The use of Internet of Things technology in industries has given new options to companies to achieve excellence. An energy monitoring solution is one such the existing examples. The advent of systems developed around these solutions allows companies to enhance their end-to-end operations starting from fabrication to final delivery of the products.
While energy monitoring systems developed with IoT technology comprises standard components such as sensors and an online platform, the use of such a system can offer great benefits to industries for enhanced functionalities. On a larger scale, this system can be used to facilitate machine-to-machine interaction for automated operation. It is just a matter of vision that limits the functionality and feature of these systems.
Visit: https://www.biz4intellia.com/blog/use-of-iiot-technology-for-energy-consumption-monitoring/
One application of IoT that has stirred industries for good is energy monitoring.
While it is not an easy feat to conserve energy especially in a large industrial setup; by regularly monitoring energy consumption by machines, floor activity managers can rework their activities and operations to reduce their electricity bills and other operational expenses.IoT powered energy monitoring solution that along with saving electricity also helps in improving operations in a facility.The technology of IoT is going to stay and by garnering its benefits, companies that are either new or are already established can optimize their energy utilization.
This technology is creating smart connections within industrial setups, that allow companies to manage their energy consumption and help them to take smart actions to improve their plant efficiency.
As per the current energy trends, businesses need to move towards renewable energy sources for a better future.
One of the best renewable energy is solar energy.
The solar energy is easy to access and is available in abundance.
Solar panel monitoring using iot, will help companies to use solar energy in its most optimal manner.
Because of this, not only would the companies save a fortune on their development cost, but they will be able to satisfy the needs of their target customers properly.
According to a research report "Internet of Things (IoT) in Energy Market by Solution (Asset Management, Data Management and Analytics, SCADA, Energy Management), Service, Platform, Application (Oil and Gas, Smart Grid, Coal Mining), and Region - Global Forecast to 2025" published by MarketsandMarkets, The global Internet of Things (IoT) in energy market size is expected to grow from USD 20.2 billion in 2020 to USD 35.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.
Major factors expected to drive the growth of the IoT in energy market include IoT in energy boost business productivity, advantage of IoT-based agile systems, rising instances of cyberattacks, and enhancing the health and safety of employeesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251659593Based on solution, the asset management segment to account for the largest market size during the forecast periodIoT-enabled asset management solutions are a combination of all processes, assets, workflows, and analytics into a single solution, which offer centrally consolidated tracking, monitoring, and analytics system for asset-intensive energy sector.
Asset management solutions include the management of energy meters, predictive asset maintenance, and control operations of assets.
In order to achieve the organizational strategic plan, the associated performance, risks, and expenditures over the lifecycle of assets are taken care of by asset management solutions.
Asset management solution offers many advantages such as improved capacity and utilization, operational visibility and analysis, proactive solutions for asset failure situations, safety assurance, and management of all assets from a single platform, extension of asset’s life, and improved return on assets.Based on application, the oil and gas segment to account for the largest market size in 2020The oil and gas application segment is leading the IoT in energy market in 2020; the segment is the most capital-intensive industry.
The adoption of IoT solutions is expected to improve the operational efficiency of the oil and gas segment, thus helping companies operating in this industry to sustain the drop in oil prices.
