With energy at the helm of the economy, one can safely say that the person who controls the supply of energy makes the decisions running the world. It’s imperative for a power company to be at the top of their productivity to solidify itself in the market. With the electricity usage set to double globally, requirements run higher than ever. The global power generation industry is set to face an uphill task in the coming years.
Extensive research has fuelled the innovation of a slew of new technologies for power generation, which includes fluidized bed combustion systems, gasifier-combined cycle plants, fuel cells, and magneto-hydrodynamic power plants, state of the art nuclear technologies and renewable technologies.
However, alongside disruptive technologies, cybersecurity threats, and increasing environmental regulations have been putting the conventional energy industry in a fix. Renewable energy industry, until now, has been fairly experimental. Factors such as availability of power, quality, and the initial cost of set-up are preventing renewable energy to be treated as reliable as the conventional sector. Employment of modern technology to educate workers about safety regulations is becoming increasingly crucial. Furthermore, staff recruitment and retention have become a tough task since the millennial workforce tends to seek out up-and-coming technologies, rather than being bogged down by a cumbersome system which the older generations seemed happy with. Established power industries, both conventional and renewable, have to catch up with the newer technologies and trends to satiate the mounting demand and predict and fix performance, supply, workforce, and environmental issues.
As technologies take center stage, the advent of blockchain has revolutionized almost all industries in every perceivable way. Though in its nascent stages, blockchain adoption has been making tremendous strides in the power sector as well. More than 150 countries are developing blockchain energy tools, and $5.8 billion has been invested globally towards the development of blockchain microgrids. It has created a trade between businesses and households directly, bypassing a central authority. On the other hand, AI-enabled algorithms show promise in predicting anomalous behavior, improving efficiency, and cost affixation. Also, storage technologies have the potential to be a major disrupter. Battery storage can easily fend-off peak demand and help in storing excess energy generated for later use. IoT is touted to handle operations, manage asset performance, and monitor energy consumption.
Adapting these technologies to the existing power production structures require a high level of know-how and expertise. While technologies are positively disrupting the future, it is imperative to choose the right partner to help in meeting the demands. We have assessed the top power plant solution technology providers that have transformed the power plant industry in recent times and turned quite a few heads. A distinguished panel comprising CEOs, CIOs, VCs, Analysts, and the editorial board of Energy CIO Insights has selected a list of power plant technology solution providers that have showcased in-depth expertise in delivering innovative solutions.
We present to you Energy CIO Insights’ “Top 10 Power Plant Technology Solution Providers 2019”.