The incessantly evolving world economy and growing population have given rise to a high demand for energy worldwide. With the rising consumption of energy and the scarcity of resources, the global energy power generation industry is focusing on enhancing its capacities to meet the present energy demand. In comparison to the rising demand for power globally, the power generation capacity of the industries across the globe is rising relatively slow. To maintain a balance between the consumption and production ratio, there is a pressing need to develop comprehensive energy solutions across several industrial and domestic settings. As a result, energy intelligence solutions are gaining traction, according to a report on the energy intelligence solutions market.
Energy intelligence solutions are tools, services, and software products that give users the ability to gather data relating to energy consumption across a respective facility or unit. The Internet of Things (IoT) supports this market by dramatically reducing the cost of testing, developing, and deploying interconnected networks in the smart energy grid.
With the IoT market flourishing at an outstanding 20.55 percent CAGR from 2016 to 2024, energy and power organizations will be able to address the challenges arising with the new technological advancements in hand. In collaboration with energy intelligence solutions, the IoT securely leverages analytics, digital controls, meters, and sensors to efficiently manage and monitor the flow of information and energy to enable smart energy usage.
With the evolution of new energy intelligence solutions and IoT providing a competitive edge to these solutions, organizations and institutions can now optimize the performance of the grid systems, ensure uptime of the assets, decrease outages and assets, and further enable consumers and businesses to efficiently manage their respective energy consumption to meet the required individual needs. At the BICSI Winter Conference and Exhibition in 2017, Superior Essex, a global wires and cables company, will introduce the emerging IoT technologies and development and also provide a glimpse on the future IoT platforms.
The trend of adopting IoT is icing on the cake for vendors as well as users of energy intelligence solutions, IoT platforms for energy easily from intelligence solutions and smart energy can collect and manage data from sensors, people, connected assets, present enterprise systems, and external system information in order to expedite reporting, data gathering, and regulatory compliance. It is also expected to enable smart and flexible build of innovative IoT applications for energy intelligence systems. It has been evaluated that it can also utilize large data and analytics in order to provide recommendations and new insights for predictive maintenance, energy savings, and cost reductions.
Companies working on the development of energy intelligence solutions are expected to gain lucrative growth prospects in Latin America and Asia Pacific, as these regions are anticipated to witness extensive growth in the consumption of energy over the next couple of years. Currently, however, North America is leading the global market for energy intelligence solutions, closely trailed by Western Europe. High emissions of CO2 have compelled the countries in these regions to adopt advanced energy intelligence solutions.