Traditional electricity usage will shift to decarbonized electricity during the next decade to address rising levels of global warming. Wind turbines and solar farms are rapidly replacing thermal power stations, and governments are actively working for its higher implementation and embarking on the successful journey to net zero. Despite, how lucrative this transition sounds, there is a huge challenge in maintaining steadiness with these sources. Meteorological conditions are the major influencer of wind and solar energy and this makes them highly unpredictable. The fluctuating patterns of sunlight and wind cannot supply an on-demand power source 24 hours a day, 365 days a year. The entire deployed renewable energy capacity in the entire world has gone up from 1,223,533 MW in 2010 to 2,532,866 MW in 2019, and renewable energy will generate more than 80% of the global electrical power supply by 2050. Therefore, for carrying out effective channeling of renewable energy resources, many countries have set up grid rules for incorporating renewable energy and also put in massive research efforts. Generally, an energy storage system (ESS) is technically the best way to resolve this issue and increase the utilization of renewable energy. ESS allows both wind and solar energy to be stored when produced and released at the time of need or emergency.
When the future is electric, it is not difficult to predict the future of power, which will be booming for a variety of clear reasons. Power is believed to have the ability to reshape the world, improve people's livelihoods, and accelerate industrialization; as it is frequently associated with economic progress. The use of electricity ranges from running a small water pump in households to running huge turbines at dams, from which the electricity itself originated. The presence of electricity in the world, makes innovation possible, such as new devices, faster transportation, and even quicker communication. Nations worldwide are constantly exploring and developing new ways for power generation to suffice the high electricity demand, leading to new possibilities in the future. Global demand will reach approximately 660 quadrillions Btu in 2050, representing a 15% increase over 2021, reflecting a larger population and greater income.
ELECTRIC VEHICLE: Automotive sector is in high need of electricity, and the electrification of vehicles has increased, which has further propelled the need for power. This pushes the power sector to find innovative ways to ensure the supply of electricity even in the middle of the road. For instance, the SMAC project focuses on using wind energy to boost the use of electric vehicles. Moreover, it also covers technological factors that will allow vehicle-to-grid (V2G) to introduce energy stored in EV batteries into the grid.
FLOATING OFFSHORE WIND AND SOLAR STATION: Floating power stations are the new trends in the power sector. They have drawn massive popularity as they can work individually and can be combined in hybrid configurations, leveraging the complementary nature of wind and solar resources. These hybrid station maximizes power generation potential and improves grid stability by providing a more consistent and balanced energy output. The world's largest floating solar installation is developed on India's Narmada River. It will be one of the world's only ten floating solar farms. Also, it covers approximately 100 square kilometers and generates 600 Megawatts of power between 2022 and 2023.
DIGITAL TWINS: Digital twins create virtual replicas of physical assets, such as power plants, transmission lines, or distribution systems. It provides a holistic view of energy systems, enabling optimization at various levels by enabling real-time monitoring and analysis of asset performance. Digital twins have huge potential to boost the future of the power sector by improving efficiency, reliability, and sustainability.
SUPER CONDUCTION CABLES: Superconducting wires can carry extremely large currents, substantially more than copper or aluminum cables. This allows efficacious transmission and distribution of power. They are ideal for modern, high-capacity electrification projects in developing nations.
The power sector has a myriad of visions, that will evolve with time. The way government sectors, regulatory bodies, and power companies are responding to tapping on new opportunities, innovations, and development, the power sector is going to grow strong in the future. When electrons move from one atom to another, electricity is produced, however, various innovative ways facilitate this process and enable higher electricity production. Moreover, the surging world population and better economy have driven the need for power. The world population is predicted to rise by 2 billion over the next two decades, correspondingly electricity generation is expected to rise by about 49% by 2040. The future of the world heavily relies on the future of the power sector, therefore, the sector is in a way of getting transformed in the most unimaginative ways.