Top Technology Trends in Energy Industry for 2024: A global shift towards sustainability

Governments around the world are passing legislation in order to incorporate sustainable energy sources and technologies to enable the efficient use of energy systems. Broadly, energy industry trends can be categorised into three recurring concepts:

• Decarbonisation indicates a transition towards a clean and carbon-free economy by integrating and increasing the share of renewable energy sources.
• Decentralisation refers to geographically distributed electricity with a large number of multi-level producers and consumers.
• Digitisation implies the widespread use of digital machines and devices at all levels of the power system, from production and infrastructure to end-user devices.

Top 10 Energy Industry Trends in 2024 are:

1. Renewable Energy

Shifting to renewable energy helps preserve the environment as it produces minimal to zero harmful emissions. The basic principle of using renewables is to extract them from a constant source in the environment, like the sun, the wind, or geothermal sources. The next important factor is to convert the source into productive electricity or fuels.

2. Internet of Energy

Traditionally, electric power systems use a central architecture during construction that brings a new set of challenges to the industry. IoE addresses several of these challenges and offers greater efficiency and optimal design for building energy systems. IoE implements intelligent distributed control through energy transactions between its users.

3. Energy Storage

Today’s technologies provide a sufficient level of generation, however, they lack cost-effective energy storage solutions. Energy storage enables stable pricing by proactively managing demand from consumers.

4. Blockchain

Blockchain technology intends to unite all energy stakeholders under a single decentralised network. Electricity producers, distribution network operators, metering operators, providers of financial services, and traders potentially benefit from utilising smart contracts.

5. Energy as a Service

Some visions of the energy system in the future mainly revolve around DERs that are monitored by a combination of AI and IoT. Together with blockchain and a growing number of energy prosumers, these components comprise energy-as-a-service solutions. EaaS allows for the transition from selling electricity to selling services such as consumption management, optimisation of production, and tracking consumption.

6. Distributed Energy Resources

Distributed energy resources enable the generation of electricity or heat at the place of its consumption. The absence of a network eliminates the loss and cost of energy transmission. This implies the presence of many consumers who produce energy for their own needs, directing their surplus to the common network.

7. Demand Side Management

DSM refers to the rationalisation of demand to ensure compliance with the current or predicted capabilities of a power system. Rationalisation consists of two main components – demand management and energy efficiency.

8. Quantum Computing

Quantum computing in the energy sector focuses on developing new energy solutions, improving energy efficiency, and reducing the use of greenhouse gases. The scale and complexity of challenges facing the energy sector go beyond modern technology and are well suited for testing on quantum ones.

9. Vehicles to Grid (V2G)

V2G is a system in which EVs sell energy in response to demand either by returning electricity to the grid or by cutting their charge rate. If EV batteries later return energy to the grid through charging stations, it is possible to use it as an energy storage asset. Charging EVs for lower costs during weak demand supports the network during peak loads.

10. Power to X

Reducing greenhouse gas emissions by improving energy efficiency and using renewable energy sources are playing an increasingly important role worldwide. Power-to-X technologies for electricity conversion, energy storage, and reconversion pathways see increasing interest from the industry.

The Tree Map above illustrates the top 10 energy industry trends that will impact companies in 2024. Renewable energy infrastructure development, power generation, storage, and efficiency drives innovations in the sector with numerous emerging companies developing low-cost renewable energy technology. This, in combination with artificial intelligence (AI), the internet of energy, and blockchain account for nearly three-fourths of the energy industry trends. Advancements in electric vehicles (EVs) and charging solutions focus on enabling the transition to zero-emissions transportation by solving infrastructure-related challenges.