Innovations made over the past years in the energy sector have led to dramatic productivity increases, taking companies to a whole new level of growth. Similar to the increase in use of wireless technology that has contributed to changes in the world of telecommunications. Additionally, smartphone and PCs carrying tiny chips have changed the world of consumer-electronics and audio devices like the iPod have drastically revolutionized the way in which music is enjoyed. Liquid filled transformers from companies like Elgin Industries are filled with oil and allow transportation of energy from one corner of the world to another. They are the major players in the production of electricity used in our homes. Many years have passed that shed light on the innovation of how we're using natural resources in the US. Some of the largest innovations include the introduction of unconventional gas, electric vehicles, advanced ICE, LED lighting and solar photovoltaic (PV) and coal.
First introduced in the 1980s, the United States identified resources of unconventional natural gas. This spurred massive advancements in horizontal drilling, hydraulic fracturing that allowed gas extraction from shale formations and seismic imaging and software in four-dimensions.
Due to the introduction electric vehicles, there is a gradual decrease in cost of advanced batteries. It is believed that these vehicles will greatly improve the fuel economy helping consumers save billions of dollars on oil and electricity. Electric vehicles are safer for the environment and provide better acceleration and comfort when driving them compared to traditional vehicles.
The average US fuel economy remained at a constant over the past three decades at 27.5 miles per gallon, all the while vehicle technology improving significantly. New standards set by the Corporate Average Fuel Economy (CAFE) have created a goal for vehicles to consume a gallon over 35.5 miles by 2016 to 54.5 miles for every gallon in 2018. This is a result of consumers demanding vehicles that do not consume too much fuel and the government having a substantial interest in curbing the the sheer quantity of greenhouse gases being emitted into the air. Provided CAFÉ achieves this, and consumers stand to save lots of money.
In the US, 15% of the electricity consumed is LED lighting. They rely entirely on semiconductors that help consumers save on energy bills. By 2015, the LED use is speculated to increase by 30% and 80% in 2020.
Cost of installation of solar power has dropped to $2.50 for every watt in 2012. Following a 40% increase of solar use in the US, there has been tremendous global growth rate due to similar solar power initiatives set up in Italy, Germany, Spain and China. Subsidiaries that are most likely to dry up can be supported by these solar power forms.
Clean Coal Production
This type of energy has been in place for hundreds of years. Plans are underway for the private sector to develop new coal-fired plants that are efficient, environmentally friendly and at a very low cost.