How IoT Is Changing the Energy Sector
Technology has been the fastest-growing sector in the financial markets, with broad sweeping innovations that have rapidly changed the world around us over the past few decades. The latest trend, the Internet of Things (IoT), is a name for several programs intended to improve efficiency and bring interconnectivity to all facets of the modern economy.
Smart technology that’s able to connect to the web is a game changer that will likely revolutionize the world in the same manner that the computer did in the ‘80s. While every corner of the global economy will be affected by these changes, the energy sector is one of the first that industry leaders are looking at revamping.
A Preview of Energy in the Next Few Decades
Already the energy sector is gearing up for big changes that will incorporate smart technology into day-to-day operations. What exactly these changes will look like and how they’ll work, though, is something about which many investors are still unclear. They are therefore unsure of how to prepare their investment strategy to include IoT.
Technological innovation in energy isn’t just a hot trend, it’s an essential step forward in sustainability and progress. Companies like Shell have begun to take steps in this direction with new initiatives such as their gas to liquid plant in Qatar. The energy sector has operated much the same for decades and with IoT quickly becoming part of the modus operandi for all energy companies, the ability to adapt will be key.
Smart grid technologies that are able to track consumer usage and connect to smart meters will greatly improve energy efficiency by adjusting power distribution. Smart grids will reduce power loss while smart readers will automatically let operators know when maintenance is needed before a real issue develops.
Mobile technology applications have saturated the modern lifestyle and similar programs will be found in the energy sector soon. Smart apps are already being offered that allow users to control their utilities from their phone or tablet. Homes that learn and respond to personal energy usage patterns aren’t far from becoming reality; the age of manually flipping a light switch may soon be over. Sensors that are able to track ones movements will improve utility usage by turning off appliances and utilities as soon as they are no longer needed and activating them when they are. Imagine being able to walk through your house as lights go off in the room you exit and turn on in the room you enter, all on an automated smart system.
