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Global Electrification Growth Opportunities

·2-min read

Governments across the world are looking for solutions to mitigate climate change and pave the way for decarbonization. The route to decarbonization requires supportive regulatory frameworks that mandate energy efficiency and emission reduction measures across all sectors.

New York, April 28, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Global Electrification Growth Opportunities" -

To achieve a low-carbon future, significant economic investments in renewables, hydrogen, bioenergy, CCUS, and electrification are required.Electrification refers to the replacement of systems that use fossil fuels with systems that run on electricity generated from a renewable energy source (RES) or other low-carbon generation systems. Electrification delivers greenhouse gas (GHG) reductions in 2 ways; first, it shifts energy use from fossil fuels to RESs and low-carbon energy sources, thereby reducing the carbon intensity, and, second, it enables energy efficiency improvements and the increased adoption of digital technologies, thereby creating smart connected hubs. Despite this significant potential to reduce carbon emissions, the adoption of electrification is still nascent. Supporting policies and regulatory frameworks from governments will boost adoption.Most electrification technologies are commercially available in the market. However, the high capital costs associated with the replacement of existing fossil fuel-based infrastructure, the high electricity prices, the lack of government incentives, and the poor awareness are significant barriers to the uptake of electrification.In terms of grid operations, the increased adoption of electrification across business sectors means increased pressure and load on systems. The growing number of electrification activities across all business sectors will enable grid investments to expand electricity transmission and distribution networks. It will also lead to the development of aggressive and sustained supportive policies for R&D, demonstration, and new electrification technologies to run intensive thermal processes and meet net-zero carbon emissions goals.This study explores the role of electrification in the transition to decarbonization. The study examines the key enablers in terms of achieving electrification across 6 main sectors, that is, industry, buildings, maritime, aviation, agriculture, and transportation. The study presents a comprehensive analysis of existing electrification technologies across these sectors. Furthermore, the study offers a projected electrification roadmap for each industry until 2050.At present, transportation is a critical sector for electrification as many governments are pushing it as a priority in their decarbonization strategies. Buildings and industry have similar scope for electrification. Agriculture, maritime, and aviation remain the challenging segments as they rely on alternative measures (synthetic feedstock, synthetic fuels, and alternative agricultural/livestock practices) for decarbonization. Hybrid energy systems can efficiently supply electrification solutions and help decarbonize business segments. In addition, hybrid energy systems can operate round-the-clock and improve the energy efficiency of operations through the rising share of the electricity generated from RESs, thereby reducing power costs and increasing system reliability.
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