Electricity trading, smart grids, and asset management represent primary growth areas for the internet of things in the energy sector, with power generation, transmission, and distribution as the key areas of Internet of Things (IoT) implementation.
This revolution is needed to mitigate the impact of the power sector on the environment. It allows consumers and energy providers alike to manage their emissions levels better while also helping to prevent future disruptions such as wildfires caused by faulty power lines. Ultimately, the energy sector needs to incorporate IoT to safeguard against future issues and provide better service to its customers, who are more eco-conscious than ever before.
Leading energy IoT companies and solutions
The power companies leading in IoT are either developing in-house expertise or partnering with leading IoT vendors to implement solutions across the IoT value chain. These companies are mostly focused on adopting IoT technologies to optimise daily tasks, monitor assets more effectively, and offer consumers the ability to manage their energy usage more effectively.
Leading adopters of IoT in the power sector include Duke Energy, E.ON, Enel, Électricité de France (EDF), PG&E, National Grid, and Southern Company.
Discover the leading energy IoT companies
Using its experience in the sector, Energy Monitor has listed some of the leading companies providing products and services related to IoT.
The information provided in the download document is drafted for power executives and technology leaders involved in power IoT solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchasing or hiring decisions.
Amongst the leading suppliers of IoT in the energy sector are ABB, Aclara Technologies, C3.ai, Honeywell, Siemens and Vodafone.
Future of Internet of things in the energy sector
The use of IoT in the power sector is expected to rise as the cost of sensor technology will continue to decline, prompting an uptake in IoT technologies within the energy sector. In 2004, the average cost of sensors was $1.30. By 2020, it came down to 29 cents. GlobalData expects prices to decline by an average of 2.5% each year.
The renewable energies market is also growing due to increased consumer demand and declining hardware prices – according to IRENA, solar photovoltaics (PV) panel costs fell by over 82% between 2010 and 2020. This will encourage digitalisation and the implementation of IoT in the power sector, helping the sector become more efficient and power sources more reliable.
For full details (including contact details) on the leading companies within this space, download the free Buyer’s Guide below:
Frequently asked questions
-
How is IoT transforming the power sector?
IoT is revolutionising the power sector by enabling real-time monitoring, predictive maintenance, and optimised energy distribution. Connected devices help track power grid performance, identify issues before they escalate, and improve operational efficiency. IoT also supports smart grid development, allowing for better energy management and integration of renewable sources.
-
What are the benefits of IoT for energy companies?
IoT enhances asset management, reduces downtime through predictive analytics, and enables better demand forecasting. This helps improve energy efficiency, lower costs, and enhance reliability in energy delivery.
-
How does IoT support renewable energy integration?
IoT facilitates the integration of renewable energy sources by providing real-time data on energy production and consumption. This data helps balance supply and demand, optimise energy distribution, and manage grid stability, ensuring efficient and reliable use of renewable energy resources.
-
What are the challenges of implementing IoT in the power sector?
Challenges include cybersecurity risks, the high cost of deployment, and the complexity of integrating IoT with existing legacy systems. Ensuring data security and managing vast amounts of data generated by IoT devices are also key concerns for energy companies.
-
How does IoT improve grid resilience?
IoT strengthens grid resilience by enabling real-time fault detection, automating repairs, and allowing for remote monitoring of infrastructure. This reduces the time required to address outages or technical issues, ensuring a more stable and reliable power supply.
