future-power-energy

FUTURE OF POWER

The Transition of Electricity

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.

future-power-energy
Future of Power =

Future with Power

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.

future-power-energy

Technology Electrifying the World

future-power-energy

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.

future-power-energy

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.

future-power-energy

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.

future-power-energy

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.

future-power-energy

Initiatives Reforming the Future of Power

  • In 2021, investment in electricity networks increased by 6%, with advanced economies quickening investment to support and enable the electrification of homes, industries, and transportation.
  • The Ivory Coast plans to improve the digitalization of its power grid by utilizing funding from the World Bank for the execution of its USD 300 million National Electricity Digitalization and Access (NEDA) initiative, which is intended to increase energy access for approximately 1.8 million people in the country's northern and western regions.
  • According to the World Bank for access to energy, worldwide efforts between 2016 and 2030 has forecasted to be increased by 0.8 percentage points each year to achieve universal access by 2030.
  • The UN-Energy Energy Compacts program launched in 2021, include specific targets for driving advances towards UN Sustainable Development Goal 7 (SDG 7) of guaranteeing worldwide access to affordable, clean, dependable, modern, and environmentally friendly energy by 2030.
  • To enable rural electricity and foster economic development, the government, business sector, and international aid organizations have undertaken ambitious microgrid schemes. Microgrid technologies are expected to service over half of newly connected households by 2030, according to the International Energy Agency.

The Future of Power in Various Countries

fuel-blending

    NORTH AMERICA

  • Through large investments supported by the Inflation Reduction Act (IRA) and the Bipartisan Infrastructure Law (BIL), President Biden's Investing in America plan is pushing rapid progress in the power industry toward clean, reliable, and cheap electricity.
  • Department of Energy’s National Renewable Energy Laboratory conducted an analysis and proposed ways of supporting 80% of the United States’ electricity from cleaner sources.
  • The Infrastructure Investment and Jobs Act (IIJA) set aside USD 7.5 billion to develop a nationwide network of electric vehicle (EV) charging stations, with a focus on rural areas, low- and moderate-income areas, and places with a large proportion of multi-unit housing.
  • The Office of Electricity (OE) of the United States Department of Energy (DOE) recommended and selected the nine Phase 1 winners of the inaugural American-Made Digitizing Utilities Prize. This USD 675,000 competition to USD 75,000 for each team, brings together utilities and diverse groups of software developers and data professionals to transform digital systems in the energy sector through data visualization, interpreting, quality control, retention, and elimination.
fuel-blending

    ASIA PACIFIC

  • China invested roughly USD 79 billion in electric power grid infrastructure construction in 2021. Moreover, around USD 82 billion was invested in power infrastructure projects.
  • Seraya Partners revealed plans to put in USD 100 million in Taiwan to construct a quick electric vehicle (EV) charging network.
  • Astrid Renewables Private Limited has entered into a contractual arrangement with local vendors to buy an initial inventory of 150 operational electric vehicle charging station. Over the following three years, Astrid intends to deploy an additional 7,000 EV chargers in Taiwan using the platform.
  • In the Union Budget 2023-24, the Indian government has put forth USD 885 million for initiating solar power projects, including grid, off-grid, and PM-KUSUM projects.
  • Foreign direct investment (FDI) poured around USD 16.57 Billion into the power sector of India between April and December 2022.
fuel-blending

    EUROPE

  • The European Commission is expected to release a proposal to "digitalize" Europe's energy system. The plan predicted USD 689 billion in power grid investments until 2030 to support the planned rapid adoption of electric vehicles, renewable energy, and heat pumps
  • The European Commission has released grants of USD 2.8 billion from the Modernization fund to improve the energy system in seven countries. These funds will be directed for the replacement of lignite with renewable by commencing infrastructural development of 8 solar parks, and 2 gas turbine plants. The investment will also assist in the modernization of the existing electrical network in Romania.

The Balanced Assessment

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.

Contact Us

swara-keni
Swara Keni

Head- Global Business Development

Ready to talk?

I want to talk to your experts in:

We work with ambitious leaders who want to define the future, not hide from it. Together, we achieve extraordinary outcomes.

Let Us Hear About Your Requirements:

Submit Your Request For Proposal (RFP)

Connect With Our Consultant