With constant developments in technology and renewable energies, the energy sector is sure to look different in the next five to ten years and beyond.
In this article, we’ll delve into some key trends expected to continue in the energy sector over the coming years.
Increasing dependence on renewable energies
Dependence on fossil fuels is expected to continue to lessen, as renewable energy becomes more widely used.
The demand for energy will continue to grow worldwide, and natural gas, solar and wind are among those expected to be the fastest growing energy sources to help meet this demand.
Renewable energy sources are increasingly important, as fossil fuels are not renewable. They rely on sources that will eventually run out, and they also release carbon dioxide into the atmosphere, contributing to climate change and global warming.
Renewable energy sources are an important factor in enabling businesses to move away from fossil fuels, reducing emissions and fighting climate change. The increase in energy efficiency and greater reliance on renewable energy sources will help reduce CO2 emissions.
Sources of renewable energy
Renewable energy is extracted from a constant source in the environment. Common sources of renewable energy include solar power, wind energy, hydropower, biomass and geothermal.
Solar power is one of the most well-known renewable energy sources. As one of the most abundant energy resources, sunlight is a sustainable energy source that will never run out. Solar panels are a cost-effective energy source for businesses. They are low maintenance, so while there are upfront costs, they may save your business money in the long-term. The roll-out of large scale solar generation continues to accelerate, with the role of these renewables set to continue to grow.
Wind energy is currently the second most used energy source in the world. Electricity is harnessed by wind energy through turbines which are used to drive generators which then feed electricity into the energy grid.
Hydropower is a fast-growing and reliable renewable energy source that allows electricity to be stored for use. Hydropower relies on typically fast moving water, either river or a controlled flow of water from a reservoir, with the force of water then converted into electricity by a turbine.
Biomass energy involves the conversion of solid fuel made from organic and plant materials into electricity. Biomass energy is burned to create heat which powers a steam turbine and generates electricity. However, in order for biomass energy to be a clean energy option, it needs to be sustainably sourced, as it is not always considered as green as other renewable energies.
Geothermal energy harnesses the natural heat below the earth’s surface to produce heat and electricity. Hot underground water is brought to the surface by drilling deep wells, this water is then pumped through a turbine to create electricity.
As fossil fuels like coal, oil and natural gas run out, innovation and expansion of renewable energy sources are the key to maintaining a sustainable level of energy.
Keep up with energy trends
Technological advances such as battery storage, advanced metering technologies and virtual power plants are set to transform the Australian energy industry.
As the energy sector continues to change, it’s important to keep up with innovations in the industry sector and your specific business energy needs. Assessing your business energy usage will help you determine how you’re contributing to energy production.
The energy sector is continuing to decarbonise, with around 30 percent of today’s energy being powered by renewables. Decarbonisation indicates a transition towards a clean and carbon-free economy by integrating and increasing the share of renewable energy sources.
One of the biggest energy industry trends involves the range of technologies that have been developed to cater to the different aspects of generating power from renewables. This includes reducing costs for the manufacturing of renewables infrastructure and generating power with higher rates of efficiency.
As a large exporter of energy, Australia has extensive energy resources from both renewable and non-renewable sources. However, there is still uncertainty regarding Australia’s future climate change policies and how they may impact the Australian energy sector in the long-term.
For more on why your business should invest in renewable energy, check out our blog on the importance of going green.