WHAT’S NEXT FOR THE ENERGY AND UTILITIES INDUSTRY
Energy 4.0 is being powered by an acceleration in technology innovation that is radically shifting the energy and utilities landscape. The fragmented and decentralization of supply, consumption and storage of energy is happening sooner and faster than anticipated. More so with the growth of IoT, smart grids and cost-effective renewable energy. Given that smarter and more demanding consumers and an increasing number of prosumers who will soon become part of the energy supply chain.
SUSTAINABLE ENERGY A MUST FOR DEVELOPING NATIONS
A significant drop in non-renewable energy has resulted in clean energy accounting for one fifth of the world’s electricity consumption. Adoption of renewable energy will increase exponentially and it is estimated that by 2050 Europe will potentially lose up to $67 in utility revenue alone.
In Africa it is most cost-effective to use renewable energy and microgrids due to large numbers of people living in remote areas and the high cost of extending the national grid under these conditions. An estimated $93 billion is needed to provide the African continent the infrastructure to ensure access to energy for all.
PROS AND CONS
In contrast smart grids are costly to deploy, but will provide enough data and control over the flow of energy supply. Thus allowing new and existing players such as telecommunications companies and technology partners to become direct competitors. They are able to offer new products and applications with connected devices that will ultimately help build future smart cities.
Add into the mix the use of blockchain and consumers will be able to track and direct the flow of electrons across borders in a transparent, and accountable way. This will transform consumers into prosumers that will decentralise the current landscape and put the power, and profits, in the hands of the user.
For existing energy suppliers and utilities to achieve digital transformation they will have to migrate from legacy systems to a smarter IoT-led connected network, which will require technology and software partners along with a new generation of highly skilled talent. This talent will be made available by NBS Digital Technologies. We are able to draw on global innovations and partnerships to ensure your business is future proof and will be a major player in Industry 4.0.