Energy Industry Analysis: What is on the Cards for the Energy Industry By 2020?
The energy industry will witness exponential growth due to the widespread use of technology and digitization. Curious to know what are the trends that are shaping the future of the energy industry? Here is our energy industry analysis – Vision 2020. Smart Batteries From phones to watches, everything is getting smarter by the day, thanks […]READ MORE >>
The energy industry will witness exponential growth due to the widespread use of technology and digitization. Curious to know what are the trends that are shaping the future of the energy industry? Here is our energy industry analysis – Vision 2020.
From phones to watches, everything is getting smarter by the day, thanks to the growing implementation of digital technology. As the energy sector is looking at new and intelligent ways to improve their processes, the focus on implementing innovative methods of energy storage has increased. Extensive energy industry analysis done by our experts show that the falling price of batteries in the market has proved beneficial for the energy sector, this has made the players in the energy industry to look at intelligent energy storage technologies for their companies. Energy providers have started using batteries to power the grid and are gradually refraining themselves from building inefficient and expensive power plants.
The experts at SpendEdge have suggested that “ The application of blockchain technology has progressed from cryptocurrency to a wide range of industries and sectors”. Blockchain is a relatively new technology that may come across as an alien term to many. Our energy industry analysis shows that blockchain would help the energy sector to lower the bills, provide community-based energy, quick shutdown recoveries, etc. As of now, various pilot studies are being conducted to check the viability of blockchain for the energy sector, let us hope that by the year 2020 blockchain proves to be a breakthrough contributor to smart technology in the energy sector.
Resorting to Renewables
The past few years have witnessed remarkable developments in the energy industry – solar energy turned out to be the cheapest source of energy beating out coal. This has renewed the hopes for a reduced carbon footprint in the environment. According to Technavio’s “Global Smart Solar Market 2016-2020” energy industry analysis report, the global solar market will grow steadily with an impressive CAGR of more than 15% by 2020.
Energy Management Goes Digital
With smartphones ruling the world, energy managers now have powerful technologies in their disposal – quite literally! Our energy industry analysis for the year 2020 shows that the customers are expected to be more connected with their energy providers through their smartphones. This means that the residential and industrial customers can get multiple benefits, which includes real-time self-diagnostics and alerts that will help in energy savings.
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