Here is how the internet of things technology can drive the next revolution in the global renewable energy industry
Pradhnya Tajne | Transparency Market Research
The global renewable energy industry is progressing at a rapid pace. In the past decade, several notable developments have been observed in the global renewable energy sector. Innovations in sectors such as solar, wind, geothermal, and biomass are helping improve efficiencies. This rapid innovation is particularly conspicuous in the solar sector. The global solar energy industry is progressing rapidly and every month record-breaking efficiencies are noted in this sector.
However, with this rapid growth, the industry is facing the challenge of scaling its operations and sustaining profits. To manage this key issue of scaling, Internet of Things (IoT) is the winning technology.
Limitless Possibilities of IoT in Renewable Energy Industry
Here is how the internet of things technology can drive the next revolution in the global renewable energy industry:
IoT will help manage distribution of energy based on real-time data, instead of historical data as currently practiced
Furthermore, predictive analytics will alert operators beforehand if a component needs repairs, requires immediate attention, or is due for inspection
Adaptive analytics will allow systems to automatically balance energy loads and decrease stress on the equipment and prevent overheating
Forecasts related to the output of the system will allow providers to offer data to resellers in real time and help sell power on the open market
Predictive analytics will also help providers to drive output and deliver more affordable service to the market
Availability of real-time data will boost transparency in the renewable energy industry
IoT will work on a macro level and micro level. It can help manage national smart grids and also help consumers with rooftop PV installation to manage their system better.
The adoption of smart meters is increasing rapidly. However, residential smart meter programs can be complex, as deploying millions of meters can be challenging. With IoT, the data from the smart meter readings can help a provider gather the data and offer consumers more appealing rates and valuable recommendations to save energy and other value-added services.
With the accelerating power generation capacities of renewable energies, the power must be accounted for and stored in an efficient manner. This stored energy can be used during a period of peak demand. To better manage this growing power capacity, smart grid management empowered with IoT will help.
Internet of things can help to access data from remote wind farms, solar farms, or hydro stations in real time. This benefit of IoT will also boost worker safety, as they can monitor equipment such as large wind turbines from a safe distance.
Early adopters of IoT in the renewable energy sector will be able to experience all the above listed benefits and more. Data is a strategic asset in today’s world. By leveraging predictive and adaptive analytics, these adopters will fuel their ROI and also built a better relationship with their consumers by offering transparency.
About Pradhnya Tajne
Pradhnya is a creative and self-driven writer with over seven years of experience. Currently, she works as an Assistant Content Manager, with a focus on the renewable energy domain, for Transparency Market Research. Through her writing, she sheds light on clean alternative energy projects.
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