The Integration Challenges & Transformative Power of IoT in the Energy & Utilities Sector
According to the U.S. Energy Information Administration (EIA), world energy consumption is forecasted to surge by almost 50% by 2050. This prediction underscores the urgent need for a concerted global push towards smarter, more efficient energy grids and resource management. According to the International Energy Agency (IEA), the global Internet of Things (IoT) deployment in power systems is expected to save $80 billion annually from 2016 to 2040, making up 5% of the total global power generation costs.