Over the past 40 years, Banpu Public Company Limited, as an international versatile energy provider, has continuously expanded its energy business to adapt to ever-changing dynamics. This development is deemed to be a driving force behind human civilization since the evolution of energy has consistently had a profound impact on cultural or economic advancement. Besides, energy transformations have been stepped forward in accordance with new technology in each era, and they continue to occur continuously to meet the needs of all sectors throughout history until the present day.
Energy Consumption: The Last 40 Years
Over the past 40 years, fossil fuels have been predominantly considered the primary energy source worldwide, serving as crucial providers of electricity and heating. Consequently, they became extensively utilized in households and businesses, including the electrical industries and transportation sectors.
Fossil fuels, comprising coal, crude oil, and natural gas, are regarded as energy sources that can be extracted through mining, burned for electricity generation, or refined into fuel. Nevertheless, these energy forms originate from non-renewable sources with finite availability. If persistently utilized, they may prove inadequate to meet the escalating energy demands of the growing global population.
In addition, while the centralized energy system, which distributes electricity from power plants to households via power lines, may be efficient in urban areas, it is prone to experiencing electricity shortages in remote regions.
Energy Consumption: The Present Days
With rapid economic growth, energy demand is escalating at a significant pace. Although fossil fuels remain indispensable for driving the economy, addressing climate change has become a global imperative. Relying on renewable energy is no longer adequate to meet the mounting demand. Hence, the present approach to energy usage emphasizes achieving a balance between fossil fuels and renewable energy, with technology playing a vital role in facilitating the transition towards cleaner energy sources.
Renewable energy, such as solar, wind, hydro, and geothermal sources, stands as an unlimited and sustainable energy solution. It is harnessed through diverse technologies, including solar panels, wind turbines, hydro turbines, and other Smart Energy Generations.
In modern times, numerous sectors progressively embrace renewable energy by integrating solar roofs and utilizing electric vehicles due to their eco-friendliness and potential to reduce greenhouse gas emissions. However, certain clean energy innovations, such as batteries, remain relatively costly, hindering widespread adoption.
Energy Consumption: The Next 40 Years
According to the “Net Zero by 2050” report by the International Energy Agency (IEA), digitalization is identified as a key factor in developing energy innovations, resulting in the share of renewable energy in the global energy mix increasing from 29% in 2020 to 60% in 2030 and reaching as high as 90% in 2050.
To meet these demands, clean energy innovations will be at the forefront, with the implementation of Smart Grids being a critical component that utilizes various technologies to optimize the real-time production, transmission, and distribution of electricity with maximum efficiency. Moreover, the cost of Energy Storage Systems, such as batteries, is expected to decrease, making solar energy more accessible and widely distributed to households.
The transportation sector is likely to undergo a transformation toward complete electrification, forming a Clean Transportation system featuring electric cars, planes, and large ships. Integrating digital systems like Big Data for route analysis is also expected to enhance energy management systems leading to energy efficiency while reducing engine maintenance costs.
The Future of Energy by Banpu NEXT
The future of energy growth promises continuous development driven by the evolving energy landscape. In response to these changes, Banpu NEXT, a subsidiary of Banpu Public Company Limited, was established and has emerged as a one-stop clean energy service provider in the Asia-Pacific region. Besides our intention as a leading smart energy solutions provider, we strive to push businesses to use energy efficiently and limitlessly. Moreover, we are ready to leverage technology to create innovative solutions for future energy, elevating life betterment while preserving the environment and creating sustainable value for organizations and society.
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Reference:
https://www.visualcapitalist.com/sp/visualizing-the-past-and-future-of-energy-transitions/
https://www.carboncollective.co/sustainable-investing/fossil-fuels
https://blog.pttexpresso.com/smart-grid/
https://www.egat.co.th/home/renewables/
https://www.sdgmove.com/2021/08/07/sdg-vocab-44-climate-change-mitigation/
