UTILITIES
THE APPLICATION OF IOT IN THE UTILITIES SECTORISSUES WHICH CAN BE SOLVED WITH INTERNET OF THINGS
Decreased cost of intelligent devices and increased computing power and capacity are transforming traditional energy and utilities industries. Companies need to transform their businesses in order to stay competitive and meet new market, regulatory and consumer demands. Best practices are needed to analyze data, monitor processes, conduct secure operations, extend the life of assets and improve productivity and safety.
- Carbon footprint reduction
- Usage-Based Pricing models
- Helps in managing asset and equipment failure
- Energy Conservation
Carbon footprint reduction
There is no denying that we humans are accelerating the destruction of the planet. Fortunately, we are also smart beings that can find innovative ways to stop it.
Smart things in your home, especially in your kitchen, will make it easier to go green. This is because IoT embedded kitchen appliances will make it easier to manage your energy consumption.
Great ideas like smart plugs will also be able to intelligently detect household appliances that aren’t being used and turn them off while alerting the owner about the power that’s being consumed.
This means that you won’t have to worry about having left the iron on while you’re on your way to work ever again. The same applies to your toaster!
Energy can also be saved by utilizing smart thermostats for temperature control. For example, applications today can turn on your heater or AC fifteen minutes before you get home or turn it off as soon as you head out the door.
As a whole, IoT is revolutionizing the utility sector helping us all work together to reduce our carbon footprin
Usage-Based Pricing models
IoT is generating a tremendous amount of data and this is going to increase consistently in the years to come. All these devices sharing information with each other will lead to valuable data that can benefit businesses.
IoT will essentially increase the adoption of usage-based pricing models. It’s already happening with software-as-a-service and this will soon be the norm.
Helps in managing asset and equipment failure
IoT sensors are powered with self-diagnostic abilities, which enables the tool to identify the asset problems or mishaps and communicate the same to avoid further damage or device downtime. So, in short, it plays a meaty role in preventing the problem even before the issue starts which in turn saves time and money.
IoT-implemented devices in manufacturing premises help with predictive analysis to perform vital notifications to decision makers before an unplanned event happens. By this way, manufacturers can save on equipment costs and failure.
Energy Conservation
The world’s natural resources are already depleting, and people are starting to feel the repercussions of a wasteful lifestyle. As such, energy conservation is vital in today’s world. Not only does it help households save money, but it also encourages consumers to be more conscious about preserving natural resources.
IoT has made homes smarter, so its application in energy conservation is more accessible. Smart appliances can inform homeowners of real-time consumption so that they can monitor their energy usage.
Reports can easily be generated or extracted, allowing homeowners to monitor their daily, weekly, and monthly energy consumption accurately. In addition, sensors can be installed so that when owners leave the house, appliances will automatically turn off to conserve energy.
Benefits of IoT for the Utilities sector
The Internet of Things (IoT) has already started to make a clear impact on the energy sector. From sensors to monitor the temperature in a room to complex applications that control the energy use in an entire building, IoT technology in the energy sector is cutting costs and creating more productive, connected buildings.
Smart Energy Grids
IoT technology can improve the energy industry on a larger scale with “smart energy grids.” These grids, which make energy use more efficient and give customers real-time billing, have the potential to save billions and some energy companies have already started implementing them.
IoT technology can give utility companies much more control over operations. Since its not possible to rebuild power grids, innovative technologies can help improve upon what already exists by upgrading power quality and security.
Zero-Net Buildings (ZNE)
Zero-Net Buildings (ZNE), also known as zero-energy buildings, are also a benefit of IoT. These are buildings in which the amount of energy used by the building and the amount of renewable energy created by the building is equal on an annual basis, and they are created using a combination of IoT, AI, solar, batteries, and LED light systems. These types of buildings lower electric bills and emissions and are starting to become popular on a global scale.
Reduced energy use
In individual buildings, sensors can cut energy use dramatically by simply monitoring the lighting and temperature when the building is not being used. Fire sensors that alert people to the nearest exit and also count the number of people exiting at each location can improve safety in buildings as well.
USE CASES OF INTERNET OF THINGS (IOT) IN THE UTILITIES AND ENERGY SECTOR
Utility providers, power generation companies, and oil and gas organizations have widely adopted IoT solutions for a variety of use cases
Drones
Drones to inspect exteriors of large power plants and/or power lines
Preventative maintenance
Installing temperature, vibration, moisture sensors, and tooling for preventative maintenance or predicting failures of power lines
Monitor oil/gas pipelines
Sensors to monitor networks of oil/gas transport pipelines, valves, and pressure gauges to prevent leaks and contamination
Smart meters
Utility providers use smart meters to track customers’ energy usage and communicate that data to the company’s central system, allowing companies to predict demand, spot outages, and conduct preventative maintenance6
LEADING PROVIDERS OF INTERNET OF THINGS SOLUTIONS FOR THE UTILITIES AND ENERGY SECTOR
R3 CORDA
Fenergo
Digital Asset
Digital Asset combines unparalleled financial markets leadership with world-class technologists across multiple fields in one of the fastest growing fintech companies in the world. The Digital Asset Platform is the only Distributed Ledger platform to have been developed according to the production requirements of the world’s largest financial institutions.
