Integration of Technologies Across Devices: Key to a Viable Internet of Energy System
Internet of energy (IoE) is a gamut of distributed energy systems, connected by internet with a machine-to-machine interface. With the help of internet of energy, several companies operating in the market can now streamline the flow of power generated and gain useful data in the process. This data can be further utilized for strategic business decisions. Moreover, with the implementation of IoE in the industry, companies can aim for increased productivity and sustainability.
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Owing to the growing need for energy conservation, the adoption of the IoE is increasing steadily in the market. The conservation of energy can be done either through remote monitoring or by increasing energy efficiency of the entire operating system. Two components that are important for acquiring sustainable IoE system include ease of integration of technology across devices and minimization of technologies. However, the success of the IoE system majorly depends on the integration of all the technologies in one system.
Moreover, physical barriers can be removed by connecting remote locations at a single platform with the implementation of IoE. For the power sector, IoE has two major applications — supervisory control & data acquisition (SCADA) and smart meters. Internet of energy offers solutions such as communication, sensing, data management, and cloud & edge computing for multiple applications in the energy industry.
According to the market intelligence published by BIS Research, the global internet of energy market is projected to grow at a CAGR of 21.05% during the forecast period from 2019 to 2024. Some of the factors contributing to the growth of the market in the energy sector are cost reduction, increasing operational efficiency, enhanced decision making, and maximization of benefits. Further, the use of wearable technology with cloud capabilities is another factor augmenting the application of IoE solutions in the energy sector.
The market study is a compilation of IoE use cases, market drivers, restraints, and opportunities, market developments, funding, and regulatory landscape of the market along with the detailed segmentation of the market.