Internet of things (IoT)-enabled solutions are getting weaved into smart energy management framework. Globally utility providers and energy producers are expanding their IoT-based asset management capabilities not just to optimize their resources but also to boost process efficiencies. Several industries are pumping in dollars to enrich their supply chain with the IoT paradigm.
IoT Solutions Market for Energy Industry Pave Way to Smarter, More Resilient Grids
The use cases and applications of IoT have seemingly proliferated in recent years, laying the framework of a modern IT infrastructure in the IoT solutions market for the energy industry. The need for a state-of-the-art data-driven automation system has made IoT a key enabler for smart energy management. The recurrent propositions are better security, efficiency, and safety of information systems in the energy industry. The growing deployment of smart grids solutions has opened up lucrative applications of IoT in data management and connectivity. Tellingly, companies in end-use industries have leveraged IoT-enabled smart energy meters to optimize energy reduction—anchoring smart behaviors for energy usage. For energy companies, the impact is pervasive, both for demand and supply-side management.
The IoT solutions market for the energy industry is poised to redefine the environmental sustainability of assets. The outcome has become more noticeable in the adoption of smart grid solutions in various countries to optimize electricity generation and distribution while making the production and delivery infrastructures more resilient. The ever-rising need for energy for commercial and residential applications globally has made energy companies and governments hammer on the relentless need for transforming the energy industry on these lines.
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Europe Highly Lucrative Market, Renewable Energy Integration Top of Agenda of Stakeholders
Energy IoT is gaining a groundswell of attention in another area: renewable energy. In recent years, proponents of reducing carbon footprint are fervently reinforcing efforts to reduce the share of conventional fossil fuels and increase the share of renewables in the mix.
Various stakeholders in the automation of energy production and supply chain management are keen on adopting new technological frameworks that help them leverage IoT sensors for remote asset monitoring and management. Companies such as Intel are flexing their muscle in the IoT solutions market for the energy industry. Countries such as Finland and several other European Union nations have been ceaselessly making efforts to implement modern technologies including IoT, AI, and machine learning, thereby cementing the market prospects in these countries. The focus has led to the commercialization of sensors and computing edge technologies. A case in point is the growing trend of integrating wind energy through sensors to achieve reliable IoT communication.
Europe as a whole has emerged as a lucrative region in the Energy IoT market, with potential revenues in France, Germany, and the U.K. This technology is expected to witness some massive revenue gains in the oil and gas sector. Smart oil and gas energy IoT solutions are emerging for meeting the requirements of security and safety in the extraction and transportation of fuels, where the IoT framework sits beneath the software and platforms that manage data in the supply chain.