Challenges in the energy sector
In 2023, renewable energy saw its biggest growth in 20 years, with the world moving towards renewable energy to cut CO2 emissions, ensure sustainability, and secure affordable energy. The share of renewable energy sources in the total energy mix will increase even further. To ensure a reliable and resilient energy system, we see these trends in the industry:
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The transition to a net-zero future requires massive investments in grid infrastructure and renewable energy sources such as wind farms, solar panels, green hydrogen, biomass, and ocean energy sources. With a growing electrification demand through the adoption of industrial electrification, the increase of electric vehicles and electric heating of buildings, the rapid expansion of data centers, the pace of these investments must speed up to ensure a reliable and resilient energy system.
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Investing in infrastructure alone won’t solve all the problems. To efficiently handle congestion issues, the energy sector needs to unlock demand-side flexibility. That will enable consumers to adjust how and when they use electricity, so they can help balance the energy supply and avoid strain on the grid. Smart data platforms are essential to monitor that usage, report data in real time, and securely share that information with retailers (i.e. GDPR-proof), so they can offer the best possible contracts.
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With tools such as the Internet of Things (IoT), Machine Learning, Artificial Intelligence (AI), and big data analytics, organizations can automate and optimize asset management, shift towards predictive maintenance and boost operational excellence. Additionally, this will allow for smarter investment decisions and more grid stability. However, that data-centric model asks for significant improvements in data management and protection.