Innovations in technology and improved energy management efforts will result in greater energy efficiency.
FREMONT, CA: An increase in the world's population, coupled with a momentous shift towards urbanization, has led to the quest for alternative sources of energy. Despite the dedicated efforts to leverage varying energy sources, a significant portion of the population lacks access to most basic energy services. With a limited supply of fossil fuels and an exponential rise in the demand of energy, researchers need to have an innovative outlook to address the upcoming energy crisis. Here are the major energy trends that are expected to ease the pressure on exhaustible energy sources while at the same time, address the ever-increasing energy demands.
Energy Storage Facilities
The energy storage capability is an essential aspect of energy management that can tackle the intermittency challenges associated with renewable sources of energy. An efficient energy storage facility also plays a key role in balancing the supply and demand of power. A storage system associated with a renewable energy source can ensure smooth and steady power supply even when the optimal conditions for energy generation are not there.
Microgrids or the local energy grids have the power to work either autonomously or when networked with a larger grid. Such renewable energy grids are increasingly being used due to their ability to provide efficiency, energy independence as well as operational efficiency during emergencies. Innovations such as artificial intelligence (AI) and the internet of things (IoT) can also be integrated with microgrids for improved efficiencies and functionalities.
Better Grid Parity Costs
Grid parity refers to the case where alternative energy sources can provide power at a price and performance that is equal to or lesser than energy generated from traditional means. For instance, solar and wind energy impart parity in cost as well as performance in several geographical regions. Development in existing technology will result in further improvement in grid parity.
The emerging trends leading to efficient energy generation will be the combined result of technological advancements and the need to address the increasing demand for energy.
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