Energy Dynamics in The Developing World: Current State and Future Prospects in The Context of Technological Advancements

Joachim Osheyor Gidiagba (), Nwabueze Kelvin Nwaobia, Peter Efosa Ohenhen, Chinedu Nnamdi Nwasike and Emmanuel Chigozie Ani
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Joachim Osheyor Gidiagba: University of Johannesburg, South Africa.
Nwabueze Kelvin Nwaobia: Feratto Industries Limited, Aba Nigeria.
Peter Efosa Ohenhen: Department of Mechanical Engineering, University of Nebraska-Lincoln USA.
Chinedu Nnamdi Nwasike: High Auto Maintenance Services, Port-harcourt.
Emmanuel Chigozie Ani: Department of Electrical and Computer Engineering, University of Nebraska-Lincoln.

INWASCON Technology Magazine(i-TECH MAG), 2023, vol. 5, 58-66

Abstract: This study offers a more comprehensive view of the energy sector in the developing countries, considering current states and future prospects in light of technological advancements. The study is designed to provide a more nuanced and in-depth exploration of the subject matter, considering the latest trends, challenges, and opportunities of energy dynamics in the developing countries. The study also examined the state of energy consumption and sources in the United States of America with a view of drawing experience from them by the developing countries. It was observed that Energy sources and uses are critical for understanding the impact of supply, demand, and pricing on the macroeconomic environment. Everything is powered by energy, and understanding these interconnections can help to manage the supply requirements and price exposure. The study observed that renewable energy technologies, energy storage solutions, smart grid infrastructure, block chain technology, artificial intelligence and machine learning, and digitization and automation form the key technological advancement in the energy sector. Developing countries can take advantage of them to transform their energy woes to wins.

Keywords: Energy; Energy dynamics; developing country; technological advancement; prospects. (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:zib:zitecm:v:5:y:2023:p:58-66

DOI: 10.26480/itechmag.05.2023.58.66

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