INNOVATION MANAGEMENT IN THE ENERGY SECTOR: DOMESTIC AND FOREIGN EXPERIENCE
Abstract
In the global economy, as well as the economy of each country, transformational processes aimed at its intensive development are being activated. According to the model of intensive economic development, it is provided mainly by those components related to competition, innovation and human potential. Strong internal competition encourages enterprises to ensure their own advantages in the competitive market, create a new market outside of it or a new segment in the competitive market. The basis of such processes are innovative changes (innovations). World studies confirm that the innovative activity of enterprises and the conditions created for this by states contribute to the growth of countries' competitiveness. In the 21st century, humanity is constantly striving to discover renewable sources of energy, as well as find new ways to effectively use existing resources. Innovation in the energy sector is increasingly shaped by the need to meet growing demand while reducing emissions. To withstand disruption, energy companies must stay ahead of the curve and overcome increasingly volatile business challenges. To meet the growing demands of today's industrial world, innovation in the energy sector must overcome many significant challenges. Most importantly, it is important to effectively use renewable energy sources such as solar and wind to reduce carbon emissions in a way that is sustainable and cost-effective.Today we are witnessing a situation where the role of innovation and innovative development is becoming increasingly important in creating jobs, sustainable technologies, improving living standards and maintaining the European Union's competitive advantage. Innovation is a key pillar of technological and industrial policy, which is essential in bringing new ideas to market. Innovation is an important driver of a nation's development and economic growth, so it's no wonder that countries sometimes struggle in their efforts to boost it.
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