IoT in Renewable Energy – Changing the face of technology and natural resources
Digitization has become a norm nowadays with manufacturers implementing it in their business cycle for prominent control and perceivability within the inventory network, equipping themselves with the exact information and getting insights to tackle problems without hampering the productivity. Sustainable power sourced organizations have encountered solid worldwide development in the gradual course of the recent advancements, however, there are restraints that hampers efficiency as the business keeps on scaling comprehensively. To keep up with ever-growing demand for energy, renewable energy companies have been greatly increasing their capacity and output using artificial intelligence and IoT. As per the World Wind Energy Association, cumulative capacity in the wind energy sector has improved from 24 GW in 2001 to 370 GW in 2014 showing huge opportunities for the growth of IoT in Renewable Energy.
The option of analyzing data for learning and getting near-real-time analytics in IoT allows companies to react quickly, thus avoiding problems, address them before it becomes more serious, and prepare in advance for an emerging issue to have a negative impact. Smart sensors are used for collecting real-time data from turbines, which is then quickly analysed and turned into actionable insights delivering a key competitive advantage. Companies are already using advanced sensors for continual assessment of acceleration, temperature, and vibration of turbines. Extracting data using sensors from wind turbines uncovers trends in performance optimization as well as to increase productivity and predictive maintenance to minimize downtime.
North America has been one of the main regions to implement the usage of IoT with in the IoT in Renewable Energy. The U.S. solar energy industry has experienced unprecedented growth, and there has been the need for firms operating in this space to upgrade their IT networks and utilize proactive monitoring tools. A number of variables have worked for it, including rising consumer attention in clean energy, newly accessible tax incentives and declining commodity prices. The U.S. is now one of the chief markets in the world for solar photovoltaic electricity and that mandate shows no signs of abating. Even in other regions globally, wind and solar are being considered as the cheapest sources of electricity generation, even without subsidies. As a result of which, the wind has overtaken nuclear, hydro, and coal to become the second-largest source of electricity generation in Europe Union in 2016. At the same time in the U.S., the solar market smashed all records, showing a growth of 95% in 2016 thereby providing numerous growth opportunities for the IIoT in Renewable Energy sector.
Maximize Market Research is a global market research firm that has comprehensively analysed Global IoT in Renewable Energy. The driving forces as well as considerable restraints have been explained in depth to attain a balanced scenario. Segment wise market size and market share during the forecast years is duly addressed to portray the probable picture of this exuberant industry. The competitive landscape comprising of key innovators, service providers, market giants as well as niche players is studied and analysed extensively with respect to their strengths, weaknesses as well as value addition prospects. IoT in Renewable Energy report presents significant case studies along with the success stories to motivate and guide the like minds. In addition, Report displays current consolidation trends with respect to prominent mergers and acquisitions, consequent Market fragmentation, new trends and dynamics in partnerships, emerging business models. This will enable the reader to comprehend whole IoT Ecosystem with utmost ease and clarity.
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