We see three principal effects of this technological revolution:
- Consumption of energy will become less intense as people use energy more efficiently thanks to smart thermostats and other energy-saving devices in homes and offices,
and the use of analytics and automation to optimize factory usage. Transportation, the largest user of oil, will be especially affected, by more fuel-efficient engines and by the
burgeoning use of autonomous and electric vehicles and ride sharing.
- Technological advances will continue to bring down the cost of renewable energies such as solar and wind energy, as well as the cost of storing them. This will hand renewables a
greater role in the global economy’s energy mix, with significant first- and second-order effects on producers and consumers of fossil fuels.
- Resource producers will be able to deploy a range of technologies in their operations, putting mines and wells that were once inaccessible within reach, raising the efficiency of
extraction techniques, shifting to predictive maintenance, and using sophisticated data analysis to identify, extract, and manage resources.
Read the full report by downloading the “How Technology is Reshaping Resources ” report from our Resource section.
Originally published by McKinsey & Company.
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