, and the global economy is approaching $80 trillion. The global energy sector must be facing challenges to meet the energy source demand of the growing needs and to find sustainable energy resources. The development in technologies has now allowed the world to achieve energy sustainability using many different energy sources. Let’s look at the trends which will affect the energy sector this year:
Blockchain technology has recently progressed in the Energy sector. This new technology will help the energy sector with quick shutdown recoveries, lowering the bills, provide community-based energy, etc. It will also generate a network that will allow buying or selling energy without any environmental effect. The transparency will substantially improve the relationship between the businesses and the customers. The companies must invest in this emerging technology.
The awareness of people about pollution and the environment in recent years has witnessed more focus on renewable energy. There have been some remarkable developments in this field to reduce the carbon footprint in the environment. Solar energy has almost replaced the coal and is cheaper too. Wind energy and water energy are also in trend. The increased demand of renewable energy from the consumer has resulted in the rapid growth of this sector. The companies should capitalize on this market quickly.
The implementation of digital technology has evolved many things in various sectors. Smart cars, Smartwatches, Smart vehicles are becoming more common, increasing the focus in implementing innovative methods in the energy sector. To ensure the effectiveness of all these devices regardless of any condition, the batteries need to have extended life and output. Energy companies have started using batteries to power the grid, thus gradually refraining from the need to build expensive power plants. Though the investment is quite high, it will be cost-effective in the longer run.
The use of Artificial Intelligence (AI) has made it easy to analyze a large amount of information and predict outcomes in many sectors. Energy companies require a part of a work that is repetitive and tedious, like mining. AI not only makes the process fast but also reduces the cost to the company. The predictions and recommendations provided using AI results in more accurate and informed decisions. Making investments will be a good idea in both the long-term and short-term.
Smartphones will make it convenient for consumers to connect with energy provides. It will offer many benefits like real-time diagnosis and alerts about energy-savings.