“As energy usage rises, power providers of electricity, gas, renewable energy, and more are integrating IoT technology for a more reliable, efficient power grid.” Says Connie Testa, CSS TEC Managing Director.
Energy demand is accelerating like never before
We’ve never used more power in our existence than right now, a trend forecasted to continue undoubtedly. A U.S Energy Information Administration study expects energy consumption to rise a whopping 48% by 2040 prompting utilities to devote millions to research and development as well as new build projects. While green power prioritization and physical infrastructure improvement chip away at this incumbent demand, the implementation of the Internet of Things (IoT) promises far greater returns saving time, money, and you guessed it, energy.
A few more IoT figures
Our immense power output is leading to the digitization of assets with data provided by IoT, a market within utilities expected to value at 298.26 billion with a compound annual growth rate (CAGR) of 10% from 2021 through 2026. What’s behind these numbers? Why is IoT as valuable as it is in energy and what exactly does it impact?
The energy implementation of IoT and its influences
Physical apparatuses of IoT in the energy sector can be anything from smart meters in private consumer homes to artificial intelligence-equipped utility monitors measuring energy generation and transmission through utility networks. As with all technical innovations, it comes down to data. These physical tools encoded with AI and machine learning software gather real-time data to monitor and suggest increased or decreased energy outputs.
IoT compiles previously siloed data into a streamlined feed from generation to consumption allowing for utilities to feed in more power when data shows demand is high. Alternately, these smart monitors use historical data paired with instantaneous energy analytics to schedule predictive maintenance on infrastructure showing signs of decay instead of waiting for lull periods and arbitrary upkeep times.
Even more than operational awareness and predictive maintenance, IoT allows energy providers to experiment with “digital twins” of physical infrastructure. IoT data analysis allows engineers to recreate digital versions of their projects pre-build to assess simulated energy flow and function. Engineers can thus search for imperfections and push the limits virtually to maximize efficiency potential and ensure safety for critical pipeline and offshore wind construction.
For personal consumers, IoT technology allows you to monitor electric, gas, and water output to regulate home energy consumption through utility applications. Additionally, IoT streamlines energy sellback procedures if you own renewable energy sources and want to sell wattage back to the grid.
Where is the energy IoT market booming?
Fortunately for Americans looking to integrate utility IoT advantages into their lives, North America happens to be the richest region for IoT growth in the world. With established tech economies and reputations for being notoriously early adopters, North America also has a thriving competitive market of recognized tech companies like Microsoft and Google making IoT investments coupled with a hotbed startup culture pushing the limits of IoT innovation.
Even the United States Government is pushing the IoT agenda with the “IoT Readiness Act” predicting IoT growth with the rollout of nationwide 5G networks.
Where to find pinnacle IoT professionals ready to enhance your utility team
Before IoT streamlines your energy production and distribution process, partner with the experts at CSS Tec to streamline your hiring process. The sales and recruitment teams at CSS Tec have the market knowledge, know-how, and network to land you the best and brightest people to alleviate your IoT integration needs. Contact CSS Tec today to digitize your energy projects to peak efficiency.