5 Latest Trends in Energy Industry

5 Latest Trends in Energy Industry

The energy industry is one of the vital industries of the country that not just looks into the well-being of the people but also provides ample of employment opportunities. The Indian government is aiming at expanding this sector even more so that the power reaches every single household. Now, this has created and would continue creating new job opportunities in this sphere. However, to get absorbed in the sector, one must be accustomed to the concepts, principles and ongoing trends of the energy industry. Trends in Energy industries

With several innovations and the advent of technology, the energy sector of the country has witnessed a major transformation in the last decade. The people are now focusing on sustainable development and emphasis is being given to the alternative sources of energy. This has made power supply accessible to a larger masses, that too conveniently. Here are five latest energy trends that have completely revolutionized the industry: 1. Generation of power through local sources/ Distributed Generation Nowadays, electricity is being generated through individual or locally housed sources such as solar panels mounted on the roofs of the buildings, power plants, diesel-based generators and other such sources. These sources are supplying power to both commercial and residential areas. Some of the consumers even sell the power to the electric supply grid. The kind of generation is termed as distributed generation. Though the sources produce very less power than a centralized power plant, the power is sufficient to support an area. 2. The dependence on coal is decreasing due to sustainable approach Coal was once considered as the lifeline of the energy sector. However, in the present scenario, the demand for coal and its dependence is decreasing. People are targeting sustainable development and going for other sources of energy. The demand for Natural gas over that of coal has increased in many countries. This can be attributed to both the fall of prices of natural gas and due to sustainability. 3. Usage of renewable sources is increasing The prime contributors to the renewable energy sector are the solar and wind industries. The Indian government promotes the usage and installation of such energy by offering various schemes and subsidy on off-grid generations. This has made more and more people to adopt such sources of power generation. 4. Digitalization

The advent of technology in the energy sector has exponentially increased the generation, transmission and the distribution of power. It has also become convenient to distribute power even to the remote areas. Digitalization aids in optimizing the operations. It also reduces the accidental outages. 5. Emphasis on Nuclear power On the global front, many countries are emphasizing on nuclear power. The power generated by nuclear is considered as a better option than coal by many ecologists. It is believed that a nuclear plant generates ample of power in lesser time plus the emissions of carbon are also minimal. Thus, the usage of nuclear power is becoming popular.