The energy sector is changing at a rapid pace, with new solutions continually being added to solve current issues. There has already been a shift in the amount of renewable energy being used, but how will energy tech likely be used by businesses over the next 5 years? Below, we’ll look at some of the current predictions.
Blockchain technology
Blockchain technology is already pretty big in business, but it’s sure to get even bigger over the next 5 years. It’s basically a digital ledger which creates, as well as stores, records. These records are known as “blocks” and they’re designed to be easily viewed in a public database, but they’re unable to be tampered with.
This technology enables businesses to exchange tools and assets such as contracts and intellectual property rights without intermediaries needed to manage the exchange. In terms of energy, this technology could also allow businesses to source power directly from a supplier without the need to go through a third party.
Self-driving vehicles
Perhaps one of the most significant energy tech set to be used over the next 5 years is autonomous vehicle technology – or self-driving cars. They have already been trialled in numerous cities across the world and manufacturers are gearing them up for mainstream release.
Businesses are likely to invest in the technology for both its greener appeal and the fact it’s safer for drivers, reducing the likelihood of accidents. However, when these vehicles do hit the mainstream, there is a worry over the pressure it will place on the lubricant and liquid fuel markets.
Electro fuels
Electro-fuels are also likely to become widely used by businesses. Also known as e-fuels, it’s basically an umbrella term used to describe gaseous or liquid fuels. They use constituents like water, carbon dioxide and nitrogen to create chemical compounds which can then be used as fuel.
The great thing about electro fuels is that they could potentially be compatible with existing supply chain and industrial infrastructure. They’re also capable of being stored at a low cost. However, the energy required to create electro fuels is pretty significant. So, work does need to be done to ensure they can be created using renewable energy sources. While they cannot currently compete with fossil fuels and biofuels, their production is still in its early days. They also have the potential to benefit from the same type of carbon pricing as biofuels.
These are just some of the energy technologies businesses are likely to utilise over the next 5 years. However, some of the technology is still being developed and there are challenges associated with each which will need to be addressed.