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Power utilities are gradually partnering with EV manufacturers in areas such as EV charging, vehicle-to-grid (V2G) systems, energy storage, and renewable energy sources to improve their offerings.
FREMONT, CA: The power sector is undergoing significant transformation. Power companies, historically opposed to the implementation of emerging technology, are now recognizing their advantages and investing heavily in them. The top five innovations that will have the maximum effect on the sector during the next three years are cybersecurity, big data, cloud computing, robotics, and the Internet of Things (IoT). Here are three power industry trends to look out for:
Microgrids
The power sector's microgrid demand continues to expand, propelled by the need for adaptability, energy security, and remote area electrification. With projects as large as the 100MW Armonia Microgrid in Palau being built, the microgrid project scale has been rising. Developments in policy have also been promising.
Electric Vehicles
In the last few years, the adoption of electric vehicles has been increasing and is set to continue. EV implementation goals are set by governments worldwide, enabling market stakeholders to invest across the supply chain of EVs. Power utilities are gradually partnering with EV manufacturers in areas such as EV charging, vehicle-to-grid (V2G) systems, energy storage, and renewable energy sources to improve their offerings.
Digitalization
To secure networks from cyber threats, cybersecurity receives the utmost attention from power companies. Power utilities have recognized the debilitating impact on the grid that cybersecurity problems can have and are willing to spend heavily to ensure safety.
Useful tools that support these efforts are big data and cloud computing. Cloud models help utilities minimize their IT CapEx and provide limitless storage and sophisticated analytics. The IoT lets power companies track and control their resources remotely. Using IoT, utilities can also perform predictive maintenance of assets.
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