One of the most important sectors in existence, we rely on energy and other utilities for a wide variety of things. Indeed, despite the fact that we are attempting to create more green-friendly methods of acquiring energy and other utilities, the world as a whole, is still very much dependent on energy to regulate various aspects of our lives. In fact, given the vast array of residences and businesses in existence, our use of energy is on the increase, with no signs of slowing down. This has created a major problem. Energy companies are now struggling to expand at the rates they will need to in order to accommodate this increasing demand.
In particular, according to the U.S. Energy Information Administration, the world’s energy consumption will rise by a staggering 48% by 2040. Moreover, energy consumption is also projected to increase by 43% by the year 2022, in the United States alone. However, given the fact that many companies are dealing with aging infrastructure and equipment, many companies are struggling to keep up. Additionally, with other options such as solar, wind energy, and more, if companies do not keep up with this increasing demand, they could lose control of this industry indefinitely. Therefore, we need to start working on solutions preemptively. The use of IoT, or the Internet of Things technology, could totally transform this industry for the better.
For those who are yet unfamiliar, the IoT is an interrelated system of computing devices, people, animals, and mechanical/ digital machines, all of which are provided with UIDs (unique identifiers) as well as the ability to transfer data without necessarily involving human-to-human or human-to-computer interaction. While the definition of the IoT has changed over time, it involves the convergence of multiple technologies such as the following:
Either way, when applied to the energy and utility realm, the IoT can provide an array of benefits.
The IoT is essentially ushering in a new era of energy and utilities. The various insights that can be accessed using IoT can drastically transform the industry overnight. In particular, the information collected using IoT and the IoT cloud can be used to develop new, more efficient services, boost productivity and overall efficiency, solve critical and potentially detrimental issues, improve our ability to make real-time decisions, and even create a new and overall more innovative user experience for us all. By upgrading to smart meters and grids as well as offering home automation, companies can once again gain control of this wildly flourishing industry.
Given the major demand for IoT solutions, IoT will likely soon be implemented on a grand scale. However, as mentioned, given that there are now other energy and utility options for consumers, they must do so in a way that is beneficial to not only the consumers but the world at large. By embracing and implementing these options into their existing services, energy companies can recapture the industry as well as the trust of the average consumer.
Rather than shunning these new methods of acquiring energy, energy companies can simply embrace them and use them to the advantage of us all. IoT is the key to this collaboration.
