IoT’s capabilities are abundant, any device connected over the internet can be put to work. Today’s task-centric IoT devices have one thing in common, they all have a processor that interprets a code meant for governing a sensor or set of sensors. These sensors provide IoT the ability to do a certain task. Owing to this, IoT is being increasingly embraced by many, its reach has even spread to third world countries, everyone from a newborn baby to an elderly person is one way or the other connected by some IoT device.
The energy market is not behind in this massive IoT adoption trend. As per Mordor Intelligence report, IoT in the global energy market was valued at $10.96 billion and is estimated to reach $28.41 billion by 2023, growing at a CAGR of 16.46% from 2018 to 2023. These growth figures along with initiatives like the KBC & Bake Hughes partnership to leverage IoT to detect or prevent equipment failures are primitive that IoT will reinvent the energy market.
Also, the US Department of Energy’s quest for a smart grid that leverages emerging technologies like IoT, to lower power generation and transmission costs, is an important step ahead.
As the modern world’s energy consumption keeps on increasing, utilities are under immense pressure to meet the power challenges. The world’s daily consumption keeps increasing, but resources to generate electricity are limited, to meet this huge resource demand gap, utility companies must come up with new and innovative solutions to tackle the power crisis. Furthermore, the energy sector is riddled with redundancies like the inability to handle aging infrastructure along with inadequate equipment, these factors greatly limit an average utility company.
With IoT, the energy industry can reshape the energy crisis outlook. Based on IoT sensor solutions, utilities can basically sit on the data stream, harnessing information to gain actionable insight and plan accordingly.