The implementation of real-time data streams and predictive analytics will bestow the sector of utilities the capacity to make intelligent decisions that will improve operations, decrease downtime.
FREMONT, CA: The radical changes that are unraveling rapidly at present have been directing the industry towards a much-decentralized power generation. It employs intelligent distribution grids, and exchanges to a capacity where buying and selling instantly are viable, smart meters in homes and offices along with innovative customer services. For all these ideas to materialize successfully, data and real-time analytics are necessary to contribute actionable insights on the available data.
But, most of the utility organizations have barely grasped at the surface of the technology, especially when it comes to leveraging a data available to them from several streams. A couple of companies have utilized the technology for generating real-time data from sensors installed in the grid components like transformers, by combining them with predictive analytics for proactive repair and maintenance. Few companies have integrated the smart meter electricity usage, customer financial information, and predictive analytics to detect those customers who are likely to skip or delay payments.
Most times moves like these towards retrofitting of technology to an existing network fail but, only succeed in exceptional cases. Too many players in the industry have recognized the problem, and several leaders have called out to the market, explaining the same issue. Since, recently, the tables are turning as the latest market studies have found a broad embracement of real-time data collection and analysis, poised for significant growth in the near future.
Considering an example, a study found that the investments on IoT in the U.S. energy sector will grow at a compound annual growth rate of 17.3 percent within 2027. The growth is due to the increasing need for operational potency and real-time decision-making.
Now, almost every month, another major firm announces its expansion to IoT from utilities and grid operations, noting the benefits and valve of the technology. Recently, a significant player from Arizona announced scaling from a pilot program to full deployment of the wireless IoT monitoring technology onto its fleet of power plants. The utility has reported that the IoT data combined with predictive analysis software has helped in the elimination of downtime by solving the issue that was historically a major concern. The primary concern was to increase the uptime in power plants and assets of the utilities.
As the industry acclimatizes to IoT and deploys more full-time sensors, the data generated can be analyzed efficiently. In addition to this, a recent study reflected the same point, predicting that implementation of big data analytics in the energy sector will expand the compound annual growth rate by 10.2 percent through 2024.
In conclusion, the use of real-time data analytics will give utilities an upper hand in intelligent decision-making capabilities. It assists in improving the quality of operations, reducing downtime, and serving the customers better by understanding the patterns and behaviors.