Energy management has become vital for both utilities and facilities with the ever-growing demand for energy supply. Also, the rise in the cost of commercial energy and carbon footprint is making businesses optimize their energy usage. Hence, it’s requisite to make energy management systems more efficient with the help of technological advances for the advancement of your business.
Getting useful insights based on IoT-based energy systems for monitoring and controlling would help to manage energy usage, enhance efficiency, support to conserve energy, safeguard compliance and ecological conventions.
The evolution of the Internet of Things (IoT) has revolutionized energy management systems for proper energy utilization. IoT is considered to play a pivotal role in turning these energy management systems smarter in the near future. Each device can be connected to a network, and a variety of information can be collected from these connected devices.
The information from all the connected devices is gathered on a central system (usually in the cloud) for further analysis. Data scientists use this information and run it through algorithms and other data analytics tools to study the energy usage patterns of a particular scenario. Further, ML algorithms and AI capabilities of the incorporated system can visualize the data to give useful insights for taking intelligent actions for operational parameters in different scenarios.
Once you have installed sensors on devices creating the Internet of Things, one of the primary uses is in creating a smart lighting system for personal usage at your home or a business purpose at your office premises.
The Internet of Things is enabling energy efficiencies while creating a new way for energy conservation. This will allow you for the efficient utilization of energy utilization at minimum costs.
What you can do with IoT to improve your energy management
Smart lighting
M2M connectivity
Energy conservation
Waste management
Smart metering
The smart lighting market is expected to grow to USD 8.14 Billion by 2020, at a CAGR of 22.07% between 2015 and 2020.– MarketsandMarkets
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