Why Leading Enterprises are Investing Internet of Energy to Gain Real-Time Insig
Posted by BIS RSRCH on March 20th, 2020
The global energy industry has witnessed a massive transformation over the past five years, owing to the rapidly rising demand for energy conservation and energy security. Players across the energy supply chain are actively working toward the development of sustainable distribution systems. Moreover, the increasing concern of cyber theft has further driven the adoption of digital solutions for oil and gas and power industry. Internet of Energy, as a system integrator, helps in accumulating the complete value chain within a single operating platform, addressing specific client-centric challenges, along with an improvement in overall performance. Furthermore, the cost-effectiveness feature of Internet of Energy is gradually driving the degree of acceptance amongst the energy companies.
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Access to real-time information across remote locations is a major demand across the energy domain, which is now being achieved with the help of Internet of Energy-enabled sensor data, which brings extraordinary insight into process performance. Internet of Energy, which integrates sensing, communication and analytics dimensions has shown improvement as the core technologies have enhanced.
The three main advantages that the deployment of IoE are expected to bring to the industry are improved reliability, enhanced operations, and added value in the business. To address the escalating demand for energy conservation and energy security, established industrial Internet of Energy developers and technology vendors are introducing innovative solutions. These solutions are focused on helping the companies across the energy value chain to mitigate the supply-demand gap by ensuring high yields, profitability, and protection of the environment. Catering to the oil and gas industry, each of the industry stream (upstream, midstream, and downstream) can be benefitted from the use of IoE in the following ways.
Upstream companies that majorly deal in the exploration and production of the oil and gas can gain operational insights by analyzing a huge set of data. Midstream companies that deal with transportation such as pipelines and storage will be benefited by building a data-enabled infrastructure, which can further enhance the business considerably. Downstream companies dealing with the petroleum products, refiners and retailers will witness new opportunities of revenue generation, expanding their presence across the supply chain and targeting digital consumers with the help of IoE.
Catering to the power industry, each of the industry stream (generation, transmission, and distribution) can be benefitted from the use of IoE. The electricity sector is primarily driven by the injection of renewable sources of energy for power generation in the energy mix. The major issue with electricity generation through renewable sources is fluctuations in the electricity supply, thereby making the network unstable. Moreover, solar panels and windmills are installed in remote areas where renewable energy is adequate. Hence, IoE solutions and smart sensors are efficient ways to control the overall operating system in real-time.
The rising demand for increased operational efficiency to meet the energy requirement across the globe has propelled the need for increasing usage of the Internet of Energy. Moreover, there is an essential concern for decentralized power generators in the electricity distribution supply chain to reduce the electricity demand. In regions such as North America and Europe, there is extensive availability of renewable energy.
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As a result, the Internet of Energy market currently exhibits a stable growth. However, the Internet of Energy market in the Asia-Pacific is anticipated to display significant growth prospects supported by an innovative technological advancement in the energy sector. The Internet of Energy market is expected to progress at a healthy rate in the future, supported by the gradually growing affinity for consistent energy supply and increasing initiatives for the automation of oil fields
Deployment of automation and control and sensing systems to steer the energy applications is expected to augment the growth of the market. In emerging countries, the growth of the market is expected to be driven by rising awareness among the governments of different countries about the need for elevating operational efficiency to meet the energy requirement. Furthermore, rising concerns over global cybersecurity and sustainability have led to extensive investments by governments of different countries in terms of initiatives and security policies.
The rapid market penetration of Internet of Energy technology has led to the enhancement of the operational productivity by minimizing manual labor and providing an efficient platform for proper data management of production inputs. Widespread implementation of the cloud-based software systems has fueled the market for IoE by reducing risks and increasing overall production capacities. Various established conglomerates such as Siemens AG, IBM Corporation, ABB Ltd., and General Electric are actively investing in the Internet of Energy technology. For instance, in October 2018, Siemens AG invested 0 million and acquired Mendix for the development of Siemens AG IoT portfolio.
About the AuthorBIS RSRCH
Joined: March 5th, 2020
Articles Posted: 35
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