Economic Benefits of Energy Digitalization
As discussed, the potential economic benefits of energy digitalization are significant. According to the World Economic Fourm, the value stream to the power industry for service platforms, smart devices, and advanced analytics is US$1.3 trillion. Asset performance management solutions alone have the potential to create value by lowering operations costs and eliminating unplanned downtime. Digital solutions in the power industry can create over US$2 trillion dollars from the reduction in GHG emissions, new job creation, and value for consumers.
Source: (World Economic Forum January 2016)
Even more broadly, the global e-Sustainability Initiative recently found that an IIoT-enabled world could be cleaner, smarter, and more prosperous. They estimated that ICT could bring about a 20 percent reduction in global carbon dioxide emissions by 2030 through the application of Internet-enabled solutions. This would also reduce costs by US$4.9 trillion by 2030, with US$1.2 trillion in reduced electricity expenditures, and US$1.1 trillion in reduced fuel expenses.
Source: (GESI 2015)