Key players in energy, utilities and resources industries have identified the non-negotiable need for a full-fledged transformation of operating processes, but as innovations increase, the complications that come to light are daunting.
FREMONT, CA: There are four pillars supporting transformation supply methodologies to guarantee the fruitful realization of the vision in the energy and utilities industry precisely as promised. The primary ambition of these areas is to support substantial growth in the developing countries, driving an increase in the demands of fulfilling basic amenities. The implementation of regulation and control measures over energy production is projected to rise by 20 percent amidst the year 2020 and 2040.
On the other hand, the improvements in the efficiency of the utilities and resources can be achieved by tempering demand growth. Without saving energy, the global demand is expected to double by 2040.
The demand for energy trumps the rate of growth of the global population. The world in the same place is trying to tackle the issues of climate change by mitigating the use of carbon. The interconnectivity between these factors is dynamic and will define the strategic moves for the energy, resources, and utility industry.
There exist four factors that are the key drivers, which affect the dynamics in energy, utilities, and resources:
• Pressure on Resources: The companies of the energy and utilities sector, in order to balance supply and demand, exert immense pressure on both natural and financial resources.
• Decarbonization and the Sustainability Directory: Regardless of the manufacturers’ opinions, the stakeholders view climate change as a life-altering phenomenon and are incessantly advocating for energy saving and sustainable products that are cleaner and minimum carbon-intensive.
• Technological Advances, Digitization, and Urbanization: Advances in technology such as the power to x, renewable energy, battery storage, and carbon capture, utilization, and recently storage, are stacking up to encourage the industry’s proficiency
• Decentralization and Customization: Innovations in renewable technologies when combined with storage, enables local communities to produce, utilize, and market their energy by creating new avenues for energy supply.
The challenges to meet demands while conserving resources apply to a wide array of companies. All of these players need a scientific acumen to innovate and execute decisions that are co-relative with environmental sustainability, more often in new paths.