The evolving trends leading to efficient energy generation will be the combined result of technological advancements and increasing energy demand.
FREMONT, CA: The energy sector is in unprecedented flux. Under the rising regulatory and business pressures, electric utilities are taking a hard look at current energy efficiency strategies and are determining how they can take immediate action to derive more value from them. Here are the major energy trends that are expected to take out the pressure on energy sources while at the same time, address the ever-increasing energy demands.
• Efficient Energy Storage
The energy storage ability is a vital aspect of energy management that can effectively address the intermittency roadblocks associated with renewable sources of energy. An efficient energy storage facility also plays a key role in harmonizing the supply and demand of energy. A storage system associated with a renewable energy source can ensure an uninterrupted and steady power supply even when the optimal conditions for energy generation are not kept.
• Energy Grids
Microgrids or the local energy grids have the ability to work either autonomously or when networked with a larger grid. Such energy grids are increasingly used due to their ability to offer efficiency, energy independence, and operational efficiency during emergency situations. Advanced technologies such as artificial intelligence (AI) and the internet of things (IoT) can also be incorporated with microgrids for enhanced efficiencies and functionalities.
• Improvement in Grid Parity
Grid parity is where alternative energy sources can offer power at a price and performance that is equal to or lesser than conventional energy means. For instance, solar and wind energy impart parity in cost and performance in many geographical regions. Innovations in existing technology will result in further improvement in grid parity.