India’s economic development has been among the fastest in recent years. With continued expansion in areas such as construction, industry, and transportation, the country consumes massive amounts of energy from natural resources, which have served as the cornerstone of contemporary India’s industrial progress.
With industries charting the course of the future, energy will have a significant impact on India’s economic progress. In this scenario, disruptive technologies and converging industries seemingly change and generate new business models. There is massive competition from other industries, including those that manufacture and supply batteries and engage in the energy sector. To succeed, companies in the energy and utilities sector must adapt to these changes. Consequently, due to technological advancements and the evolving trend towards a sustainable future, the energy and utility industries are experiencing unprecedented levels of disruption across the value chain.
Green energy leads the way
With hydrogen-based fuels having the potential to transport energy from renewable sources over long distances, from regions with abundant energy resources to energy-starved areas thousands of miles away, hydrogen is rapidly becoming one of the best options for storing renewable energy. The rapid geoeconomic and geopolitical transformations brought about by the global hydrogen economy could lead to an upsurge of new interdependencies. Since then, hydrogen has changed the geography of energy trade and regionalized energy relations by indicating the formation of new centers of geopolitical power based on the production and use of hydrogen while the traditional trade of oil and gas drops.
Additionally, to make the transition, airports will need to work closely with the rest of the aviation industry, learn from other industries that have successfully implemented hydrogen infrastructure, and make significant investments in hydrogen technology, the development knowledge and human resources.
Green hydrogen, created by electrolysis from renewable energies, is currently rare and expensive. There will only be definite demand from the aviation industry, including airports, if supply increases and costs decrease, despite expectations for both. Airports can promote the development and supply of green hydrogen by establishing relationships with green hydrogen suppliers through partnerships and even shared investments in hydrogen production facilities.
Changing customer expectations
Customers are now anticipating digital engagement with their energy providers due to their interactions with technology-driven companies. They are more open to changing connections based on their experiences, have more energy supply, consumption, and lack patience with conventional modes of interaction.
To address the disruptive forces affecting their sector, the energy industry must establish its strategic priorities in four areas.
Strategies affecting the energy sector
Activate new revenue streams
Energy-related technologies, which are disrupting the sector, also present new business opportunities and sources of income. At the utility and consumer scales, companies need to think about how they respond to the huge influx of battery storage and other developing technologies. They must also create new alliances and offers outside the regulated business units.
Improve customer engagement
Organizations must adapt to the changing nature of their interactions and customer expectations. The opportunity presented by digitalization enables energy and businesses to adopt new technologies that enable proactive customer engagement to change behavior and drive better results at all phases of the customer lifecycle, including marketing, sales and service.
Increase B2B value
Business customers are now empowered to monitor and control usage beyond the meter in greater detail and precision with new Internet of Things (IoT) technology. Companies have the possibility of setting up services allowing these customers to better control their energy consumption. New self-service capabilities can be made available simultaneously to help customers better manage their interactions with energy providers.
Innovate to control costs
Organizations can now maintain a safe, reliable, cost-effective and sustainable level of service despite this ever-changing environment. They must aggressively deploy innovative ideas and technologies to transform processes and reduce costs in their critical business areas.
The future of energy is renewable
Renewable energy sources are becoming the standard option for new power plants, especially in developing countries, due to the continued decline in costs. Concerns about how renewables can completely replace fossil fuels for baseload electricity generation have been raised due to the intermittent nature of the power. However, as the price of lithium-ion batteries has fallen over the past five years, the deployment of energy storage solutions has begun.
As they approach cost parity, governments and private organizations are pushing to set up large-scale manufacturing and supply plants for battery production. The reduction in the cost of lithium batteries also promotes the use of electric vehicles. Increase demand for renewable energy sources to power charging stations. So using more fossil fuel-based electricity to power electric car charging does little to help achieve net-zero emissions.
Last takeaway!
With the transforming nature, it has become a must factor for industry sectors to adapt the trend and technology to stand out from the competition. Therefore, adopting the aforementioned strategies such as creating new revenue streams, improving customer engagement, increasing B2B value, and innovating to manage costs in the energy will indeed help stimulate the Indian economy.
Disclaimer
The opinions expressed above are those of the author.
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