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 power companies in Internet of things
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.
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Discover the leading Internet of things companies in power
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.
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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, which is embedded in connected devices, 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 through 2022.
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.