Energy ties many aspects of our modern life together. It drives economic growth and influences our standards of living. But in the coming years, the energy market will undergo several big changes that will bring more uncertainty, and likewise more opportunity, to the marketplace.
As the market continues to evolve to meet consumer demand, it brings a lot of opportunity for new innovation. Here are the top energy and utility trends to watch for in 2022:
RENEWABLE ENERGY PRODUCTION & USAGE CONTINUES TO RISE
Our reliance on conventional forms of energy has been shifting for years as companies continue to diversify to new types. In 2015, only 7% of energy in the U.S. came from renewable energy sources. In 2020, renewable energy sources accounted for about 12.6% of total U.S. energy consumption and about 19.8% of electricity generation. Furthermore, according to a new report from S & P Global Market Intelligence, the use of solar and wind utilities is on track to set a new record in 2022.
The slow shift to renewable energy is also evident in the electric-vehicle industry, which will make up 70 percent of all new car sales by 2050. This is a sign that the habits and preferences of consumers are changing, and quickly.
5G USE WILL INCREASE IN THE ENERGY INDUSTRY
Throughout 2022, the energy and utilities industry will continue to modernize its power grids to make them more reliable and cost-effective. Utilities rely on millions of connected devices, such as smart meters and sensors, to share data from different locations. 5G can improve the reliability and security of these connections. The energy and utilities industry will continue to modernize its power grids to make them more reliable and cost-effective. Utilities rely on millions of connected devices, such as smart meters and sensors, to share data from different locations. 5G can improve the reliability and security of these connections.
ENERGY COMPANIES CONTINUE TO MOVE TO THE CLOUD
Energy companies are constantly creating and collecting vast amounts of data that can be used for a variety of purposes. However, managing, storing, and protecting this data can be overwhelming for any organization. Cloud adoption is likely to continue to increase in utilities in 2022. The industry is already heavily dependent on IoT devices, using data to enable innovative tools. The cloud is an important part of such technological development, and this trend will not change next year.
AI WILL CONTINUE TO DRIVE INNOVATION IN THE INDUSTRY
In 2021, energy companies have already begun to use AI to enhance their operations. This technology has proven to help forecast energy demand, manage resources, and store energy efficiently. In the future, it will be an invaluable tool for migrating to energy systems that use more renewable energy sources. You can use AI and machine learning to accurately predict energy prices and demands and optimize energy consumption. The federal government relies on these technologies to accelerate research that enables long-term energy storage. AI will also be an important tool to help balance the many power sources that power the grid, predict power, and power consumers much faster and more efficiently.
INCREASED FOCUS ON SOCIAL & ENVIRONMENTAL JUSTICE (ESG)
In this energy transition, utilities will strike a balance between affordability and resilience and increase pressure to achieve equitable results for all communities, including those that are traditionally underserved. Become. This includes improving energy efficiency, expanding electric vehicle (EV) infrastructure, and increasing access to renewable and distributed energy in non-traditional areas. Energy equity is not just in the minds of utilities and regulators. Consumers expect their utilities to treat all customers fairly and equally; As such, It is more important than ever how the utility deals with issues in the ESG “S” category.
ARTICLE REPUBLISHED from Broker Online Exchange
