3 Ways IoT is Revolutionizing the Energy Industry
Energy sectors are under major revolution and the Internet of Things (IoT) is the core reason behind it. IoT is the pillar upon which the future of energy sectors, especially the renewable energy sector, will be built in the upcoming decades. With the emergence of the IPC electronics industry along with computing technology has led to many dramatic changes in the field of real time remote monitoring. Internet of Things has made it possible to overcome many challenges of remote monitoring that were holding back the energy sector for many decades. Moreover, with recent advancement, IoT technologies are making it possible for the industry to manage energy with more efficiency, more productivity and better safety.
For all the positive impact that is embarked upon in the energy sector; the IoT industry expected to influence energy production more and more. As per a report created by MarketsandMarkets™, the global value of the IoT sector in the energy market is expected to increase from approximately 20.2 billion U.S dollars in 2020 to 35.2 billion U.S dollars by 2025. So, let’s discuss in detail how IoT is contributing to revolutionizing energy sectors.
1. Real-Time Monitoring and Resource Optimization
Offshore oil and gas production has become more and more common with the help of IoTs even though it is more complex and dangerous. However, The Internet of Things and next-generation connectivity help to provide reliable and efficient remote monitoring. It helps management to make quick and effective decisions, specifically in hazardous environments.
The data IoT can collect, it allows for better resource optimization within the energy industry. From a smart thermostat in each household to real-time monitoring in each energy production plant; IoT helps to optimize HVAC usage and increase efficiency. Heavy machinery and equipment combined with IoT technology can increase profit by reducing fuel costs, energy consumption, and energy wastage.
2. Better Grid management
Because of IoT devices, grid management becomes more efficient with more distributed resources into the grid. It has become possible to deploy sensors at substations; and consumer places to analyze the power consumption data for better prediction. Many management steps can done autonomously with recent AI development in IoT which completely eliminates the factor of human error. For the renewable energy sector, such energy consumption data helps companies in deciding where to deploy new resources.
3. Sustainability And Disaster Preparedness
Safety is crucial in the Energy sector, specifically in the Oil and Gas industry. Because Internet of Things provides better monitoring along with management, the safety of workers and production plants has improved dramatically. The rise of IoT has contributed to the betterment of hazard preparedness with efficient remote monitoring in disaster-prone areas. Ai-driven IoT also helps to identify loopholes in current safety standards to make them improve with time.
IoT technology makes it possible to have more accurate and fast communication between the grid, nodes, and power companies. With the help of the data collected by IoTs, power companies will be able to conclude; why certain grids are failing more and can create prediction models to analyze. Which in turn helps them to come up with better responses to power outages. This prediction model with appropriate response measures will result in improved sustainability and effective disaster preparedness.
