Energy efficiency measures are a cost-effective method to achieving sustainability. When Internet of Things (IoT) technology gets added to the mix, energy efficiency’s potential becomes even more attractive.
The Internet of Things enables real-time data aggregation, analysis, and action, allowing for more accurate and informed decisions on your energy consumption and efficiency.
Utilities and manufacturing will benefit the most from IoT technology, such as smart meters. With efficiency savings directly improving these businesses’ profitability, Gartner predicts that 21 billion IoT-connected devices will be in use by the year 2020. Paul Marushka, president and CEO of Sphera Solutions, estimates the number of connected devices will be closer to 200 billion.
Marushka cited some interesting stats on the rate of IoT adoption in his keynote address to the Environmental Leader Conference:
- There are already 925 million smart meters, 2.4 million smart lights, and 1.53 billion utility-managed IoT-connected devices as of June 2017.
- Only 18% of companies have already invested in IoT technologies to date, with another 27% expecting to begin investing in smart technologies within the next 12 months.
- Sensor costs have declined 67% — from $1.30 in 2004 to $0.38 by 2020 — driving IoT adoption.
The Internet of Things enables greater sustainability by doing three things differently:
1. Generating data
First, IoT-connected devices generate large volumes of data. Smart meters, for example, collect and transmit information on power, fuel, and water consumption, as well as other parameters, such as temperature, vibration, and process status — data that we previously lacked access to for analysis and decision-making.
2. Enabling tracking and analysis
IoT applications have the capacity to analyze the acquired data and apply the same to drive improvements. Continuous monitoring of this newly generated data enables us to identify patterns, such as the signs of impending motor failures.
ARC Research finds that 65% of performance anomalies go undetected in data today — with operators and technicians unable to catch the pattern in the data. While an operator may misinterpret these signs, energy analytics solutions, like Motors@Work, won’t.
For example, at Des Moines Water Works, the water utility serving Iowa’s capital, Motors@Work detected an abnormally low power factor on a 1,250-horsepower, 20-million-gallon-per-day, finished-water pump. Had this low power factor continued uncorrected, the motor would have overheated and tripped off, potentially creating a large water hammer in the distribution system that could have led to broken water mains around the city. Instead, upon receiving the Motors@Work’s alert, maintenance successfully identified the faulty controller, ordered the part needed to fix the controller, and worked with operators to schedule the repair.
3. Providing intelligence
With their predictive analyses and other advanced analytical abilities, IoT applications compile and present intelligent, actionable, and relevant data in a way that supports decision-making. Often, these analyses include identifying and quantifying energy efficiency and reliability opportunities. In the long run, that helps you increase life span of your critical assets, decrease downtime, and reduce your energy costs.
Actionable intelligence is key to driving sustainability through IoT. Motors@Work provides energy analytics that identify where it’s cost-effective to make improvements to your motor-driven systems. Register today for our webcast featuring Clayton Erickson, CEO of Vitality Energy, describing how you can take advantage of the declining cost of meters.