Sustainable energy and rising demand for an alternative Source
Sustainable energy is the cause and base of many businesses, from the oil and gas industry to the petroleum and electricity. With the increasing demand for such energy due to the increase in states, regions, and different business ideas, sustainable energy generation is rapidly growing and evolving by the day. What trends are coming for the industry to witness, tells a lot about how we are to utilize and mold our lifestyle accordingly.
The future of sustainable energy is now turning into the storage of that energy. As with increasing demand, the usage of sustainable energy is also on the rise but as it is limited in nature, companies have started storing sustainable energy to balance the demand and supply issues by trying their hands on other sources such as solar energy. Batteries are the most common use of storing energy and are being used by many at hand, be it domestic usage or the corporate. Energy storage technologies also known as sustainable technology is being widely used by companies to provide better future trends and demands in the sector.
Storing sustainable energy with a parallel usage of other resources, keeping in mind the balance of it all tells us how it would be in our favor even when the weather conditions don’t allow it.
Future of Sustainable Energy
Whatever the future holds, the best option for sustainable technology usage is being adopted by many to cater to the storage and usage of such energy, making it affordable and available even when there is a shortage in the extraction of raw materials.
Despite the issue of sustainable energy, businesses are continuously extracting fossil fuels such as oil and gas for energy production.
As there is a lack in the source of alternative energy, such as that for the rising demand for electricity, the International Energy Agency (IEA)’s recently released World Energy Outlook 2019, pointing out the issue that- unless major policy changes are made, society is and will continue to be heavily dependent on the fossil fuels.
As there is an ever-rising demand for coal in the region of Asia due to its exponentially growing economies, new investments in the related infrastructure have slowed down and the existing ones are the only operational ones being enough as per the sustainable energy experts.
However, According to BNEF, coal will continue to grow in Asia, but collapse everywhere else and peak globally in 2026. Gas capacity instead, according to BNEF, will play a vital role to support the increasing flexibility needs also in the longer term.
Sustainable energy experts say that the world will be able to run with balancing the demand and supply chain by using energy storage methods and sustainable technologies at hand. Even if we shift towards an alternative energy source, it will balance out the rising angle of demand.
As per the sustainable energy experts, energy storage has become commercially feasible in the past few years with battery prices falling almost about 80%. Not just this, the use of batteries is reducing its pricing automatically increasing its demand factor, and energy storage is reshaping decentralized grids that are present due to the escalating usage of rooftop solar and behind-the-meter batteries.
Technology as the future for Sustainable Energy
Battery usage is the primary source of energy storage, there are many such energy storage technologies to take place in the market in the coming years. As the era is of technology, so will it be the future in the area of sustainable energy storage and usage aspects. These alternative or energy storage technologies are to balance the demand and supply issues based on its ability to convert extra power into hydrogen, heat, or any other form of energy to help decrease the usage and generation of this energy. Balance is the way of life and that’s how these renewable energy sources are to attain a better place in the market and also to mark its existence in nature.
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