In a few short years, the Internet of Things (IoT) has gone from technology hype to reality. IoT is “disrupting businesses, governments, and consumers and transforming how they interact with the world.” 1
Adoption rates for IoT are accelerating – reaching nearly 43% of enterprises worldwide.2 However, the IoT applications we see today are only the beginning.
Companies within competitive industries – including utilities and energy – are investing in IoT to transform their operations and overall customer experience.
IoT Accelerates the Digital Transformation in Utilities and Energy
In 2016, combined investments in Smart Grid for electricity and gas were predicted to total $57.8 billion3
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Utility providers, power generation companies, and oil and gas organizations have widely adopted IoT solutions for a variety of use cases including:
- Drones to inspect exteriors of large power plants and/or power lines
- Installing temperature, vibration, moisture sensors, and tooling for preventative maintenance or predicting failures of power lines
- Sensors to monitor networks of oil/gas transport pipelines, valves, and pressure gauges to prevent leaks and contamination
- Smart grid meters for water, electricity, and gas to collect usage data and run analytics on that data to gain business intelligence
- Sensors used within power generation plants to monitor equipment over time, conduct predictive maintenance, and provide additional safety oversight4
- Utility providers use smart meters to track customers’ energy usage and communicate that data to the company’s central system, allowing companies to predict demand, spot outages, and conduct preventative maintenance5
There are limitless opportunities for IoT in the utilities and energy sector. But, there’s more to it than installing sensors on assets and equipment and calling it “smart.”
IoT solutions will benefit your organization when you’re thoughtful about the purpose and role that they play. When you build integrated platforms for the full IoT life cycle – data management, analytics, and decision support – the opportunities are endless.
Learn more about The Why, What, and How of IoT: 50+ Examples Across 11 Industries. This guide reveals 5 considerations for establishing IoT solutions and outlines a strategic process for implementing IoT.