This need for more and better infrastructure is where IoT comes in. While its growth rate in the energy market differs from region to region, with APAC and India at the front and LATAM, Africa, and the middle east at the back, the overall global picture is that of growth.
In particular, the implementation of smart meters for more efficient monitoring and management of energy flow is the key selling point IoT brings to the energy sector.
You may think this isn’t a particularly ground-breaking technology, but this has a “many droplets make an ocean” effect on how energy is used.
This IoT-powered energy efficiency will cascade into many different layers of the energy market. From the solar farm energy grids all the way to the end client – the family warming its home in the winter or charging its electric vehicle.
From head to tail of this energy journey, everyone gets to make a more informed, data-driven decision on their energy consumption thanks to those meters. The end result is a more stable ratio between supply and demand, lower prices, and a greener future.