The power industry is in a state of flux — declining fossil fuel reserves are driving energy security concerns, which is boosting prospects for alternative energy sources. Globally, thermal power is steadily losing ground as renewable power like wind, solar, biomass, biogas, geothermal, and tidal power gain traction and more and more renewable sources achieve grid parity.
Integration of renewable energy sources with smart grids has also facilitated the growth of the power industry as a whole. Hydroelectric power and nuclear power are also gaining prominence, as they are cleaner sources of power generation.
As power generation sources are being increasingly diversified, there is a need to strengthen the power transmission and distribution network to support increased generation. Governments globally are making huge investments to upgrade and build new transmission infrastructure.
Distributed generation, micro-grids, and next-generation energy storage are some of the new technologies that are gaining prominence across the industry.