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In order to adapt to the latest trending technologies available in the market, the energy industry is constantly transforming. This transformation helps improve the supply of energy and makes it more convenient and accessible for their customers. The year 2019 was a busy year for the energy industry as we witnessed events such as the OPEC and Russia lengthening their co-operation pact and the attacks on the Saudi Oil facilities which affected about 5% of the global supply for several weeks. Based on various external factors and trends, analysts have made certain predictions on the outlook for the Energy industry in 2020.
Here are the 4 top 2020 trends for the energy industry:
- Possible Return of Nuclear
- Natural Gas over Coal
- Renewable energy will flourish
It’s a no brainer that technology is going to play a huge role in the energy industry. With the help of digital technology power generation, distribution and transmission have become very convenient and simple. Pivotal technologies like virtual reality, artificial intelligence and cloud computing have transformed traditional industrial operations. It has also reduced the number of unplanned outages. Seeing all these benefits, digitization is gaining popularity among the industry, especially for power plant managers.
Possible Return of Nuclear
Nuclear disasters like the Chernobyl, Hiroshima and Nagasaki had put a halt in the development of the nuclear power plant, but few countries like Japan and US are reconsidering the use of nuclear power according to the study conducted by a market intelligence company, Infiniti Research. The amount of energy generated through nuclear sources is enormous with minimum carbon emissions and has therefore gained popularity among the environmentalists as well. Nuclear projects in various continents across the globe such as Western Europe, Middle East and Asia have future plans to expand in 2020.
For a long time, the main sources of power generation were coal and other hydrocarbon fuels. However, in many developed countries, the demand for gas is increasing over coal in the energy sector. This is mainly due to a fall in the price of natural gas. Analysts have predicted that the demand for coal will fall even further as it is not a sustainable source as the world becomes increasingly environmentally-conscious.
As the renewable energy options are turning more and more affordable, there has been an exponential growth and demand for the renewable sources. The prominent sources of renewable energy are wind and solar. In few parts of US and England, the government has already started implementing policies to incentivize the use of renewable energy sources; which will further grow its demand.
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