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In an ever-growing market. The saying “ The early bird catches the worm “ holds more weight than one can imagine. The people who profit from new trends and changes in the market have been the men and women who were both vigilant to spot an opportunity and active in chasing after it.
New technology, climate change, and rising prices are a few reasons the energy industry is a market currently undergoing large development. To make the best of the coming changes there are a few trends we need to pay attention to.
6 Upcoming Trends in the Energy Market
As previously mentioned we will be looking at six upcoming trends that will play a huge role in the energy industry. As a business owner, this is a pivotal moment to look into the electrical and gas side of your business. From how to find a business electricity provider to what upcoming trend your business will be investing in.
1. Energy Efficiency
The UK has put into effect several energy-saving measures. These include minimum building energy efficiency requirements and a prohibition on the sale of incandescent light bulbs. Many companies are implementing energy-efficient procedures to cut down on their energy usage and carbon footprint.
Businesses may reduce their energy costs by implementing energy efficiency measures, which also help the nation reach its net-zero emissions goal.
2. Energy Storage
The UK has invested in two large-scale energy storage projects including a 50 MW battery in Scotland and a 100 MW battery in Wales. To lessen their dependence on the grid, several businesses are now investing in on-site energy storage options.
Despite previous restrictions, advancements in battery technology now make it simpler than ever to store extra power produced by renewable sources until a later point in time. This implies that as battery technology advances, renewable sources could eventually become significantly more dependable.
3. Renewable Energy
The UK has made strides in the field of renewable energy. The Department for Business, Energy & Industrial Strategy (BEIS) estimated that by 2020, renewable energy sources would have produced over 40% of the nation’s power. An increase of 6.7% compared to 2009. This has sparked many investments in a variety of renewable energy technologies, such as biomass, solar, wind, and hydropower.
The government wants to achieve net-zero emissions by 2050. This would necessitate even more investment in renewable energy. In addition, the UK is determined to increase offshore wind capacity to 40 GW by 2030, which is anticipated to provide up to 60,000 employees.
4. Decentralized Energy
Microgrids and community energy initiatives, which let companies and communities produce their electricity, have grown in popularity in the UK. These initiatives can lessen dependency on the grid and improve energy resilience.
A lot of companies are spending money on renewable energy projects. This includes installing solar panels and having on-site energy banks. As the cost of renewable energy technology continues to decline. The expansion of decentralized energy is anticipated to continue.
5. Electrical Vehicles
By 2030, the UK plans to phase out the sale of new gasoline and diesel automobiles. Which will in turn accelerate the uptake of electric vehicles. To facilitate the changeover, the government has also promised funds for EV charging infrastructure.
To lessen their carbon impact and benefit from cheaper operating costs, several businesses have already made investments in EV fleets. As EV charging can be controlled to help the grid maintain balance, the growth of EVs is also anticipated to increase demand for renewable energy.
6. Energy-as-a-Service
With businesses providing energy management, demand response, and energy efficiency services in the UK. These developments are giving companies new opportunities to lower their carbon footprints, spend less on energy, and improve their environmental credentials. The UK has a vibrant market for energy services.
The growing emphasis on sustainability and cutting energy expenses is driving this recent growth. Businesses may outsource their energy management to specialized providers using Energy as a Service (EaaS), which can help them optimize their energy consumption and lower their carbon impact.
Small and medium-sized enterprises, who might not have the resources to invest in their energy management skills, might benefit greatly from this.
Conclusion
New trends and technologies that are reshaping how we produce, store, and utilize energy will accelerate the future of energy in business. These developments are giving companies new opportunities to lower their carbon footprints, spend less on energy, and improve their environmental credentials.
