Power Generation: Breaking the Norms

For many years, Power Generation has operated in traditional ways. Despite the innovations, this industry doesn't budge from some old-school methods. However, a new surge to change conventional power generation has occurred in recent years that has shaken the industry a bit. This is due to its hazardous impact on the environment.

You've probably heard about this many times, but do you know what changes are taking place to make these standard processes of power generation more sustainable and environmentally friendly?

Here are three ways the world's energy sources have changed over the years:

Modern Renewable Energy: Sun, Wind, and Earth

Renewable energy is the use of natural resources that are limitless and cost-effective. While fossil fuel has powered our homes for centuries, modern renewable energy sources increase the chances of a safer and cleaner environment. Energy plays a vital role in human advancement and brings massive benefits, but not without its downside. So, how are modern renewable energy sources different?

Data shows that the total worldwide installed capacity of renewable energy almost doubled in the past decade to 13.5 TWh. With renewables now accounting for 30% of global electricity generation, these numbers show that prioritizing clean energy enables progress.

Six months into 2023, Wind and solar are already generating more power in the U.S. than coal. There's still a long way to go, but the energy shift is charging ahead, and seeing the rapid growth, the speed will only fasten with time.

Energy Storage: A Genius Innovation

Energy storage is a clever innovation that secures a constant renewable energy supply for power systems. It is a packed solution that can support the expansion of renewable energy sources while enhancing grid reliability and power quality. Mixing it with varying amounts of renewable energy can help displace costly and polluting fossil fuel-generated electricity while boosting the security of supply.

The global energy storage market will grow significantly, from an estimated value of US$219.90 billion in 2022 to US$355.40 billion by 2028.

During the projected period of 2023–2028, this market is expected to expand at a compound annual growth rate (CAGR) of 8.33%.

In addition to power generation, the vehicle industry is also utilizing this innovation to its fullest potential. Manufacturers of electric vehicles (EVs) are using cutting-edge battery technology as a form of energy storage for cars, promoting sustainable practices. To make the ambitious goal of attaining net-zero emissions by 2050 a reality, the EV industry's dedication to minimizing the environmental effect of the automotive sector is pivotal. Seeing the efforts of these industries, it is quite possible to envision a future without emissions.

Smart Energy Grids: A Game Changer

Power generation is revolutionized by smart energy grids, which optimize energy distribution, increase efficiency, and make it possible to include renewable energy sources.

A survey claims that the size of the global smart grid market will reach $130.2 billion by 2028, growing at a 17.4% CAGR over the projected period. These advanced grids use technologies like IoT, AI, and real-time data analytics to improve grid resilience, lower power outages, and enable dynamic energy pricing.

These seismic shifts in power generation point to a promising future. As this industry is breaking the norms, now is the time to make that shift and change the basics of your operations. Prismecs, A leader in the field of energy solutions, has been a catalyst of change. Our crew listens, strategizes, and executes projects with ease and without constraints. Take the first step towards sustainable energy solutions – Connect with Prismecs today.