The global energy transition is shifting toward a key trend: electrification. Because of recent geopolitical news, an upward economy, and the overwhelming call for reducing carbon footprints, the electrical revolution of the 21st century is only beginning.
Industrial businesses across the globe can take advantage of the multitude of opportunities associated with electrification but should focus on timely actions and smart investments.
Demand is surging for specific electrical modalities, including utilizing wind and solar systems to supply green power, heat pumps to decarbonize space and water heating in buildings, recharge batteries in energy storage systems, produce green hydrogen with electrolyzers, and support the charging infrastructure for EVs.
Electricity requirements will continue to surge as the demand skyrockets. By 2050, the electricity demand could be triple what it was in 2020, rising from 83 million terajoules (TJ) to over 252 million TJ.
The rise in electrification is driven by the critical need to replace fossil fuels and minimize climate change. Many countries have focused on achieving net-zero emissions by 2050. Moreover, a positive swing in economics is causing technology to become more cost-efficient and competitively priced.
Some of the more popular electrification sectors already seeing a rise in demand include:
- Wind Power
- Solar Photovoltaic (PV) systems
- Heat Pumps
- Battery Energy Storage Systems (BESS)
- Electric-Vehicle Charging Infrastructure (EVCI)
Wind power might be the largest revenue source, as the years between 2021 and 2030 could average roughly $1.8 trillion in sales of wind power hardware. Solar PV is the second-largest revenue source, followed by residential and commercial heat pumps.
Europe has especially grasped onto electrification and employed technology related to wind, solar PV, heat pumps, and EVCI. Over the upcoming decade, the demand is expected to increase as decarbonization efforts and economic improvements grow.
The true opportunity lies in BESS and electrolyzers, which have not yet been in the spotlight but are gaining momentum in annual hardware revenue growth. From 2021 to 2030, these two categories are expected to exceed 20 percent globally, surpassing wind, solar PV, heat pumps, and EVCI.
State Electric Company is a leader in the electrification of the nation. Our highly educated and experienced team of professionals uses industry-leading software technology and has partnered with manufacturers to deliver affordable solutions for all your electrical needs. State Electric Co. is also an exclusive distributor for Enel X JuiceBox EV chargers for residential and commercial use. We are fully licensed, insured, and bonded to install charging stations for homes, offices, hotels, and more. With our extensive knowledge in renewable energy, our team provides customers – large or small – with efficient electrical solutions. Contact us today to learn how we can safely and affordably meet your energy needs.
Written by the digital marketing team at Creative Programs & Systems: https://www.cpsmi.com/