People are now becoming more concerned about low consumption for the environment and because of that they are more diverted to arrange alternative energy procurement. Thanks to energy transformation, renewable energy sources are converted into several devices that are helping mankind to substitute non-renewable energies. However, another factor plays a crucial role in the drastic change in the usage and distribution of electrical power. This has only become possible because of innovation. Without technological advancements and innovation, we wouldn’t have reached this level. Let’s discuss this further to understand the role of innovation in Energy Sector.

What is Energy Transformation?

Energy transformation is a huge concept to understand. When we use energy from renewable sources such as sunlight, wind etc. to turn it into an alternative energy, such as electricity etc. the process is called energy transformation. This process has become very popular as it supports rejuvenating environmental factors. 

In simple words, it helps us reduce pollution and have an eco-friendly environment. But, we cannot make this energy transformation possible in the human world without the assistance of innovation. 

What is the Role of Innovation in Energy Sector? Various Applications Explained

Innovation plays a significant role in energy transformation. The following pointers will give you a better idea. 

• Reducing the Cost of Energy Sector

The major role that innovation or technical advancement plays is they are effectively reducing the cost of sustainable energy transformation devices. Earlier we made several types of sustainable energy transformation devices like solar panels, wind turbines, etc. 

However, due to their huge costs, it was not possible to substitute all high-energy consumption devices of the energy sector with these sustainable energy devices. Now, due to innovation, the costs of these devices are going down. 

Studies further show that the overall cost of products is drastically reduced. The world’s foremost wind power experts have done a survey which shows that the cost of wind turbines will reduce to 37% – 49% by 2050. These findings are also mentioned in various articles. 

• Innovative Energy Storage

Thanks to innovation, now we have more powerful batteries or other energy storage sources that can function for a longer period. This is a highly important part of overcoming the intermittency issues associated with renewable energy procurement. Sustainable energy devices have a limitation in that you have to wait for a suitable period to use this energy for your work. 

For example, solar panels can only be charged during daylight. Now, if the weather conditions are not suitable, you can’t use solar energy. But, if the battery or other power storage devices like compressed air energy storage or pumped hydro storage etc. which you are using are highly power competitive, then you can easily overcome this intermittent period. 

• Smart Grid Technologies

Due to the innovation of smart grid technology in the energy sector, now integration of a larger amount of energy sources into the energy grid of sustainable devices has become possible. Earlier this energy integration process was a hard challenge because of the existing quality of the grid. 

As innovation intervenes in this scenario, smart grid technologies like – grid automation, advanced metering infrastructure, energy flow optimisation etc. are doing a great job directly helping the integration process of energy sources. 

• Grid Stability

Not only smart grid technologies, but innovation has also impacted grid stability. As technology is constantly innovating efficient energy storage like compressed air energy storage, battery storage pumped hydro storage etc., all of these have impacted the grid stability of sustainable energy devices. It helps in balancing the demand and supply of energy in the grids. 

• Availability of Energy Efficient Products

In the energy sector, there is increasing demand for energy-efficient products. Innovation has led to the production of a lot of energy-efficient items such as – household appliances, materials of buildings, technologies related to insulation, industrial processes etc. 

It was nearly unimaginable a few years back that you could see a whole building which is energy efficient or the insulation of your house or industrial processes could be energy efficient. But all of these are true. Now people can smartly reduce energy consumption in the industrial sector, commercial buildings and residential areas. All of this has made the energy transformation possible. 

• Sustainable Energy Procurement

To make the energy transformation valid, people within the energy sector are also accepting the sustainable energy procurement process that can lead to reduced carbon footprints and reduced waste and emissions. Innovation has done a lot of background work to make the sustainable energy procurement process feasible. 

At ReflowX, we completely support sustainable procurement of products within the energy sector. We are a JIP 33 standard certified, one-point platform for both buyers and suppliers of this industry. We buy old materials and supply them to the energy sector which leads to reduced production energy, zero carbon emissions etc. 

• Decarbonisation of Other Sectors

The transformation of energy has not only impacted the electricity sector but also other sectors such as the industrial sector and transportation sector. 

Significant amounts of greenhouse gas emissions are found in many industrial sectors such as cement production, metal production etc.  Innovation of alternative low-carbon production processes and carbon capture and storage, etc. are effectively decarbonising the industrial process. In transportation sectors also, innovation of electrical vehicles, hydrogen fuel cell vehicles etc. are positively impacting fuel consumption. All of this is positively affecting the energy transformation which has only become possible for the innovation of new products.

Conclusion

From the above discussion, it is visible that innovation is the major factor behind the energy transformation. In a few years, this trend will only increase and more and more people will embrace sustainable energy uses. The global energy system is now at a very crucial stage where if we don’t switch to renewable energy sources, the environment will make us pay a huge price. Our environment is getting contaminated every day and only innovation and energy transformation can save us from facing the worst scenarios.