Utility 4.0 - Impact Of Industrial Internet Of Things In The Power Industry Market Research Report 2019-2023
Understanding the Utility 4.0 - Impact Of Industrial Internet Of Things In The Power Industry
Growth Opportunities and Companies to Action
The Last Word
The Industrial Internet of Things, a critical facet of digital transformation, bringing together different aspects of technology is already leaving a lasting footprint on the power industry. And, as we enter the 2020’s, the impact it could potentially have on the power industry could be a real game changer. Bringing Different Aspects of Technologies Together To Achieve A Single Purpose The Industrial Internet Of Things brings together next-generation state-of-the-art aspects of technologies such as fourth generation sensors, big data, edge intelligence, etcetera to the table and with it also comes the power to monitor and harness data to derive intelligence which can act as the difference in a potential win or lose situation.
This intelligence gives rise to new digital capabilities such as predictive analysis and maintenance, remote monitoring and end-to-end automation of an asset in operation, thus transforming an existing asset into a digitally agile, robust and a reactive one. Can Industrial Internet Of Things Make A Difference To How We Generate And Transmit Power? Utilities with assets in power generation often face stiff technical and business challenges in operation. While the technical challenges are different between utilities that generate conventional power with those that generate renewable power, the common thing that both utilities would agree is neither operates without overcoming these challenges. These could be operation and maintenance, procurement challenges based on load visibility, or perhaps cybersecurity challenges. And, this is where the Industrial Internet of Things can make a real difference. For example, let’s consider a coal plant operating at a capacity factor of 40%, facing operational and maintenance challenges. With the Industrial Internet of Things, next-generation sensors are installed across the plant, monitoring each and every movement. New control architecture and operating platform is designed and developed based on artificial intelligence and is installed. That same plant is now likely to witness at least 10%-20% efficiency gains in operation.
More so, the plant operators can now predict any operational and maintenance issues beforehand. Mind you, this does require investment in capital. However, the return on investment (ROI) is definitely positive. In the case of power transmission, utilities often face maintenance issues, technical challenges such as line losses and operation of legacy assets. While, turning grids smarter through the smart grid initiative alleviates some challenges mentioned above, a case for implementing an end to end Industrial Internet Of Things Strategy definitely exists and offers immense possibilities. And, then there is electricity retail. What is included in this Frost & Sullivan research? This research analyses the entire power industry value chain starting from generation till end consumption with regards to opportunities for implementing the Industrial Internet of Things concept. This is done so by gathering expert opinion from market participants and decoding real-world case studies. This research also includes industrial internet of things approach strategies for utilities which examples can be taken from and can be dwelled more upon. In addition, major market participants with Industrial Internet Of Things capabilities have been shortlisted.
These include Siemens, ABB, Schneider Electric, Emerson, Honeywell and Eaton in the Intel, ABB, Texas Instruments, GE, Johnson Controls, Atmel, C3IoT, Microsoft, Google, SalesForce, Thingworx, Infosys, Capgemini, Enel DarkTrace and N-SIDE among others.