Electric power is still what drives most of the world today, but traditional power grids are not designed to comply with the shift in the energy consumption and demand. As the companies and government entities around the globe look for additional measures and ways to manage and control the power, Smart Grid and IoT (Internet of Things) come into play.
When the electricity from power plants gets transmitted to local stations, it gets transformed into usable voltage. A power grid must be able to handle a predictable amount of power that will be used. A smart grid is a power grid that manages power consumption electronically in the most economic way and minimizes energy losses. It is a decentralized system, a two way communication between generators and power consumers, that provides a more reliable and secure service.
According to MarketsandMarkets, Smart Grid is expected to grow to over 60 billion dollars by 2023, at a Compound Annual Growth Rate of 20.9%. IoT tech has played a big part in improving two-way communication between electric utility businesses and its users, so it is needless to say that the growth of IoT in the Energy sector is contributed by the increase of smart devices at homes - global IoT in energy market at the moment is estimated to be worth over 22 Billion dollars and is expected to surpass 100 billion dollars by 2027 (source: www.absolutemarketsinsights.com).
Smart grid and IoT are only one part of the digital transformation that took the energy market by storm yet it is an undeniable opportunity for governments and businesses to make eco-friendly and money-saving decisions.
According to MarketsandMarkets, Smart Grid is expected to grow to over 60 billion dollars by 2023, at a Compound Annual Growth Rate of 20.9%. IoT tech has played a big part in improving two-way communication between electric utility businesses and its users, so it is needless to say that the growth of IoT in the Energy sector is contributed by the increase of smart devices at homes - global IoT in energy market at the moment is estimated to be worth over 22 Billion dollars and is expected to surpass 100 billion dollars by 2027 (source: www.absolutemarketsinsights.com).
Smart grid and IoT are only one part of the digital transformation that took the energy market by storm yet it is an undeniable opportunity for governments and businesses to make eco-friendly and money-saving decisions.
All power companies are in search of ways to overcome the setbacks that the traditional power grids can cause. As smart grids, distributed power generation and renewable energy gain on popularity, I-ON Communications’ is becoming the leader in the field by driving the energy sector in South Korea.
I-ON has developed Korean first Demand Response (DR) Management System, LAMS, an OpenADR2.0 based, integrated and unified system that delivers the maximum efficiency with the minimum of manpower for DR businesses. It features 4 types of CBL(Customer Baseline Load) calculations and interface with CBL data graph in real time. With its powerful history management, users can track and manage CBL history, date & time of curtailment, reliable & economical DR editing, SMP / MGP, event log etc. In LAMS, there is a personalized dashboard for each resource which provides easy and accurate data on the program participants’ energy consumption status in real time. Features such as auto billing and mobile support provided.
VPP (Virtual Power Plant), the newest energy project by I-ON, is a cloud-based distributed power plant that aggregates the capacities of energy resources at the requests of power transmission and distribution service providers for the purposes of enhancing power generation more reliably. VPP typically integrates small-scale power plants or energy storage facilities for residential settings, buildings, factories and incorporates them into a remotely controlled virtual power station using a sophisticated set of software and IT systems.
These systems tap existing grid networks to tailor electricity supply and demand services under changing load conditions both quickly and in real time, thus maximizing value for both the power generator and end user. Most industry observers currently peg the global VPP industry at $8-$12 billion – double from just a few years ago - and forecast the industry will grow annually at a mid to high double-digit rate through 2025, driven by investment in the U.S., Europe and Australia with South Korea and Japan leading the way in East Asia.
I-ON has developed Korean first Demand Response (DR) Management System, LAMS, an OpenADR2.0 based, integrated and unified system that delivers the maximum efficiency with the minimum of manpower for DR businesses. It features 4 types of CBL(Customer Baseline Load) calculations and interface with CBL data graph in real time. With its powerful history management, users can track and manage CBL history, date & time of curtailment, reliable & economical DR editing, SMP / MGP, event log etc. In LAMS, there is a personalized dashboard for each resource which provides easy and accurate data on the program participants’ energy consumption status in real time. Features such as auto billing and mobile support provided.
VPP (Virtual Power Plant), the newest energy project by I-ON, is a cloud-based distributed power plant that aggregates the capacities of energy resources at the requests of power transmission and distribution service providers for the purposes of enhancing power generation more reliably. VPP typically integrates small-scale power plants or energy storage facilities for residential settings, buildings, factories and incorporates them into a remotely controlled virtual power station using a sophisticated set of software and IT systems.
These systems tap existing grid networks to tailor electricity supply and demand services under changing load conditions both quickly and in real time, thus maximizing value for both the power generator and end user. Most industry observers currently peg the global VPP industry at $8-$12 billion – double from just a few years ago - and forecast the industry will grow annually at a mid to high double-digit rate through 2025, driven by investment in the U.S., Europe and Australia with South Korea and Japan leading the way in East Asia.
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