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Innovations That Are Making Headlines in Energy Industry

Today, the world is facing a dire need to convert its energy system. The global energy consumption is growing at present, even though it is at a slower rate than the last few years. Stringent norms implemented by governments of various countries are compelled various companies to mitigate their impact. They are expected to shift towards alternative electricity sources and help cut the overall energy waste.

Customers nowadays are looking for numerous sustainable alternatives and this changing consumer behavior is anticipated to transform the energy sector. Companies are striving persistently to change their business models. They are also aiming to launch cutting-edge energy solutions.

Innovations in the energy industry can take many forms. Power consumers are set to become power prosumers when delivering alternative energy sources. At the same time, digital twins would accelerate grid upgradation and exhibit the potential outcomes. Self-piloted drones will be able to keep track of power facilities and lines. Smart grids are expected to predict equipment breakdowns, as well as peak energy demand.

We bring you some of the latest technological innovations that are taking place in the global energy industry.

Usage of Artificial Intelligence (AI)

Artificial Intelligence (AI) is considered to have a transformative impact across the energy and utilities industry worldwide. AI will be used to estimate the demand and manage the distribution of resources accordingly. It would also enable companies to ensure that sufficient power is available at the time and place it is required so that wastage is prevented. It is gaining high popularity in the renewable energy sector where power cannot be stored for a long period of time and it has to be used very close to the location and time it is generated.

AI is expected to play a vital role in the transition towards clean energy. It will be created with the ability of AI to accurately predict the supply and demand scenario. In future years, more start-up companies are expected to enter the industry and develop new AI-based devices to enable customers to evaluate the impact of their real-time power consumption and make effective decisions to use energy.

Entry of Energy Prosumers

As power consumers are now-a-days shifting towards renewal energy resources from conventional resources, they are enabling key players to invest more in sustainable alternatives to keep up with their high demand. Thus, energy companies are focusing on scaling and transforming clean energy. It is further compelling many people to make environmentally-friendly decisions. This constantly occurring chain reaction is set to create a novel consumer model named prosuming.

Prosumers would produce alternative energy to help them cover a part of their power needs. They can then sell the remaining power to the local grid. Many parties can share, consume, and produce renewable energy at present.

Usage of Drones for Aerial Inspection

Today, self-piloted drones are becoming very common in numerous sectors. Right from construction an agriculture to energy and security, the adoption of drones is mainly driven by three major factors.

  • 5G networks are gradually being adopted across Europe and North America.
  • The cost of hardware components is becoming lower.
  • Various IoT platforms with advanced features are allowing companies to collect and analyze data in the cloud.

Drones are capable of capturing high-quality images and sensor data of equipment from multiple angles. Newly developed inspection drones are leveraging video and sensor data for collision avoidance, self-navigation, and object tracking. It has become easier to collect vast amounts of data with the emergence of machine learning solutions. Self-piloted drones would help oil & gas companies to assist agronomists with watering or planting crops, as well as tracking progress on construction sites.

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