How the Internet of Things is Reinventing the Energy Industryhttps://exist.com/wp-content/uploads/Iot-Blog-size.jpg650486Exist Software LabsExist Software Labs//exist.com/wp-content/uploads/logos/exist/logo-default.png
Internet of Things (IoT) has given so much convenience to human activities and transactions over the years that it has become one of the most important technologies on a global scale. It helped not just individuals on its day-to-day activities; but also various business verticals on its company-wide operations.
The energy industry in the Philippines is no exception. The Internet of Things (IoT) provides a wide range of applications that can be utilized in the energy sector; this includes energy production, transmission, distribution, consumption, and many more.
See figure 1.1 (This is the evolution of the Internet of Things (IoT) over the years.)
In previous years, most of us, consumers, never really considered mother earth when consuming energy; This is one of the improvements that IoT may bring forth! Organizations can drastically cut waste thanks to increased control over energy consumption. It brings significant cost savings and allows for a reduction in CO2 emissions, which benefits the environment.
Another challenge that the Energy Sector has is the lack of integrated energy planning and demand forecasting. This significantly widens the gap between energy supply and demand; However, with the help of IoT’s advanced analytical systems, organizations can now develop precise and real-time forecasts. Here are some Internet of Things (IoT) capabilities that will reinvent the Philippine energy industry.
See figure 1.2 (Here is the entire IoT ecosystem of the Energy Sector. From generators, transmission, distributors to the consumers.)
1. Intelligent Grid
IoT enables grid systems to gain control over power flow or significantly curb energy use and helps in tracking real-time energy consumption that gives users almost complete control over their energy consumption. Its automated approach also helps consumers become more cost-efficient while decreasing energy waste.
While Energy companies, on the other hand, may achieve real-time monitoring, rapid data restoration, and highly accurate usage forecasts, making energy system management and maintenance much easier.
2. Monitoring of Processes and Resource Optimization
Automation is one of the benefits that IoT can provide; having an IoT system means less human intervention, and less human intervention means fewer errors. The use of sensor devices in a power plant allows for the automated execution of processes and the delivery of better, error-free production. The availability of data on all areas of the supply chain enables the operating system to make accurate judgments on a wide range of factors.
IoT solutions generate real-time data, allowing management to act quickly and take appropriate action if there are errors or inconsistencies, allowing businesses to produce higher-quality services.
3. Analytical Advances
With increased energy consumption demand, energy businesses must rely on advanced analytics more than ever to meet customers’ expectations for more options, better transparency, and lower energy prices and waste. In order to compete, utilities and power generators must utilize the same analytics to precisely anticipate future power usage.
The sensor-enabled technology assists the Philippines’ energy sector in gathering more precise data that can be used in proper forecasting of energy supply and demand. As a way, it lowers unnecessary energy usage.
4. Reduction of maintenance and operating costs
Predictive maintenance is another significant advantage of IoT data. Proactive testing and repair significantly reduce the amount of time the machines are inactive, hence minimizing catastrophic equipment failures and lowering maintenance expenses. It enables managers to take complete control of energy data from the beginning and considerably optimize the operation. The use of an IoT-powered solution in the energy sector employs sensor-based approaches to automate the industry’s operation.
Intelligent sensors and devices, for example, can communicate information from distant equipment to detect an impending fault, minimizing damages and stoppages and giving the system much more flexibility.
5. Increase the Production of Renewable Energy
A smart, dependable, and efficient power supply contributes to the smooth operation of smart cities. The application of IoT in renewable energy generation will assist them in producing enough energy to meet their needs.
Sensors attached to generation, transmission, and distribution equipment are used in IoT applications in renewable energy production. These technologies let businesses remotely monitor and control the operation of their equipment in real-time; This reduces operational expenses and energy waste, but more importantly, it helps us minimize our reliance on fossil fuels.
You may now achieve the above-mentioned processes and technologies with Exist Software labs! For over 20 years, we helped several energy enterprises by implementing multiple Energy Automation solutions.
Achieve advanced analytics without breaking the bank, optimize your operations, and achieve advanced management systems by utilizing various enterprise-grade technologies designed exclusively for the energy industry.
Empower your system today!
Learn how to fully automate your processes to create a more competitive, transparent, and efficient system with our Power System Solutions.
Take your power system to the next level!
2022 Energy Tech Trends to watchhttps://exist.com/wp-content/uploads/2022-Tech-Trends-to-Watch-in-Energy-Industry-1.jpg800507Exist Software LabsExist Software Labs//exist.com/wp-content/uploads/logos/exist/logo-default.png
The COVID-19 pandemic, numerous heavy typhoons, and other unfortunate events affect all business sectors in the country. One of the major industries affected is Energy and Utilities, and it highlighted the necessity for The Energy Industry to adopt a sustainable perspective and improve the technology system.
With the rising demand for energy in 2022, the Department of Energy will continue its advocacy to produce renewable energy to cut market prices and achieve sustainability. On the other hand, the private sector will continue to develop technology systems to achieve efficiency, high effectiveness and keep up with the continuously evolving energy sector.
While numerous technology solutions can assist these firms in achieving their digital objectives, only a few are expected to have a significant influence in 2022. These are the 2022 Energy Tech Trends to watch!
IoT, or the Internet of Things, has played a vital role in advancing digitization in several industries, including IT, energy, agriculture, healthcare, and many more.
It is one of the most advanced technologies, and one of its advantages is that it improves the efficiency of several businesses, including energy. And as for the energy sector, one of the most important functions of IoT is energy conservation.
The Internet of Things enables electricity firms to read data in real-time. It enables them to quickly gather, calculate, and analyze data to improve decision-making. It also helps the energy industry transform into an integrated system, resulting in a smart solution that is equipped with advanced technology to increase industry value and maintain asset efficiency for the benefit of the economy.
Many companies will continue to improve their systems in 2022. The sector will continue to advance the electric grid to make it more reliable and less expensive, thanks to the national government’s directive to push for renewable energy and industry’s developing market demands.
These companies rely on Millions of connected devices and digital systems, such as smart meters, sensors, management systems, to communicate data from many locations. And with their objective to digitize their system, they need to have fast and dependable technology, thus creating a need to access 5G technology.
5G technology is the next generation of cellular technology after 4G. It has faster speed, lower latency, and the capacity to connect more devices at the same time.
Fifth-generation wireless technology will provide new features and more efficient smart grids. New 5G mobile networks will assist the integration of unconnected devices into new smart grids; it will also help the development of new electricity load forecasting software for accurate energy monitoring and forecasting. Organizations will now be able to receive and process the massive volume of data at quicker speeds with no chance of downtime.
4. Artificial Intelligence will revolutionize the game.
Artificial Intelligence (AI) is becoming relevant in the energy industry and has great potential for future energy system structures.
Digital technologies such as Artificial Intelligence (AI) will make energy sector systems more intelligent, efficient, dependable, and sustainable, which benefits the entire energy sector chain, from generation to transmission to distribution to the consumer.
In terms of alignment with the government’s ambitions, AI would also benefit Renewable Energy. With the growing use of renewable energy sources, it is becoming increasingly difficult to regulate the megawatts that are fed into the grid; with this, power networks will be unstable and prone to blackouts.
With this technology, renewable energy sources may now provide real-time, accurate data that allows AI to predict capacity levels.
5. Energy Sector will embrace the power of Machine Learning
With Machine Learning (ML), it’s as if you have a sophisticated human mind monitoring your system, complete with advanced self-learning algorithms, taking your data to a whole new level by making human-like decisions based on current AI data.
ML employs approaches that can be applied to predictive maintenance. Power lines, machines, and stations, in essence, are outfitted with sensors that capture operating time series data.
With enough data, your system can now forecast if a failure will occur in your system, allowing you to more efficiently monitor maintenance, reduce downtime, and avert system failure as soon as possible; thus, lowering your system expenditures.
It’s one thing to get your data, but it’s quite another to use it to your advantage.
Big Data Analytics has the potential to be a key driver in achieving optimal company performance in the energy sector.
Big data can help the energy business in many ways, including improved supply chain management, enhanced customer satisfaction, optimizing business efficiency, analyzing future risks and possibilities, and much more.
As a result, more and more energy companies are becoming more competitive. A superior business strategy that incorporates a large amount of data and efficient processes is assisting them in developing company value and increasing customer satisfaction.
So, how can you achieve the advanced system and follow Energy Tech Trends?
Whether you like it or not, the energy sector will continue to advance its technological innovation.
In this regard, it is important to look for an innovative partner who can add value to your organization, and this is where Exist Software Labs can assist you! With our extensive experience in the energy industry, we could bring you the innovation you deserve.
Empower your system today!
Learn how to fully automate your processes to create a more competitive, transparent, and efficient system.
Take your power system to the next level!