Global power demand is projected to cross over 700Q BTUs by 2030, and industries will be major consumers with over 35% of the energy production. While the global economies focus on increasing power output from renewables for a sustainable world, the need for efficient power management is of utmost importance. Under the Sustainable Development Goals of the United Nations, increasing energy efficiency, especially for factories, is one such initiative that estimates spending on energy efficiency will cross over $6.2T by 2030 and $16.7T by 2040. Power suppliers are key drivers of energy-efficient systems and are projected to grow at a CAGR rate of 4.7% from a $35.1B in 2020. These power suppliers are undergoing a technology transformation for adding smartness and increasing efficiency.
Smart Power for Industries
The industrial segments are recently influenced by the Internet of things (IoT). Smart factories are loaded with processors and connectivity interfaces related to monitoring and control functions that enable the production process. The data is collected from dozens or hundreds of sensors and communicated to the computers for analyzing and monitoring; such requirements will consume higher power, temperature, and space. There arises the need for efficient power management systems to optimize the growing consumption of energy by industries.
The integration of sensors and programmable hardware, powered by artificial intelligence (AI), enables intelligent power electronics devices to balance energy transmission as required. These systems also help in analyzing the consumption of the equipment it powers. These power electronics are designed to receive the command from a single board computer (SBC) and transmit it to the microcontroller, driving the applications such as electric motor or actuator remotely.
Future Power Technology
The industrial sector is the major consumer of energy (>35%) and will pioneer their evolution from conventional to smart factories. It’s being projected that by 2030, power electronic devices will be used for up to 80% of the electricity produced. Presently, approximately 30% of the total power is either generated or consumed using power electronics interfaces. Superior materials in power electronics will allow devices to operate at high speeds, voltage, and temperature. Silicon carbide (SiC) and gallium nitride (GaN) are two major wide band gaps (WBG) materials that enhance the efficiency of power electronics considerably. GaN is expected to play an important role in radio frequency and power applications shortly.
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