How to Leverage IoT for Smart Energy Management
Energy management is becoming crucial for both utilities and facilities with the ever-growing demand for energy supply. Also, the rise in the cost of commercial energy is making businesses optimize their energy usage. Hence, there is a great need to make energy management systems more efficient with the help of technological advances for making your business processes more efficient.
Evolution of the Internet of Things (IoT) is revolutionizing energy management systems for proper energy utilization. IoT is considered to play a pivotal role in creating these energy management systems smarter in the near future. Each device can be connected to a network to enable a variety of information collection from these connected devices.
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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. They can get useful insights which can be used to make better decisions for operational parameters in different scenarios.
Once you have installed sensors on devices creating Internet of Things, one of the major uses is in creating a smart lighting system for your personal usage at your home or for 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 make you efficient in energy utilization while keeping the costs to a minimum.
What you can do with IoT to improve your energy management
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.