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Future energized by intelligent solutions

Hungary, Budapest: The electricity industry is about to achieve unparalleled development: a new era in which electrification, sustainability and carbon neutrality are interconnected.

The omnipresent electricity and electricity industry have been on the receiving end of much attention. Sustainability goals, green energy transition, fossil fuel replacement and the security of supply have become more and more important.

In 2022, investment in renewable energy reached US$ 1400 B, a 10 % increase from 2021, and comprises 70 % of total growth of investments in the energy sector. According to SolarPower, a solar industry organization, the estimated solar power production capacity in the EU increased by almost 50 % to 41.4 GW last year from 2021, enough to power 12.4 M European households. In 2022, the amount of electricity produced from wind and solar power in the EU (22 %) was greater than that from gas-fired power plants.

In most of 2022, the US already produced 23 % of its electricity renewably. According to the International Energy Agency (IEA), renewables and nuclear sources will account for most of the global energy supply by 2030.

All of this points to the fact that the development of renewable energy, the green turn, has recently started to gain significant traction. The driving force in this is the electricity industry, which is producing intelligent solutions, such as intelligent monitoring systems and intelligent transformers.

In conclusion, the approaching new industrial era will be sustained and dominated by electricity based on renewable and carbon-neutral energy sources. Smart solutions and digital monitoring systems developed by industry companies can play a key role in this.

Source: Forbes

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