In times when technological advancements happen every second, it’s hard to imagine an industry that has gone untouched by the tech revolution.
And energy — batteries in particular — is going through a renaissance very quickly due to the new opportunities presented by the innovation waves hitting the market. Throughout my experience working with various companies — from startups developing new energy efficiency solutions like batteries, to behemoth companies pushing innovation in their respective spaces — I have noticed a large shift globally in how innovation has been transforming various industries. And energy is not an exception to this rule.
Increasingly and unexpectedly, the small devices that powered our phones or computers only a few years ago have the capacity to power cars and even buildings today. And it’s not just the size-to-power ratio that has been changing — the sources of energy have been dramatically changing too.
According to UBS (via CNBC), energy storage costs will fall between 66% and 80% over the next decade, while the energy market will grow to $426 billion around the world. As renewable sources become cheaper and help ensure less damage to the environment, new-age batteries could become the solution to a smooth transition from fossil-driven fuels to renewable sources with a focus on solar and wind energy.
Not only is there a massive shift toward more sustainable, cleaner energy sources in general, but there also seems to be an improved capacity for energy storage and an introduction of more effective techniques with the goal to gradually, fully eliminate the need for natural gas.
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