Updated:
Originally Published:
Digital advancements are paving the way for greater efficiency, safety, and reliability in the electric power industry. With increasing power demands and the emergence of new technologies, industry professionals must stay informed on the latest trends to make the best decisions regarding upcoming projects and maintenance and upgrades to existing facilities. This blog post discusses three major trends shaping the industry in 2024.
The push for decentralized utilities continues in 2024. Distributed energy resources (DERs) and microgrid innovations will continue to aid the U.S. power industry’s transition from large-scale power generation with centralized facilities to power generation and storage closer to where power is used. [1]
As they grow in popularity and become more accessible through government programs, tax rebates, and financing options, DERs (e.g., residential solar panels) will help utilities decentralize and diversify their energy portfolios. DERs allow residents to generate, store, and trade their power and integrate renewable energy into the grid—further increasing energy security and contributing to sustainability efforts.
In 2024, microgrids will also continue to gain momentum. Microgrids are a subset of DERs that can operate in conjunction with, or autonomously from, the main electrical grid. This helps decentralize power production while strengthening grid resilience.
Moving towards a more decentralized utility model means asset transactions passing between more virtual hands than ever before, providing far more opportunities for fraud within the power industry. Blockchain technology may offer a solution that becomes the industry’s transactional standard. Blockchain is a “shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.” [2] This provides secure transactions with transparency and traceability, reducing opportunities for fraud.
Technology advancements aren’t just influencing which smartphones we purchase; they’re transforming the industry. From IoT (Internet of Things) smart sensors and artificial intelligence to the digital twinning of substations, the industry is moving toward a “smarter” electrical grid to increase power reliability and meet decarbonization goals.
Thanks to IoT-enabled smart devices, utilities will continue to develop a more intelligent grid with real-time data collection, monitoring, and control. IoT technology can monitor energy consumption, grid performance and weather patterns, enabling utility companies to better predict and prepare for anomalies before they occur. These devices also offer predictive maintenance that can reduce costs and potential downtime by monitoring the health of transformers, generators, and other equipment in real-time. Overall, utilizing IoT data points can optimize power distribution, reduce waste, and deliver more reliable service to customers.
Throughout 2023, leaders in the power industry have heavily scrutinized the potential uses of AI. Though we have yet to reach a consensus, AI isn’t going away anytime soon. As AI evolves, its capabilities continue to grow, and its potential to help us secure a sustainable future grows with it. AI can help modernize the grid, lower carbon emissions, and increase energy efficiency by analyzing IoT data and identifying and automating energy-saving opportunities.
Digitally twinning substations is another grid intelligence innovation the industry can expect to see more of in 2024. Digital twinning is the process of creating an exact digital replica of a physical asset. A substation digital twin can simulate real-world conditions, collect data, and run predictive analytics to identify issues before they arise and showcase opportunities for improvement. Digitally twinning substations can ultimately enhance asset management, improve situational awareness, and streamline maintenance and repair processes.
Safety will always be at the forefront of the power industry—where risks are potentially life-threatening, and safety mishaps can have devastating effects. Implementing new augmented- and virtual-reality technologies, along with changing how we build substations, can increase safety on job sites.
AR and VR technologies aren’t just being used to play games; they are transforming training programs, improving safety on construction sites, and streamlining project planning. VR-based training solutions allow employees to train safely while experiencing real-life scenarios, simulated on realistic job sites, in a “fully immersive, risk-free” environment. [3]
Smart wearable technologies (e.g., vests and helmets) can reduce workplace accidents by monitoring vital signs, detecting falls, and offering real-time communication with team members. [4] Another example of wearable technology, designed by XYZ Reality, is an AR hard hat that “presents 3D images on a high-resolution screen, showing data to the user as they walk through the physical world— or in this case a construction site.” [5] The helmet uses cloud-based technology to share information and design updates in real-time, boosting efficiency, project transparency and collaboration.
Increasing safety on site doesn’t end with the safety gear our employees are wearing or increased cybersecurity measures. Companies are also changing how they construct their projects. For example, GIS substations continue to gain traction over traditional air-insulated substations due to their reduced footprint, increased lifetime savings, and enhanced safety benefits. GIS substations are fire- and arc-resistant, require less maintenance over their lifetimes, and provide a more secure facility due to their capability of being fully enclosed. Read more about the benefits of GIS substations.
Another alternative that offers enhanced onsite safety is Factory-Built Substations. Factory-Built Substations shift construction and high-risk work from the field to the factory while fast-tracking project schedules and improving quality. These substations are designed specifically to meet industry and organizational standards but are engineered in modular sections and undergo rigorous testing in the factory before being transported by truck to the project site for installation, and installation typically takes 3 days or less. Factory-Built Substations are customizable and can vary in voltage and design. Learn about Beta’s signature line of Factory-Built Substations and how they improve safety on site here.
Each year holds new surprises, but the power industry can expect one thing for certain in 2024: more change. The industry will continue working to meet growing power demands and monitor emerging technologies for a smarter grid with increased efficiency, safety, and reliability.
As 2024 unfolds, we’ll see where these three trends—decentralized utility, grid intelligence, and safety innovations—take us and what new trends emerge. Subscribe to our blog to stay current on industry innovations and contact our team of experts to discuss your substation project needs.
Updated:
December 14, 2023
Updated:
Originally Published:
Digital advancements are paving the way for greater efficiency, safety, and reliability in the electric power industry. With increasing power demands and the emergence of new technologies, industry professionals must stay informed on the latest trends to make the best decisions regarding upcoming projects and maintenance and upgrades to existing facilities. This blog post discusses three major trends shaping the industry in 2024.
The push for decentralized utilities continues in 2024. Distributed energy resources (DERs) and microgrid innovations will continue to aid the U.S. power industry’s transition from large-scale power generation with centralized facilities to power generation and storage closer to where power is used. [1]
As they grow in popularity and become more accessible through government programs, tax rebates, and financing options, DERs (e.g., residential solar panels) will help utilities decentralize and diversify their energy portfolios. DERs allow residents to generate, store, and trade their power and integrate renewable energy into the grid—further increasing energy security and contributing to sustainability efforts.
In 2024, microgrids will also continue to gain momentum. Microgrids are a subset of DERs that can operate in conjunction with, or autonomously from, the main electrical grid. This helps decentralize power production while strengthening grid resilience.
Moving towards a more decentralized utility model means asset transactions passing between more virtual hands than ever before, providing far more opportunities for fraud within the power industry. Blockchain technology may offer a solution that becomes the industry’s transactional standard. Blockchain is a “shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.” [2] This provides secure transactions with transparency and traceability, reducing opportunities for fraud.
Technology advancements aren’t just influencing which smartphones we purchase; they’re transforming the industry. From IoT (Internet of Things) smart sensors and artificial intelligence to the digital twinning of substations, the industry is moving toward a “smarter” electrical grid to increase power reliability and meet decarbonization goals.
Thanks to IoT-enabled smart devices, utilities will continue to develop a more intelligent grid with real-time data collection, monitoring, and control. IoT technology can monitor energy consumption, grid performance and weather patterns, enabling utility companies to better predict and prepare for anomalies before they occur. These devices also offer predictive maintenance that can reduce costs and potential downtime by monitoring the health of transformers, generators, and other equipment in real-time. Overall, utilizing IoT data points can optimize power distribution, reduce waste, and deliver more reliable service to customers.
Throughout 2023, leaders in the power industry have heavily scrutinized the potential uses of AI. Though we have yet to reach a consensus, AI isn’t going away anytime soon. As AI evolves, its capabilities continue to grow, and its potential to help us secure a sustainable future grows with it. AI can help modernize the grid, lower carbon emissions, and increase energy efficiency by analyzing IoT data and identifying and automating energy-saving opportunities.
Digitally twinning substations is another grid intelligence innovation the industry can expect to see more of in 2024. Digital twinning is the process of creating an exact digital replica of a physical asset. A substation digital twin can simulate real-world conditions, collect data, and run predictive analytics to identify issues before they arise and showcase opportunities for improvement. Digitally twinning substations can ultimately enhance asset management, improve situational awareness, and streamline maintenance and repair processes.
Safety will always be at the forefront of the power industry—where risks are potentially life-threatening, and safety mishaps can have devastating effects. Implementing new augmented- and virtual-reality technologies, along with changing how we build substations, can increase safety on job sites.
AR and VR technologies aren’t just being used to play games; they are transforming training programs, improving safety on construction sites, and streamlining project planning. VR-based training solutions allow employees to train safely while experiencing real-life scenarios, simulated on realistic job sites, in a “fully immersive, risk-free” environment. [3]
Smart wearable technologies (e.g., vests and helmets) can reduce workplace accidents by monitoring vital signs, detecting falls, and offering real-time communication with team members. [4] Another example of wearable technology, designed by XYZ Reality, is an AR hard hat that “presents 3D images on a high-resolution screen, showing data to the user as they walk through the physical world— or in this case a construction site.” [5] The helmet uses cloud-based technology to share information and design updates in real-time, boosting efficiency, project transparency and collaboration.
Increasing safety on site doesn’t end with the safety gear our employees are wearing or increased cybersecurity measures. Companies are also changing how they construct their projects. For example, GIS substations continue to gain traction over traditional air-insulated substations due to their reduced footprint, increased lifetime savings, and enhanced safety benefits. GIS substations are fire- and arc-resistant, require less maintenance over their lifetimes, and provide a more secure facility due to their capability of being fully enclosed. Read more about the benefits of GIS substations.
Another alternative that offers enhanced onsite safety is Factory-Built Substations. Factory-Built Substations shift construction and high-risk work from the field to the factory while fast-tracking project schedules and improving quality. These substations are designed specifically to meet industry and organizational standards but are engineered in modular sections and undergo rigorous testing in the factory before being transported by truck to the project site for installation, and installation typically takes 3 days or less. Factory-Built Substations are customizable and can vary in voltage and design. Learn about Beta’s signature line of Factory-Built Substations and how they improve safety on site here.
Each year holds new surprises, but the power industry can expect one thing for certain in 2024: more change. The industry will continue working to meet growing power demands and monitor emerging technologies for a smarter grid with increased efficiency, safety, and reliability.
As 2024 unfolds, we’ll see where these three trends—decentralized utility, grid intelligence, and safety innovations—take us and what new trends emerge. Subscribe to our blog to stay current on industry innovations and contact our team of experts to discuss your substation project needs.
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