The three main advantages that the deployment of IoE are expected to bring to the industry are improved reliability, enhanced operations, and added value in the business. To address the escalating demand for energy conservation and energy security, established industrial Internet of Energy developers and technology vendors are introducing innovative solutions. These solutions are focused on helping the companies across the energy value chain to mitigate the supply demand gap, by ensuring high yields, profitability, and protection of the environment.
Catering to oil & gas industry, each of the industry stream (upstream, midstream, and downstream) can be benefitted from the use of IoE in the following ways. Upstream companies which majorly deal in the exploration and production of the oil & gas can gain operational insights by analyzing huge set of data. Midstream companies which deals in the transportation such as pipelines and storage will be benefited by building a data-enabled infrastructure, which can further enhance the business considerably. Downstream companies dealing with the petroleum products, refiners and retailers will witness new opportunities of revenue generation, expanding their presence across the supply chain and targeting digital consumers with the help of IoE.
Preventive maintenance represents the most significant application in the oil & gas market for IoEbased technologies. The deployment of smart sensors in the industrial equipment helps oil & gas companies to monitor and inspect the same. Earlier, instead of smart sensors, the machinery inspection was done manually which has drawbacks related to unsuitable mechanical maintenance and hardware status. Therefore, the use of IoE for preventive maintenance becomes more accurate, as it is being used to reduce risks and environmental concerns. Moreover, preventive maintenance is expected to display the maximum growth, owing to the high possibilities of value addition in these application areas.
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Asset and equipment monitoring is one of the important applications of Internet of Energy in the power industry. IoE-enabled smart sensors are installed across various streams in the supply chain to measure temperature and vibration of the electrical equipment. Smart devices allow the power generators to identify fuel leakages such as gas and coolant in the pipeline to avoid system downtime and reduce time of failure. Therefore, the use of IoE for asset and equipment monitoring becomes more accurate, as it is being primarily used to reduce the electrical and mechanical fault associated with the operational equipment. Moreover, asset and equipment monitoring is expected to display the maximum growth, owing to the high degree of possibilities of value addition in these application areas.
Power industry includes three major sectors i.e. generation, transmission and distribution. Each sector focuses on key aspects of power industry right from power generation, transmission through power grid, and supply of electricity to the end users. Increasing usage of IoE solutions in the power industry can help the companies in analyzing the data, taking more accurate decisions, reducing the transmission and distribution losses, and preventing power outages.
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