Three Energy Trends Guiding 2023
March 10, 2023
The need for energy recovery continues to intensify with growing momentum throughout the United States. With carbon emissions rising in the US, the need to implement new technology remains a top priority. Here are three trends taking shape in the energy sector worth watching.
Carbon Emission Reductions
According to preliminary estimates published by the Rhodium Group, 2022 energy consumption increased year over year, leaving industry leaders searching for ways to sustainably match rising energy usage. As pandemic restrictions continue to lift around the world, an uptick in travel interest is to be expected. Countries like China have already seen a jump in travelers holidaying abroad, with no plans of slowing down soon. With transport accounting for 27 percent of greenhouse gas emissions, the rise in travel may increase overall carbon emissions.
The IEA predicts greenhouse gas emissions will decrease exponentially within the next five years, which is enabled by new clean energy technologies. Technological carbon-removal solutions are seeing an unprecedented rise in government investment — as demonstrated by the Biden administration's announcement to invest US$3.5bn in carbon-removal technology. Funding new technology development will provide the US with access to top-notch tech that will bring the US closer to its clean energy goals, helping to significantly reduce carbon emissions in the coming years.
While a number of sectors within the tech industry have been hit by massive layoffs, jobs within climate tech have continued to rise in popularity. One of the reasons for this is a result of top tech talent looking to work at companies with missions aligned to the greater good of helping the environment — such as companies that reduce carbon emissions.
Younger generations appear to be interested in clean tech, as they continue to search for work that aligns to their values. As new talent enters the workforce, Gen Z and Millennials are redefining what work looks like based on their values. In a PWC survey of millennials in 2020, more than half reported they would avoid working in an industry with a negative image.
Industry veterans are also experiencing a similar sense of accountability when searching for positions that align with their principles. Stephen Richards, Vice President of Engineering, joined Sapphire Technologies with more than three decades of experience leading engineering operations at Rolls-Royce. He cited his passion for sustainability and cleantech solutions as part of his motivation for making the move.
Broader Industry Impact of Turboexpanders
There is a clear need for oil and gas companies to find and utilize clean energy solutions as the energy sector attempts to decarbonize. Companies are in search of ways to lower their emissions and are sparking an increased focus on advanced technology to help meet industry needs.
Sapphire Technologies is well-positioned to address growing energy consumption trends in the industry. Based on market demand, we expect to see increased adoption of our key product, FreeSpin® In-line Turboexpander. The FreeSpin® In-line Turboexpander utilizes best-in-class technology to provide a way to capture the energy lost in pressure reduction. The turboexpander consumes zero fuel and produces zero emissions, enabling a cost-effective solution for clean power generation.
Through government policies, growing workforce passions and top-of-the-line products, energy recovery remains the common thread piquing the interest of various audiences within the industry. As we continue to navigate the year, be on the lookout for how these trends rise and intersect toward reaching net zero emissions by 2050.