With the increasingly stricter regulatory policies, the economic climate in flux, and the need for technical innovation, the Energy and Utilities sector is continuously evolving with Energy 4.0 becoming a reality. The Energy and Utilities sector must reinvent themselves with automation and data incorporated into their systems to increase efficiency, optimize production, and flexibility.
Also, the emphasis amidst industries, consumers, and policymakers is to move away from fossil fuels and adopt renewable energy sources. This brings forth a new set of opportunities and challenges which need to be supplemented by system-wide digitization for real-time monitoring and performance estimation.
The need of the hour is to develop a new energy ecosystem to lower operating expenses, reduce environmental impact and improve supply chain efficiency.