How Technology Is Revolutionizing The Energy Industry

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The global demand for power has been projected to rise by almost double by 2030. From running smart home systems, electronics and electric cars, to cloud computing and beyond, consumers are gulping power at an alarming rate. Though the expansion of production is necessary, much more is required to meet this demand. For example, significant steps have already been taken to utilize renewable energy like solar and wind. But until electricity can be efficiently stored for future use, production may not be a game-changer. Luckily, there are ways that new technological innovations are changing the energy industry.

Energy-photo

How different companies are adopting energy technology

Companies, both traditional and startups, are accepting and embracing sustainable energy options. Most of these companies are concentrating on connecting storage systems and renewable energy. They are achieving their goal by combining ultracapacitors, IoT, microgrids and blockchains to streamline production, storage, distribution and usage. A company like Advantech, which offers worldwide services, is capitalizing on cloud-enabled IoT and automation options for saving energy and the effect the industry has on the environment. Centric Energy Systems based in Idaho designs and installs energy tracking systems for institutions, enterprises and other commercial entities. Similarly, various energy companies in Michigan, especially those with renewable energy portfolios, are stepping up their game to adopt these technologies. They include AEP Indiana Michigan Power, Consumers Energy and WEC Energy Group, which provides electricity and natural oil to over four states.

The introduction of ultracapacitors

One of the most promising energy storage options is the use of ultracapacitors, which is being developed to perfection by Maxwell Technologies in California. This advancement is about using the already available power more efficiently without having to expand production. They utilize electrostatic fields to hold energy and release it when required. Because of disruptions in renewable energy production such as wind fluctuations and clouds, the output can surge at any time, hence the need to find stability. The unique ability of ultracapacitors has been said to raise power utilization by 30-50%, which is a fair attempt at meeting the rising demand for electrical power. In the future, these ultracapacitors will be used to reduce energy wastage as caused by millions of people in their daily activities like driving.

Machine learning and blockchain technology

Some systems go beyond the smart meter and use artificial intelligence to monitor the energy usage of every appliance. Such information is critical, as it can be used to cut down on usage and save more energy. Furthermore, this analysis can even let you know which appliance is becoming less efficient and help to make better replacement decisions. Similarly, the application of blockchain technology and peer-to-peer trading is becoming more common. It combines machine learning with sophisticated transaction and authentication abilities to deliver cheaper and more stable energy to consumers. It also allows consumers with renewable energy options to sell surplus power directly to neighbors.

As demand for power rises, the energy sector is forced to find ways to keep up with the pace. Technology for power is aimed at streamlining production, distribution and usage. From smart meters and storage options to blockchain technology, the future is bright and promising. This is because these developments are being accepted by both starters and market leaders, making sure that the power landscape changes for the better.

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Summary
Title
How Technology Is Revolutionizing The Energy Industry
Description
The global demand for power has been projected to rise by almost double by 2030.

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