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Over the coming decades

The world will consume much more energy than it does today. After all, wherever access to reliable and affordable energy escalates, people will enjoy higher standards of living. That’s good in a way! But at the same time, there is a huge population in the world that does not even have access to the most basic energy services. Not only that, but climate change remains a serious issue.

ENERGY INNOVATION: A CRITICAL NEED

Energy is primary and used everywhere – schools and commercial areas are still running, city lights are still on, vehicles are constantly moving and so on! As the world faces an urgent need to transform its energy system, the pressure to develop and deploy low- or zero-carbon technologies has increased dramatically. Developed countries such as the United States and Europe are already willing to change their patterns of consumption and business to incorporate energy—more specifically, clean energy—but developing countries will not be able to afford to pay the required premium for this approach. The reason is simple – today’s clean energy technologies such as wind, solar, electric vehicles, smart grids and energy storage are more expensive. So there has to be some way to make these renewable energy sources available to the world in a way that meets their growing needs but without burning a hole in their pockets. To this end, various trends are coming up that can enable countries to adopt sustainable energy solutions that even turn out to be energy-saving. Let’s explore them!

Significant energy innovation trends to watch out for in 2019

Innovations in everything including energy storage, smart grid and power generation technologies will impact every single sector.

Energy storage will facilitate the viability of wind and solar energy, two energy sources that are too expensive due to the costs associated with batteries to store the energy produced.

The presence of smart grids will regulate the flow of energy throughout a city or state.

Developments in electricity generation will improve efficiency in the optimal use of fossil fuels and other renewable energy sources.

But how does it all happen?

Below are the trends that we can expect to contribute not only to energy savings, but also to meeting the world’s growing energy needs.

Improving access to energy in developing countries

When we talk about new innovations and technologies, it is also important to remember that a significant part of the world’s population does not have access to energy at all. Our goal should not only be to find innovative ways to consume energy, but also to consider global development challenges that include making energy available to every corner of the world where there are signs of human existence. To this end, we can come up with community microgrids, as they can provide a cost-effective way to bring affordable and reliable energy to that part of the world that lives without electricity. After all, even developing countries have the right to taste the benefits of technological progress. So providing clean, modular and renewable energy systems should be at the forefront of our development, as this in turn will greatly help these communities.

Innovative Energy Storage Facilities

You can very well balance the power supply and demand if you have an ample amount of energy stored. In fact, this is key to tackling the intermittent issues of renewable energy.

Power of Artificial Intelligence in Microgrids

The best part of the microgrids is that they are the local energy grids which can operate both ways - freely or even by staying connected to a bigger conventional grid. These grids are not only energy savers, but also offer energy independence, efficiency, and protection during the time of contingencies.

Blockchain and IoT Can Work in Favor of Energy Systems

Blockchain is not limited to cryptocurrencies these days. It is used in various industries and the energy market is no different. If you don't have much idea what a blockchain is - simply put, it's a distributed ledger that records all transactions through a peer-to-peer network.

Network parity with decreasing costs

If an alternative energy has the potential to produce energy at a cost and performance level that is equal to or lower than traditional methods, grid parity occurs. That’s the current situation with solar and wind. They have achieved parity in both – price and performance. Above all, the support of new technologies literally gives them a competitive advantage over other energy sources. In short, renewable energy sources are becoming efficient and self-optimizing mainly thanks to innovative technologies such as blockchain and AI. It used to be impossible to integrate energy into the grid, but now it is not. These technologies contribute significantly to enhancing the reliability and flexibility of the network. Solar and wind energy are definitely efficient and cost effective and with these evolving technologies we can expect renewable energy sources to be the most preferred of all.

Transition to renewable energy sources from fossil fuels

In order to limit the rise in global temperature, a growing number of countries are coming up with emission reduction targets along with climate action plans. If we go through the survey, about 100 cities around the world have confirmed that 70% of their energy comes from renewable sources. Even corporate sectors and municipalities wholeheartedly welcome the transition to a 100% renewable energy system.

Improved power management

It is a fact that the demand for energy will never decrease, on the contrary, it will definitely increase with increasing living standards. So, looking at this situation, it is wise for industry leaders, manufacturers and traditional energy management leaders to come together and set some new standards that can help improve energy management.