Energy Industry Trends Fueling the Evolution of Power Products

The energy sector is undergoing a paradigm shift as the world clamors for more environmentally friendly energy solutions — and with it, the need to develop innovative power products. In this article, we'll explore how energy industry trends affect innovations and lead to a more sustainable future. Technological advancements have already revamped many facets of the energy sector, from production to transmission and storage. The mere presence of smart grids, energy-efficient appliances, and other innovative energy solutions is invaluable. However, it is essential to acknowledge that while these innovations may have some differences, they all share a common goal — prioritizing sustainability and increasing our reliance on renewable energy sources. The ELEKS’ Head of Product Design Office, Oleg Slyusarchuk shared his expert opinion on the main trends that are driving the development of sustainability-driven digital products for the energy sector. Staying up to date with key energy industry trends 1. Renewable energy revolution The world is undergoing a renewable energy revolution, and it's time to embrace this change. With the increasing demand for energy and the growing concerns about climate change, green energy sources such as solar, wind, and hydropower are becoming more popular. According to , solar and wind energy consumption is expected to surge 11% during 2023. Economist Intelligence Harnessing the power of renewable energy revolves around a fundamental principle — tapping into an endless supply of natural resources within our environment and converting them into practical electricity or sustainable fuels. In this pivotal endeavor, product design assumes a crucial role, driving the creation of groundbreaking solutions to capture, store, and effectively harness renewable energy. As consumer demand for sustainable energy sources like solar and wind power continues to rise, energy companies find themselves at a pivotal juncture to proactively meet this demand. They have an opportunity to embrace renewable energy themselves and provide customers with renewable energy choices. These options can encompass community solar initiatives and eco-friendly energy tariffs, empowering consumers to participate in the clean energy movement. Moreover, individuals are increasingly interested in generating power through distributed energy resources (DERs) like solar panels and energy storage systems. By offering DER solutions and services such as net metering and virtual power plants, energy companies can effectively cater to this growing preference for decentralized energy generation and consumption. With an array of innovative technologies available to generate power from renewables, this trend has become one of the most significant developments within the energy industry today, and many governments, companies, and individuals are already reaping its benefits. Renewable energy: real-life applications With the help of the European Union, small and medium enterprises in Kosovo have embraced the promising realm of renewable energy, reaping remarkable rewards. For instance, Forma SHPK, a medium-sized enterprise specializing in plastic product manufacturing, made a strategic investment in solar panels. The outcome has been twofold: a substantial reduction in energy expenses and a significant stride toward environmental preservation. Forma SHPK successfully installed a robust system, resulting in an impressive 80% reduction in energy costs. 112kWp solar panel 2. Energy storage transformation While renewable energy sources offer immense benefits, they often face a significant challenge: maintaining a consistent output throughout the year. Solar panels excel in sun-drenched regions but cannot generate power at night or during cloudy days. Similarly, wind power can be a potent source of electricity, but it relies on the whims of the wind. Recognizing this, the renewable energy sector has embraced a crucial trend: finding innovative ways to store surplus power when production conditions are optimal. Storage projects in power applications primarily aim to accumulate excess renewable energy and unleash it when needed. This stored energy is pivotal in alleviating grid strain during peak periods while empowering prosumers to profit from expensive energy purchases. Energy storage technologies, including batteries and pumped hydro storage, are increasingly vital in shifting toward customer-centric energy ecosystems. Energy storage enhances resilience by effectively balancing the grid and providing backup power during outages. Furthermore, it enables customers to store energy generated from their own distributed energy resources, harnessing it at their convenience. Many companies have entered the energy storage market diligently working to address the energy storage challenge. Energy storage: real-life implementations By leveraging the intermittent power generated by renewable sources like solar and wind, Energy Vault's, a Swiss startup, the innovative solution ensures a consistent supply of baseload power around the clock. Inspired by the proven concept of pumped-storage plants, their system harnesses the power of gravity and the movement of water to deliver unparalleled performance. Another example is Energy Storage Technologies’ solution, that revolves around a hydrogen on-demand (HOD) system. Setting itself apart from conventional methods, this innovative system eliminates the need for compressors and tanks by producing hydrogen precisely when needed. Furthermore, STOREH's storage solution employs natural and environmentally friendly materials like zinc and water. STOREH 3. Digitalisation revamping the energy sector The imperative of digital transformation reverberates across industries, with the energy industry no exception. As the array of energy sources expands, managing such a dynamic system requires highly sophisticated automation and analytics. Supporting technologies, including predictive artificial intelligence, machine learning, the Internet of Things, and blockchain, play a pivotal role in studying demand patterns and dynamically adjusting power allocation across distributed grids. The power of digitalisation and data analytics takes centre stage in the seamless integration of distributed energy resources and energy storage into the grid. By harnessing these transformative technologies, customers can access real-time information about their energy usage and associated costs. Thus, customers can make informed decisions about their energy consumption, optimising efficiency and cost-effectiveness. Simultaneously, utilities benefit from the ability to effectively manage the grid, promptly responding to fluctuations in supply and demand. This synergy of digitalisation and data analytics empowers customers and utilities to navigate the energy landscape with precision, ensuring a harmonious and dynamic energy ecosystem. At the forefront of this digital revolution, smart grid infrastructure is a prominent trend in the energy industry. Smart grids leverage advanced sensors and automation systems to enhance efficiency and curtail power wastage within distribution networks. This empowers utilities to optimize resource management, bolstering reliability by mitigating issues like overloaded circuits or equipment failures, thus minimizing outages. In technological advancements, autonomous energy systems are poised to gain significant traction in the coming years, primarily fueled by strides in AI and ML. These innovative systems enable utilities to monitor their operations autonomously, identifying areas for improvement and optimizing performance with minimal reliance on manual intervention from on-site operators and technicians. This pioneering shift towards autonomy promises enhanced operational efficacy and streamlined maintenance processes. Digitalization in the energy industry: real-life solutions At ELEKS, we have years of experience addressing the challenges of the energy sector with advanced digital products. We have developed our own solution, , a software product crafted by the experts at ELEKS to revolutionize real-time power systems management within vast power networks. This solution empowers organizations with automated system stability analysis and optimized load flow calculations, resulting in unparalleled operational efficiency. By centralizing data storage and equipping users with specialized data management tools. DAKAR DAKAR's impact extends beyond the realm of efficiency as well. During times of adversity, such as constant missile attacks on the electric power system in Ukraine, DAKAR played a pivotal role. By modeling the optimal plan to power critical infrastructure, it skillfully balanced reduced power generation and current consumption, creating a schedule for emergency shutdowns. This critical functionality helped maintain the stability of the power system, safeguarding essential services even in the face of imminent threats. While the energy and power business landscape constantly evolves, we can see that no trend is set in stone. To successfully navigate this intricate environment and stay ahead of the competition, more and more companies are turning to sustainability consulting experts like ELEKS, who possess the knowledge and expertise to guide them toward a greener future. Conclusion The energy industry is undergoing a remarkable transformation driven by the need for sustainability and the increasing demand for environmentally friendly energy solutions. Technological advancements have revolutionized various aspects of the energy sector, developing innovative power products. These products prioritize sustainability and rely on renewable energy sources, aligning with the global movement towards a more sustainable future. Renewable energy, innovative energy storage solutions, and digitalization are among the key trends shaping the energy industry. Real-life examples illustrate the successful implementation of these trends. From medium-sized enterprises in Kosovo adopting solar panels and reducing energy costs to Swiss startup Energy Vault's innovative solution for consistent baseload power, there are tangible benefits to embracing renewable energy and energy storage. The impact of digitalization is evident through software solutions like DAKAR, which revolutionize power systems management and ensure operational efficiency and stability. Also published . here for sustainable solutions and expert guidance in the energy industry's evolving landscape. Let's build a greener future together. Contact us today