Global lockdowns have triggered the partial, if not entire, shutdown of the vast majority of industrial activities. As a result, electricity demand worldwide has decreased. In fact, according to the World Economic Forum, energy consumption in the US, France, India and the UK dipped by at least 15% during the countries’ respective lockdowns.
It’s worth noting, however, that these reductions have predominantly been seen across the business landscape. Where social distancing restrictions have been in place, there has actually been a slight increase in household energy consumption on weekdays. This demand for extra energy in the home and the gradual reawakening of operations across industry is likely to drive increased demand for energy management systems (EMS). In fact, a report by Research and Markets shows that the EMS market, which is currently valued at $10.55 billion in 2020, is predicted to grow to $30.15 billion by 2025.
Energy management systems powered by IoT sensors can record and analyse energy information in real-time. Energy spikes and voltage changes are among some of the many things that sensors can track and businesses can harness the benefits of EMS, embedded with IoT tech, to identify inefficiencies, pinpoint faults and get valuable insights on how to improve energy efficiency.
IoT energy management can significantly reduce an organisation’s operational expenses, while preparing it for peak demand. And it’s not only businesses which can benefit from developments in energy management technologies. Here are just a handful of common IoT applications:
Smart grids powered by IoT technology enable more streamlined and efficient management of household energy demand, green energy production and consumption levels. This, in turn, makes for more efficient load balancing and shedding.
According to the US Energy Information Administration, in 2019, the average residential electricity bill was $115.49 per month. That’s $1,385.88 a year. IoT energy management systems can automatically regulate building temperature, lighting and ventilation; decreasing energy consumption without compromising residents’ comfort.
A report by Research and Markets indicates that 40% of global energy consumption relates to household buildings, while 30% is down to commercial premises, such as retail stores, hotels, hospitals, etc . Energy management systems powered by IoT can help both the domestic and industrial sectors reduce their energy usage and, thus, their expenditure.
One solution that can greatly enhance the efficiency of a smart home is the digital representation of a physical space – i.e. a real-time data infrastructure with a dashboard. From there, users can easily integrate smart objects and lifestyle products, such as smart TVs, beds, showers, lights, and so on. This gives users two ways to improve their immediate environment. The first is enhancing the comfort in which a household lives and the second is reducing energy usage and footprint.
IoT energy management systems without a doubt help to improve decision-making within facilities management. That said, there are still a few limitations to overcome, including:
Ready to discover how you can use the IoT for energy management, improving energy efficiency and achieving a tangible reduction in your energy usage? Want to find out how to optimise your organisation’s energy consumption?
Whether you are just considering the implementation of an IoT solution or are already midway with your software project, our smart team of software experts is ready to join you. We will help you to quickly scale up your capacity and meet a gap in your skillset.
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