A new white paper from Navigant Research examines the market dynamics, opportunities, and challenges embodied by the emerging IoT trend and its impact on the Energy Cloud.
The rapid adoption of Internet-connected devices supports a new digital foundation for the energy industry, and the emerging Internet of Things touches nearly all aspects of energy generation, transmission, and distribution. IoT represents one of several emerging technology integration platforms within the Energy Cloud, which leverages ubiquitous connectivity, intelligent sensors and devices, information and operations technology, and data-driven machine-learning functionality across the grid value chain. According to a new white paper from Navigant Research, the revenue opportunity represented by the commercial and residential Internet of Things sectors is expected to total $776.8 billion from 2016 through 2025, representing a compound annual growth rate of nearly 17 percent.
“The IoT is a sweeping set of hardware and software technologies that represents an emerging digital foundation for the energy industry, and can be thought of as the connective tissue that enables the quickly emerging Energy Cloud,” says Neil Strother, principal research analyst with Navigant Research. “This unfolding IoT trend is one worth watching, and smart stakeholders will want to take strategic steps to ensure they take advantage of the opportunity over the next decade or so to provide value to customers and reap the profits.”
Currently, Internet of Things holds great potential for streamlined operations, the integration of distributed energy resources, and the ability to connect with customer assets in new and helpful ways. According to the white paper, the increasing connectivity of assets results in greater reliability, increased safety from knowing in real-time what is happening in grid-edge devices, and the ability to share that data to keep customers comfortable and safe.
The white paper, Internet of Things and the Future of Networked Energy, explores the market dynamics, opportunities, and challenges embodied by the emerging IoT trend and its impact on the Energy Cloud. The paper provides meaningful insights about IoT platforms and introduces the IoT Playbook, a framework for making key business decisions for harnessing the benefits to drive growth. It also provides a high-level assessment of some of the risks involved as the IoT market shifts and matures.
An Executive Summary of the report is available for free download on the Navigant Research website.