The global power industry will continue to be influenced by regulations. More regulatory initiatives are emerging, which can further affect the electricity market.
These changes can bring both opportunities and challenges in the utility market in 2020 and beyond.
What trends should we expect, which would boost the power industry in 2020.
Most of the current trends will continue to expand in the global power industry in 2020.
5G rollout for the smart energy sector
5G technology will continue to grow in 2020. In 2019, the 5G deployment was slower than expected, mostly due to the problems associated with the upgrade of 4G infrastructures in 5 G coverage areas by communication services providers (CSPs).
The next wave of smart grids and energy efficiency are going to be heavily dependent on 5G, along with other benefits in the energy sector.
5G will be an essential development for smart grid technology and will allow the grid to integrate more effectively with renewable energy and distributed power generation.
The digitalisation of the energy sector
Digitalisation is one of the key trends that are expected to get more traction in the power industry in 2020. Some of the key areas will be mobile solution and payments, big data analytics, IoT and smart meter deployments.
The use of drones is expected to increase in the power industry, particularly for monitoring grids, power lines, pipelines and energy resources. The data will be used to produce automated work, ensuring fast response and reduce power disruptions.
Security of smart grids from cyber attacks
Demand for clean energy also fuels increase deployment of smart grids. The emergence of intelligent grids also results in an eventual change in the digital environment and increase exposure to cyber threats. The security of these resources at an enterprise level will be essential.
Regulations around cybersecurity and information security will be further toughened. Power utilities will also exchange cybersecurity data with external partners to better identify and mitigate risks.
Renewable and Energy Storage
Renewable and energy storage technologies have been a hot topic over the last few years. The trend will continue to increase in 2020. More investment is expected to go into the renewable and storage infrastructure.
The massive increase in wind and solar energy deployment and other forms of clean energy also increased the demand for energy storage distribution. Energy storage systems, mainly lithium-ion batteries, have become an important solution and will see more demand growth.