XSelect a record to create:
IoT in the renewable energy industry
Published on 11/10/2016 | Market Sizing
Renewable energies are having a fast adoption on a global level, what is causing your industry is progressing quickly. Innovations in the solar sector, wind, geothermal and biomass are translating better materials, better products and better integration of the same, resulting in significant efficiency gains. This innovation has been especially pronounced in the field of solar energy, where each of its components has greatly improved its efficiency while their cost has fallen about 80% over the past five years.
However, due to this fast growth, the industry has to face a more challenging environment for the process of the information generated in facilities increased capacity, more physical assets and a widely distributed location and remote areas.
With the increase in energy generated from renewable energy sources will result in increased accumulation of energy. This will require better management of smart grids and distributed energy. Innovation in sensors and data processing (ultimately IoT) that is producing will increase the volume of data available and will require real-time processing. Also, this will be accompanied by decentralization of storage, processing and analytical data.
Therefore, there is a latent need in the energy industry to be able to collect, store, process and analyze such huge volume of data for decision-making. This need can be seen on a large scale in the management of smart networks at national level; but it also occurs on a small scale, since small self consumers / energy producers need to better manage their system to maximize their useful life while gaining a return of their investment as soon as possible.
We are seeing more platforms that allow device management, data collection, storage, analysis and application management. However, vertical application in the sector of renewable energies is necessary because it is the best way to put the data in context and convey knowledge to a specific group of unique users.
It comes as a great opportunity to, by IoT technology and software, manage the flow of energy from storage systems and distributed generation to meet the demand of the network.
The possibilities of IoT in the renewable energy industry are vastW
- It will manage power distribution based on real-time data rather than historical data.
- The predictive data analysis will alert the operator if a component needs to be inspected, serviced or repaired before before it’s too late.
- Adaptive systems allow analytical balance energy loads automatically and reduce stress on the equipment, reducing the possibility of overload.
- Estimates related to production system allow resellers to deliver data to marketers in real time allowing an open market sale of energy.
- Predictive analytics help dealers manage energy production and deliver a more affordable service to market.
- The availability of real time information will increase transparency in the energy sector.
- It will provide recommendations for saving energy and other value added services.
Obviously there are privacy issues that need to be regulated to protect consumers. This requires a public debate to be opened as soon as possible enabling it to act proactively to prepare the regulatory framework before this wave that presents itself unstoppable.