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How IoT is Taking Energy Management to the Next Level

By Special Guest
Madhukar Jangir, Correspondent
September 16, 2019

In 2018, the global energy management systems market was valued at $25.88 Billion and was expected to grow with a CAGR of 13.78 percent over the forecast period of 2019 to 2024.

The rise of IoT technology is the most significant revolution in the ever-emerging energy management process. Growing inclination towards green energy, carbon footprint management, government mandates and policies are the prime factors augmenting the market growth. Till now, what refraining enterprises from adopting IoT technology was the high IoT project deployment cost and non-standardized guidelines.

IoT powered Smart Energy Management Systems helps energy distributors in reducing their operational expenses and planning for peak demands. These systems are crucial for companies whose energy supply is arranged and managed by special contracts.

Empowering Energy Efficient Smart buildings
Smart building energy management systems powered by IoT technology go beyond most of the traditional building management systems that monitor and control the power sourced systems of a building such as lighting, air ventilation, HVAC, elevators, and more. Instead, the IoT powered energy management systems use IoT sensors to collect, analyze, and convert the energy data into information which can be sliced and diced to make intelligent business decisions to improve energy efficiency.

According to a report, LEED buildings have seen almost 20 percent lower maintenance costs as compared to typical commercial buildings.

A holistic picture of a building’s energy consumption can be seen when the sensors and devices start collecting data related to building surroundings, traffic, and more. This system automatically adjusts building temperature, lighting, and ventilation. By utilizing the IoT powered energy management system, the building managers can reduce energy consumption without sacrificing comfort for the occupants.

Saves hundreds of Man Hours for Utility Providers
While the implementation cost of IoT powered energy management systems may seem very high, the return on investment (ROI) is rapid. The real-time field data help utility providers in improving their operational efficiency by reducing the Man Hours requirement for energy management tasks. The energy management software automates the manual processes which require a significant number of man-hours.

Time consuming jobs such as meter readings and power generation/distribution are handled by the system, eliminating the need for manual work and ensuring accurate, real-time readings.

Reduces Energy Bills
It needs a strategic and comprehensive approach to reduce your energy cost. While an enterprise can reduce the energy requirement during key times when the cost per unit is high, but it isn’t enough. The potential for minimizing the energy bills remains untouched.

By utilizing an IoT powered Energy Management System, the enterprises can have a holistic view of every aspect of energy consumption. The energy consumption data, ingested throughout the time, helps enterprises in uncovering patterns. They can analyze which locations have the highest/lowest energy bills and how to optimize it. They can even plan for better demand response (DR) strategy for a daily basis and can also leverage the seasonal trends in energy prices.

Support Green Business Initiatives
The adoption of technology optimizes energy consumption. Lower the consumption lower the energy production, which ultimately results in less carbon footprint. IoT technology also helps utility providers as well as enterprises in maximizing their renewable energy production, reducing the carbon emissions even further.

It is a win-win situation for the enterprises as they can save money with reduced energy cost while keeping up with their Social Corporate Responsibility (CSR).

The Future is Holding Scalable IoT Energy Solutions
Whether you are a business owner who is looking forward to cutting down the energy bills or you are an owner of an energy utility provider, running multiple energy generation plants and are willing to automate your operations, there is an IoT solution to fit your energy management needs.

Investing in the smart energy IoT initiatives is a fruitful idea which has better ROI prediction. The way the global community is striving to make their operations efficient and to contribute to sustainability, it seems that the IoT adoption is going to rise with an exponential rate. Business is seeking opportunities to adopt IoT to make their operations efficient, and you still have a chance to be one of the early adopters and hold the competitive advantage.

About the author: Madhukar Jangir is a Digital Marketer and currently working with Biz4Intellia Inc. He is passionate about disruptive technologies such as the Internet of Things and keeps on exploring the possibilities unleashed by the technological disruption. At Biz4Intellia, Madhukar is focused on spreading the awareness about the IoT implementation in different industry verticals.

Edited by Ken Briodagh
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