2024’s Key 5 Tech Trends in the Green Energy Industry

TL; DR: From Artificial Intelligence (AI) through the Internet of Things (IoT) to Virtual Reality (VR) without missing drones nor big data, Nearsure’s latest blog on the main five technological trends impacting the energy industry this year is a quick guide into the latest advancements in this thriving economic sector. Main applications for the energy market are stressed per technology via a quick read.  

Technology is reshaping the energy industry at a remarkable speed, quickly harnessing advanced technologies in targeted areas, optimizing processes, and improving efficiency. A key driver in the energy sector’s active transformation are the latest technology trends in this field, which are serving general optimization while also enhancing service delivery, boosting sustainability, and mitigating human risks. There’s also so much more that goes with that. We’re quickly and easily breaking down the latest developments in the energy industry by technology for you throughout this article. 

1. The AI Revolution: Today’s Transformational Leap in Green Energy 

AI is a leading game-changer! The Artificial Intelligence global market is on an impressive trajectory when it comes to renewable energy, and AI is truly leading at the very forefront of revolutionizing renewable energy production and consumption.  

Our sector of focus today is undergoing profound transformation with a forecasted surge to an astounding $75.82 billion by 2030 with an impressive compound annual growth rate (CAGR) of 27.9%. This industry’s constant changes are largely driven by a relentless rise in demand with a dire need for enhanced information grids in power generation.  

As today’s world focuses on much-needed sustainability, it’s undeniable that Artificial Intelligence is sweeping across key facets with its remarkable ability to learn and analyze vast datasets. We’ll touch upon AI and big data at the end of this article, as well. For now, let’s just say that AI is effectively enhancing the intelligence of renewable energy systems by optimizing energy systems and predicting maintenance needs to efficiently manage grids, for example. It is furthermore ushering in a new era of efficiency and effectiveness, making it an indispensable technology for achieving our sustainability aspirations. 

2. The Internet of Things: Unlocking the IoT’s Revolutionizing Power

IoT definitely presents a new era in production. To level our understanding of the Internet of Things in the energy market, we need to factor in the projected global “IoT in energy” market size, which has been set at $357.4 billion by 2028 with a robust market growth of 19.7% CAGR throughout the forecast period.  

Typically consisting of a network of interconnected smart devices, each equipped with sensors, communication hardware, and CPUs, IoT devices help effectively collect, analyze, and manage data. When applied to the energy sector, IoT technology gives rise to intelligent networks called “smart grids.” These grids are instrumental in gathering, transmitting, and seamlessly integrating vast volumes of data. 

As a result, IoT serves as a unifying force in this field, bringing together all network-connected assets while simultaneously elevating operational efficiency and bolstering system adaptability. The synergy attained via these interconnected devices not only optimizes asset management but also enhances the overall performance of systems, making it a pivotal component in modernizing the energy industry. 

3. Immersive Innovation: Seizing Virtual Reality’s Impact 

VR is more than just cutting-edge technology nowadays; it’s truly coming through as a transformative force for the oil and gas industry. With real-time, relevant data coming off VR into this field, this late tech is enabling the energy industry’s workforce to solve a multitude of challenges with exceptional speed and efficiency.  

Capable of generating simulated environments that immerse users in invaluable experiences, a hot need in every market today, VR’s defining feature for this particular niche lies in its newly gained ability to explore complex oil fields with unprecedented detail and accuracy.  

A latest application example includes real-time monitoring of drilling processes through VR interfaces, which enables engineers to make rapid adjustments where needed. Engineers and geologists have attained a dynamic, three-dimensional perspective now, which allows them to make informed decisions about drilling locations with pinpoint precision. Geologists can also analyze subsurface data to make well-informed predictions, reducing the uncertainty often associated with exploration and drilling activities.  

In a nutshell, VR is revolutionizing how professionals explore oil fields and determine precise drill site placements. What’s great about that is how using this technology isn’t just minimizing costly errors, it’s also enhancing the overall efficiency of operations. 

4. Drones: Seize New Vehicles that Enhance Efficiency and Cut Costs

Drones have clearly emerged as a game-changing technology across various industries over recent years. When it comes to the energy market, these unmanned aerial vehicles are an indispensable tool, especially in the inspection and maintenance of solar and wind energy infrastructure. According to the Drones in Energy Sector Market Report, this global market is expected to expand by USD 178.36 million by 2030 thanks to a growing demand for safer inspection processes.   

Inspecting vast solar farms or towering wind turbines can be time-consuming, expensive, and often risky for human workers whereas drones equipped with high-resolution cameras and thermal imaging technology can easily identify defects, damage, or wear and tear on solar panels and wind turbine blades.  

By conducting routine inspections with drones, energy companies can furthermore detect issues early, allowing for timely repairs and preventing costly downtime. This new proactive approach to maintenance not only ensures the longevity of equipment but also maximizes energy output. 

Drones are moreover transforming energy project planning and execution. Able to conduct accurate site surveys and gather crucial data for solar and wind farm design and installation, this technology allows us to seize capturing of detailed aerial imagery and 3D modeling to enable engineers and project planners to optimize the layout, positioning, and orientation of energy infrastructure, ensuring not just that maximum energy capture, but also more efficiency overall. 

More importantly, the data collected by drones can subsequently help assess environmental factors such as sun and wind patterns, which play a vital role in determining the viability of renewable energy projects. This level of precision in planning can result in better energy yields and more cost-effective installations. 

All in all, drones are providing safer and more efficient alternatives to this industry’s traditional processes. 

5. Big Data and Energy Trends: Igniting the Future of Energy with Analytics 

Finally, as the last ingredient to our energy trends for this year, consider that the big data analytics market in the energy sector was valued at $9.51 billion in 2021. Yet, this niche is already expected to be soaring in projections by 2031, a mere decade later. The sector is expected to reach $36.76 billion by then, growing at a CAGR of 14.6% from 2022 to 2031. As we can see, data analytics and data-driven processes play a pivotal role in optimizing operations, especially with decision-making as a leading aspect. They simply help reduce costs and bolster sustainability efforts.  

Tie the revolutionizing power of big data to the artificial intelligence trend as we promised earlier, connect that with the room for growth in integrating Machine Learning processes to data analysis, for instance, and you’ll effectively streamline energy production, enhance grid management, and address environmental concerns at accelerated speeds. It has just truly come down to that.  

Harnessing Synergies with Tech: Pioneering the Next Green Energy Revolution

 Regardless of how we put it, it’s common knowledge by now that seizing innovation is at the forefront of the next generation of smart businesses. How we create a unified path to transformation is up to our collective synergies. As proven throughout this analysis, the energy market is booming with expansion as it offers multiple opportunities for innovative startups and established players to carve out this burgeoning landscape.

With long-lasting partnerships of high commercial value, businesses can power up the future of energy, always sustained by a confluence of top-notch technological advancements and the savviest teams altering our realities into the most forward-thinking processes.

We can’t recommend enough to seek efficient, sustainable, and resilient energy measures in this market for the years to come. Here’s an open invitation to make strategic moves that catapult innovation and sustainable growth for your business today. 

If Nearsure’s tech expertise can help in any way, don’t hesitate to contact us at any time.