Energy efficiency with the IOT
The following article refers to research carried out by Farnell and published on globalbusinessnews.co.uk.
The Farnell survey shows that the sectors that show the greatest growth potential for the IoT over the next five years will be: industry 4.0 (25% of the indications) and home automation (18% of the answers). However, while the boost indicator for industry 4.0 has shown stable growth since 2018 (2018 – 20%, 2019 – 22%, 2020 – 25%), the indicator for home automation has dropped steadily (2018 – 27 %, 2019 – 22%, 2020 – 18%).
The list of industries showing high growth potential for IoT also includes: artificial intelligence, smart cities, energy management, automotive and transportation, medicine and healthcare, as well as wearables.
What will the IoT industry be at the top within the next 5 years?Energy management
In terms of the Internet of Things, the energy consumption area can be interpreted as energy efficiency: in a nutshell, these are solutions that lead to a lower use of energy to offer products and services. Energy efficiency is key in applying IoT-based solutions in areas such as smart cities, offices and factories.
Energy demand is on the rise and will continue to do so. This is mainly due to the fact that the modern economy is still purely based on growth and requires an increase in production, investment and, consequently, a greater demand for energy. This growth is also being stimulated by trends in urbanization and sub-urbanization.
Today, 55% of the world’s population lives in urban areas. Projections indicate that this percentage will rise further to 68% by 2050, including an additional 2.5 billion urban residents. With drastic climate change, new challenges are increasing the demand for implementation of mass cooling systems. All of this makes the areas of energy efficiency and power management critical to the development of the IoT. Solutions related to heat recovery or optimizing energy efficiency in shops or logistics are major challenges for IoT manufacturers and solution providers. A survey carried out by the in future institute reveals that for 38% of consumers the problem of saving electricity is very or extremely important.
46% of consumers do not know how to effectively save energy at home, or have never thought about it.
Thus, it becomes evident that solutions from the area of the Internet of Things that are part of efficient energy management have considerable market potential. The global market for energy management systems is projected to reach $105.86 billion by 2023.
How to start the development of the IOT?
Despite the obvious benefits, research shows that engineers are finding it increasingly difficult to lead the development of IoT solutions. As a survey conducted by Farnell shows, the percentage of companies claiming leadership in this area is declining.
In 2020, only 11% of survey respondents said the company they work for will take a leadership role in creating IoT solutions.