Energy Industry Trends: Factors Expected to Spark Change in 2018

Jan 31, 2018

Energy industry overview

The world population is on the rise, so is the demand for energy. The good news is that the recent energy industry trends are more focused on sustainable energy generation methods, especially due to the ever-increasing environmental concerns such as global warming. But on the flip side, the energy industry is facing mounting challenges when it comes to providing cheap and reliable energy owing to the high costs involved and lack of sufficient resources to meet the growing demand. Over the past year, global conditions have also continued to challenge the energy sector. However, with breakthrough developments in the energy sector in recent times and more emphasis from the government on clean energy measures, 2018 will undoubtedly be an eventful year for the energy sector. Here are our top picks of the energy industry trends that you can expect in 2018:

Energy Industry Trends 2018

Improved energy storage to the rescue of renewables

For a long period of time, the lack of large-scale battery energy storage systems has held renewables back from being more widely accepted. Big players in the market such as Tesla, ABB, and Siemens AES are focusing more on the improvements in battery storage in a big way, and 2018 could well be a ‘breakthrough year’ for battery storage tech. Better battery storage could demolish the main obstacle to renewable energy, contributing more to energy grids. According to several industry experts, battery-based energy storage will grow to as much as 45GW in the next five years.

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Electricity grids to become smarter

Digital solutions are making electricity grids smarter. This is one of the energy industry trends that is expected to accelerate through 2018. Smart grid hardware is being integrated, which can control voltage and redirect current in a coordinated manner. This will result in operations at electricity grids becoming more responsive and reliable. We can also expect a spike in demand for the multi-directional grid in the coming years, which would give consumers the ability to send power into the grid. Smart meters and smart appliances can also help consumers to gain better control over their energy usage.

Brain drain in the energy sector

One of the key energy industry trends that would impact the sector in a big way this year is the talent challenges they will face due to the imminent retirement of a large number of older workers. More than 500,000 energy sector employees are expected to retire in the next 5 to 10 years. This will result in the loss of critical knowledge resources that will create a hard-to-address skills gap. To avoid this situation, power companies will have to act immediately to aggressively recruiting new talent.

To know more about the energy industry trends that are set to transform the business landscape in 2021 and beyond – Request more info.

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