What is the application of IoT in the energy industry? As demand for energy continues to grow, the energy industry has been incorporating emerging technologies such as the Internet of Things (IoT) in other to create efficient and sustainable energy.
Before we dive into the application of IoT in the energy industry let us understand IoT in simple terms
What is IoT?
The Internet of things (IoT) describes the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the Internet.
Global energy consumption has increased dramatically in recent years and is projected to continue to increase. By 2040 renewable energy consumption is expected to increase and will reach about 2,748 metric tons of oil. In comparison, the total renewable energy consumption totaled 35.02 metric tons of oil in 1990.
IoT is not the only emerging technology being applied to the energy industry, Blockchain and Artificially Intelligent machines are also being deployed, in a bid to make energy more sustainable and efficient.
The application of IoT in the energy industry has also contributed largely to the growth of this emerging technology.
According to Verified Market Research, the Global Internet of Things Market (IoT Market) Size was valued at USD 212.1 Billion in 2018 and is expected to witness a growth of 25.68% from 2019-2026 and reach USD 1,319.08 Billion by 2026.Internet of Things (IoT) Market
Application of IoT in the energy industry
Smart energy meters provides direct communication between energy users and the power distribution company, which helps the distribution company to carry out analysis of any kind of performance issue and reduce downtimes. IoT smart meter also detects any damaged line and isolate it without disturbing the overall performance.
Smarter Structures and Buildings
Building using IoT is more efficient in terms of energy consumption compared to buildings that are not. this efficiency is achieved by managing the heating and lightening systems of the building.
A smart energy grid is one that can recalibrate it self after a power cut and decrease downtime, IoT meters makes this possible.
Energy system management
monitoring the health of an energy generating system manually could be very tedious and may slow down operations. IoT provides an automated system that helps monitor and predicts possible failure of equipment and machines saving cost and indirectly saving lives.
With the combination of Artificial Intelligence (AI), deep learning , Machine learning and IoT, various processes in the energy industry could now be automated and efficiently controlled.
Management of Renewable Energy Resources
Maximization of the output and uptime of renewable energy resources is possible with help of IoT based solution.
The application of IoT in the energy industry is helping power generating stations to cut down emission by alternating renewable energy resources with such as solar energy and wind with fossil fuel, enabling them to save enormous cost and help in saving the environment.
Advantages Associated with the Application of IoT in the Energy Industry.
When this emerging technology (IoT) is deployed in facilities, it provides real-time monitoring of equipment’, this is achieved by installing various sensors that can help detect the potentially hazardous situation, such as leakages and failure, a timely warning when given can save lives.
Efficient energy generation
The application of IoT in the energy industry has made the generation of energy more efficient.
for instance, in a boiler plant, the oxygen is regulated automatically which allows the fuel to burn completely and contributes to less emission of gases that are not environmentally friendly.
Smart Energy Consumption
Consumers use data in their IoT app to decide what is best for them, it helps them to see what consumes energy the most and how to cut down usage and ultimately save energy.
Consumers are also buying some affordable solar-powered gadgets to help minimize the cost associated with energy consumption.
Challenges in the application of IoT in the energy industry
All devices connected to the internet faces the possibility of cyber attack, IoT devices are configured to a unique API this makes it prone to attack.
the statistics of cyber crime is distressing.
In the 2017 Official Annual Cybercrime Report, it’s estimated that cybercrime will cost $6 trillion annually by 2021. In 2015, that figure was $3 trillion.
Also, given the fact that technology is ever-evolving, there is always need for constant update of applications, some applications with time may no longer be compatible with each other, this will also heighten security concerns.
As an emerging technology, IoT has come to stay, and has found its application in the energy industry, when applied can lead to smart energy consumption and increase in energy efficiency, while ensuring the safety of lives and equipment, however, there is a growing security threat on the internet.
through adequate monitoring and constant update of IoT devices, these security concern could be mitigated.
with more research and development IoT can be improved to be even more safer and better.