Utilities
IoT is transforming the collection, interpretation, and practical usage of parametric data influencing business with an ever-increasing magnitude. The Internet of Things enables us to monitor our properties and assets from a distance, collect data about our environment, and put it to use in ways that increase efficiencies. The utilities industry is a prime example of where IoT and the use of advanced connectivity through LTE-driven WWANs are being put to good use by modernizing the approach by constantly capturing insights, using AI to make rules-based decisions, and building a better overall ecosystem.
IoT - A Natural Next Step
According to Markets and Markets research, the global Internet of Things (IoT) in utilities market size is expected to grow from $28.6 billion in 2019 to $53.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5%. Inherently IoT deployment flexibility and the shared insights fuel this healthy growth rate. An IoT-equipped system of sensors, meters, and edge devices enables and is the natural next step in evolving the power and sustainable energy grid. IoT enables a comprehensive range of devices to communicate with each other and even to sense their surroundings with the potential to change the way we interact with our environment, our energy sources, and oil and gas workplace safety.
Efficient Grid Management
With possibilities abounding across the entire value chain, utility organization usage of IoT sensors, systems, and data-driven insights is gaining significant momentum due to the ease of deployment and valuable edge computing power an LTE-driven connectivity option can offer.
The efficient management of a grid comes down to real-time information coupled with capturing, interpreting, and actioning key data points along the chain. When done right, utility companies can make the right decisions at the right time to keep power flowing, reduce downtime, keep workers and employees safe and provide the most cost-effective energy options for their consumers.