How the Internet of Things will Change the Energy Market

The Internet of Things (IoT) has been dubbed the next Industrial Revolution, and with 125 billion IoT devices predicted by 2030, it’s easy to see why. Other than the development of Artificial Intelligence, no other technological advancement will affect humankind in the same scale.

Using IoT devices will reshape the landscape of every business, every market sector and every industry across the globe. And the energy market is no different. Not only will the application of IoT help to improve the energy sector, but it will also challenge it with new ideas and new ways of working. Here are some changes we may expect to see in the next few years.

Connectivity in the energy sector, particularly in Oil & Gas and Renewables, will lead to better monitoring and analysis of infrastructures. Getting real-time data and being able to measure more accurately will be the big trend. And in order to keep up with fast-moving IoT, other technologies will surface. Including ultrasonics and non-destructive testing equipment, the use of seismic tech, and much more.

The Internet of Things is one of the biggest game changers of the century, and it will empower innovation across all areas of R&D. Its application could rewrite energy business models entirely and will push energy production companies to improve their services.

This increasing development of new technologies within the industry will ensure maximum productivity and efficiency, minimised operational risks, and inspire cost-effective maintenance solutions across the board.

Smart devices will undoubtedly help to make homes and businesses much more efficient, allowing energy customers to have better control over their consumption and encouraging them to reduce their carbon footprint. As people become more aware of their environmental impact and as technology improves, being energy efficient will become key.

It will become the main deciding factor when switching energy companies or when choosing a home. Energy companies will need to show that they are responsible providers, and this could involve the uptake of green tariffs or a shift of their fuel mix to include sustainable sources.

Improved Infrastructure

The Internet of Things can help the energy industry with predicting and mitigating problems. Energy companies will be able to tap into large amounts of data from their machines and assets, something they have never been able to do before. Not only does this help them monitor the health of their entire infrastructure, but they can prepare for problems before they have happened.

One of the examples we can look at today is the connected sensor network developed by General Electric, designed to deliver 24/7 monitoring for wind turbines. These IoT platforms can help to reduce downtime.