The energy industry is undergoing constant change. From evolving energy storage technology to energy efficiency breakthroughs and upgraded commercial energy management systems, the industry’s advancements should be harnessed by companies. Utilitydive.com recently published five energy industry trends impacting companies today. They are:
- Increased energy storage
- Greater customer control
- Infrastructure evolution
- More diversified energy portfolios
- Enhanced consolidation
Touching on the first trend the site mentions, there have been recent reports pertaining to the demand for energy storage systems. In fact, in January, MarketsandMarkets, a research advisory firm, announced findings indicating that the advanced energy storage systems market is expected to grow from an estimated $12.73 billion in 2017 to $19.04 billion by 2022.
Trend number two focuses on microgrids, the popularity of which was touched on in a January report from the International District Energy Association (IDEA). As Robert P. Thornton, president & CEO of IDEA, writes on gineersnow.com, “one of the key challenges facing our both industry and society at large is the rapid urbanization and growing energy density of cities. With over 50% of the global population now living in cities and forecast to grow to over 70% by 2050 (more than 7 billion people), it is vitally important that cities deploy district energy systems to minimize waste and optimize energy and water use.
As for enhanced consolidation, the energy and building management sector has experienced such, showing a sign of market maturity. The sector still lags behind others in terms of consolidation rate, however. Greentechmedia.com reports, “There are dozens, if not hundreds, of software firms offering energy and operational efficiency solutions to enterprises. The volume of firms and complexity of offerings might delay consolidation itself; even potential acquirers could have trouble determining which firms to purchase.”
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