Source：Energetica

“Net Zero by 2050” report suggests that worldwide investment will need to more than triple by 2030 to around $4 trillion if we are to successfully transition to a low carbon future. This calls for a complete overhaul of our current energy systems, and it also presents a massive opportunity for innovators with low carbon solutions that will drive rapid growth over the next few decades.

Today, Industry 4.0 is seen as the fourth industrial revolution, using the building blocks of computing and advanced technologies like artificial intelligence, deep and machine learning, computer vision, Internet/industrial of Things/ energy (“IoT/IIOT/IOE”), gene sequencing, energy storage, and blockchain, to transform the physical, digital and biological worlds,”

Energy systems are dynamic and transitional because of alternative energy resources, technological innovations, demand, costs, and environmental consequences. The fossil fuels are the sources of traditional energy generation but has been gradually transitioned to the current innovative technologies with an emphasis on renewable and clean resources like solar, wind, Energy storage, BESS and other RET. The technologies like Lithium Ion and other advanced technologies, flow batteries, super capacitors, SMES (Superconducting magnetic energy storage), FES (Flywheel Energy Storage), PHS (Pumped hydro storage), TES (Thermal Energy Storage), CAES (Compressed Air Energy Storage), and HES (Hybrid energy storage) have taken into consideration.

Energy storage plays a pivotal role in enabling power grids to function with more flexibility and resilience by providing data on trends in battery storage capacity installations in India, including information on installation size, type, location, applications, costs, and market and policy drivers.

Battery storage remains a competitive and popular storage option among today’s power system technologies. However, what can utilities and grid operators expect batteries to cost in the coming decades and how will this technology likely evolve to meet market needs in the future?

“The combination of an energy aggregation platform with an AI and blockchain technology will allow us to broaden the scope of our services by offering innovative energy solutions to our clients in India “

As the energy sector makes the transition to integrate renewables, long-term storage will also play a vital role in allowing thermal generation to manage variability in supply and demand.

One challenging and interesting discussions also include about the need for hydrogen fuel cells, Unarmed vehicles iquified air, RET, CCS and other longterm storage options as we in the state of acceleration pertaining to decarbonization energy transition.

“Battery Energy Storage Systems (BESS) can play a critical role in preventing the human and financial cost of large-scale power outages by plugging the intermittent renewable energy supply and alleviating transmission and distribution congestion, a major cause of blackouts. This allows for grid independence from renewables and flexible storage, reducing peak demand and increasing grid stability.”

We should and have focussed heavily on system monitoring and data analytics to ensure safety, security and reassurance to lower risks, strengthen profit margins, and encourage wider uptake of battery storage systems by local authorities and private companies. By providing initial feasibility analyses then subsequent performance monitoring and optimisation we are able to ensure clints have the best possible visibility of how to capture value from our energy storage systems throughout their lives.

“Renewable energy storage is growing at an annual rate of 32.8% with the market expected to reach $12.1 billion by 2025 and Lithium-ion batteries are currently the preferred choice of technology for these systems due to lower cost, broader understanding of technology and greater energy density”. Source - we forum

The need for storing energy

The electrical energy when produced in excess over demand must be stored otherwise it cannot be used later and the cost of production for that part will go waste. Thus, it will increase the cost per unit of electricity. Moreover, when electricity is being produced from renewal sources like wind, solar and other RET, the storing of excess energy is highly necessary because solar energy at night and wind energy will not be available at certain times. Certainly, the generation may surpass the total demand of electricity during off-peak hours and give rise to an urgent need for storing excess electricity. EPA (2019) elaborated that the storage of electricity can keep a balance between supply (generation) and demand (consumer use), avoid electric fluctuations, reduce brownouts during peak demand, decrease environmental pollution and increase Electric Grid Efficiency. The energy storage can stabilize grid power and make the grid system more efficient. Storing electricity is a key mechanism for supplying electricity reliably, increasing security and economic value and decreasing carbon dioxide emissions. Electricity is not easy to store, and special devices and mechanisms are required for this purpose that are being improved and innovated by researchers and technologists.

The energy storage battery system is used for supplying energy in remote areas. This form of energy has been started to use in vehicles, many of which are now running on stored electricity. Resultantly, the need for increasing the capacity of energy storage will enhance too much because of an intermittent supply from renewable resources, which cannot meet the demand at odd and peak times. Therefore, renewable installations must be paired with energy storage devices and systems in the coming future. The major need for storing stationary energy, other than electricity, is to meet portable forms required for so many broad uses in the present era. Lithium-ion (Li-ion) batteries are providing energy storage for the operation of modern phone devices. The energy storage is also vital hightech manufacturing where the essentiality is having uninterrupted power sources with consistent frequency. Energy storage is also vital for essential services providers like the telephone industry and healthcare sector which rely mainly upon energy storage. Please find below the picture below and add E mobility and Future Smart cities.

Source: Noel Myers

Innovation is the driving Key

Technology innovation has been and will continue to be a critical enabler of progress, but innovation priorities need to be refreshed to address the new challenges of integrating high shares of renewable power and electrifying the end-use sectors of transport, industry and buildings.

Government support for innovation has a crucial enabling role at all stages of the innovation journey, and national support programmes need to be carefully prioritised.

The pace of the transformation, however, still falls far short of what is needed to meet energy, climate and development policy goals, particularly to deliver on the Paris Agreement’s aim to slash CO2 emissions and keep the rise in average global temperatures to, at minimum, well below 2 degrees Celsius.

“As robotics, automation and artificial intelligence (“RAAI”) technologies cut across various sectors and end markets, we believe civilization will real significant advancement and new levels of innovation.”

Source: IRENA

Driving Forces for the future:

Over the last two decades, we believe that sustainability, decentralisation, digitalization and democratisation hold the key to deciding what kind of world we will live in, coupled of course, with the drive to innovate. Artificial intelligence and machine learning are key factors for energy transition. Not only do they help in the decarbonisation of energy generation sources, but they also provide the means by which electricity is produced and distributed more intelligently. In today’s world, renewable energy sources cause unique challenges due to their variable nature. Because of this, energy prediction is crucial for stable work in the utilities sector.

Future of Storage and IoT for Energy Industry

A smarter, sustainable and more efficient Energy Industry get started options. Clients can monitor operations, ensure safer conditions, and automate processes. From production to transport and transmission, a connected solution makes for smarter energy solutions.

• ASSET MANAGEMENT: Track the location and status of tools, equipment, and personnel on a rig, a ship, train, or pipeline. Connect this data to alarms and automated systems to ensure nothing is out of place, everything is operating as it should be, and everyone is safe.

• PREDICTIVE MAINTENANCE: Use sensors to keep up with the health of equipment and resolve potential issues before they cause bigger problems.

• REAL TIME ANALYTICS: Monitor rig, pipeline, wind turbines and other facility conditions in real time to improve safety conditions and productivity. • SMART GRID: Smarter regulation and distribution of energy across the grid leading to more efficient consumption and storage of electricity no matter how it was produced.

• FLEET MANAGEMENT: IoT-enabled fleets provide actionable real time and historic data. Sensors monitoring the vehicles’ systems can check tire pressure, oil levels, fuel levels, and other critical indicators can give operators a heads up on necessary service before it’s too late. Location awareness of an entire fleet makes it easier to divert vehicles when demands shift or weather and traffic conditions make certain routes more difficult to pass.

Also, we need to look at the digitisation of power plants of the future and that will include a combination of distributed energy resources Plus DC couple batteries in addition to onsite demand (e.g., data centres, production facilities, office park).

We see some potential areas as:

• Solar Coupled with DC battery for data centre

• Wind coupled DC battery and crypto mining hardware

• Ground source heat pump for cold storage (see: Ice Bear AC unit) and office park

• Biomass power plant coupled pumped hydro storage and industrial facility

• Energy Trading by IOE and Blockchain.

Through the access to generation (DERs), rapid deployment of storage capacity (either export or import electrons), grid stability through kVar control, and provides an onsite demand that can be curtailed quickly in response to other activity on the grid. Also, all of this will be digital and in the form of a “virtual power plant” that is interconnected along the grid. We are also looking forward to seeing how developers and financiers innovate to create new PPA’s and innovative business models that integrate all of the above.

In the Innovation Map below, you get an overview of the Top 10 Industry Trends & Innovations that impact energy companies worldwide. Moreover, the Energy Innovation Map reveals 20 hand-picked start-ups, all working on emerging technologies that advance their field. (https://www.startus-insights.com/innovators-guide/top-10-energy-industry-trends-innovations-in-2021/ )

Finally, we need to rethink the involvement of various stakeholders for energy innovation and transformation.

Increased support and stronger international collaboration are needed to accelerate:

• Innovation in the integration and operation of the energy system (systemic innovation), which is key to integrating more variable renewable energy and electrifying end-use sectors.

• Innovation in industrial processes – particularly cement, iron and steel, and chemicals, which together account for 17% of current carbon dioxide (CO2) emissions.

• Innovation in transport – particularly in freight and aviation, which together account for 11% of current CO2 emissions.