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Meenakshi Vashist, Founder, TekUncorked talks to us about Smart Techs being used in the Power Sector.
How is the power segment using Smart technology?
Meenakshi - The power sector in India represents the electrification of over 1.4 billion consumers spread across a country of over 3 million sq. km. and is worth over 1 trillion USD. Operating and maintaining such a huge infrastructure requires technology and the sector is known to use Smart technology to make the power generation and transmission more rugged. The power segment's embracement of smart technology has unleashed a new era of efficiency, reliability, and sustainability.
At the forefront of the smart technology revolution in the power segment are smart grids. These modernised electrical grids integrate cutting-edge communication and automation technologies to facilitate seamless two-way communication between power suppliers and consumers. It ensures efficient power management, grid reliability and grid infrastructure management. With these advancements, we are witnessing the convergence of technology and energy, opening up unprecedented opportunities for a greener and smarter future. By leveraging smart technology, the power segment is poised to meet the growing energy demands while minimising environmental impact, ushering in an era where electricity is not just a commodity but a force for positive change.
How is the technology of the power segment evolving?
Meenakshi - Electricity drives the economy and with the future going electric for automotives, there is a high expectation from the grid to deliver reliably in the face of such demand. This is leading Utilities to be open to innovations which strengthen the grid operations, maintenance, protection and safety as well as aid in demand forecasting, load management and improving grid efficiency. The technology of the power segment is continually evolving, driven by the need for increased efficiency, reliability, and sustainability.
The power sector is embracing digitisation and data analytics to optimise operations and decision-making. Advanced sensors, IoT devices and real-time data collection systems are being deployed across power generation, transmission and distribution infrastructure. Data analytics and machine learning algorithms are leveraged to extract valuable insights from large datasets, to reduce volatility and unpredictability of the grid.
The global AI in the energy market is projected to reach $7.78 billion by 2025 with 1.53 billion IoT devices expected to serve to enhance the demand response program of the power grids. AI algorithms are being utilized to optimize power generation and T&D processes resulting in reduced operational costs. Furthermore, the implementation of blockchain technology is also being explored for secure and transparent energy transactions.
How do you keep up with the evolving technology?
Meenakshi - As an organisation, staying ahead of evolving technology is crucial to remain competitive and adapt to changing market demands. We believe and invest in the knowledge of our team. We encourage a culture of innovation and experimentation within our organisation. And hence are connected with various innovation communities and forums through utility and energy conferences discussing future tech roadmaps and evolutions. Technology is constantly evolving and new advancements emerge regularly, so it's important to stay informed through reputable sources, industry publications, research papers and direct interactions with experts in the field.
We keep the team equipped with the current Industry trends and continuous monitoring of regulations to ensure a product-market fit on a continual basis. The organisation invests in R&D and upgrading the product to keep going up the value chain for our customers. Keeping up with evolving technology is an ongoing process. It requires organizational commitment, an agile mindset, and a willingness to embrace change.
How do you lead the company to scale growth in the current market situation of 2023?
Meenakshi - Using a downturn to work closely with customers to develop new products and upturn to commercially deploy those products is the general philosophy I follow. And as always, we place high priority on understanding our customers and their evolving needs. This customer centric approach has always helped us to meet the current Industry demands. We are scaling up our operations and gradually expanding our team to keep up with the growth. While we have an India first strategy, we are continuously working on our future plans to expand and have our footprint globally. We aim for our start-up to acquire a significant market share in India as well as globally and chase a multi-billion revenue target in the next decade.