IoT is considered as the next industrial revolution, Industry 4.0. The concept of IoT is to develop advanced solutions and services, enhance productivity & efficiency, solve critical problems, and improve real-time decisions. IoT is changing industry business models, and the utility industry is investing in IoT technology to transform its operations and enhance customer experience. IoT connected utilities can monitor and regulate operations in real-time to maximize efficiency and perform preventive maintenance. Moreover, IoT accelerates digital transformation in utilities.
Implementation of IoT can drastically change the direction the utility industry is headed towards. Many utility companies are on the verge if adopting IoT. Simply the investment in smart grid, smart meters, and home automation can allow utility companies to comprehensively recapture the energy industry and drive top-line growth.
When the utility industry adopts IoT, it connects with the consumer, with the grid, with the world, on a whole new scale. There’s a huge influx of data that can be harnessed to improve services. Companies can utilize smart meters and grids to optimize how the power is distributed. These systems enable greater forecasting capabilities, thereby driving down costs of generation through more efficient scheduling and reliability in the grid, as well as enabling customers to foresee spending patterns and better plan their energy usage over time.
A few applications and benefits of IoT in utilities:
- Smart meters are IoT-connected sensors on consumer utility lines. These report data back directly to the company, enabling real-time monitoring and analyzing of data. This can also alert company of maintenance issues and help resolve issues quicker.
- Condition-based maintenance routines can be improved by utilities using sensors which measure performance. Data is collected via communication networks to pinpoint problems and predict possible issues using analytics.
- Smart buildingscan control light and temperature in real time for maximum comfort and efficiency using interconnected sensors and building control systems.
- Precise water irrigation systemswith IoT sensors, including trickle and subsurface methods, greatly reduce water consumption and have the ability to integrate with utility demand response systems.