Frost & Sullivan has issued a report highlighting the top ten technologies in the energy and utilities sector in 2018.
The research firm looked at factors such as funding made in technologies, market potential, regional adoption, technology disruptiveness, megatrend impact and patenting activity in ranking the technologies.
According to the study, correlation between energy security and economic development has become a significant input in the modern world.
Also, increased investments in research and development of generation and storage technologies, as well as reduction in cost of renewables has led to grid parity in various regions.
Adoption of renewable energy resources including solar and wind, has increased under efforts to address climate change. However, utilities are struggling with variations in solar and wind generation to meet peak demand.
The top ten energy and utilities technologies include:
- Lithium-ion will dominate the market over the next decade
- Governments worldwide will increase funding for lithium-ion technologies
- Solar is expected to dominate the market. Distributed asset management platform is the key to research focus area
Next generation smart grids:
- Smart meters and metering infrastructure to drive adoption
- Network monitoring and grid data analytics are key research focus areas
Super fuel cells:
- Fuel cells showing a huge traction especially in transportation
- Fuel cells will enable the future of energy storage.
- APAC is the most active region for funding
Thermal energy storage:
- High impact primarily on the energy and building sector
- Adoption prospects in areas such as combined heat and power
Battery energy management systems:
- Technologies to become more important as batteries become more powerful and larger
- China to lead other regions
- Electric vehicles will be impacted by most of the battery energy management systems