GE: Industrial internet could save $81bn per year
Digital efficiency applications have the potential to help industry save $81bn per year in fuel costs, and close the global carbon gap by almost 30%, according to a GE white paper
A white paper co-authored by General Electric (GE) and Intel estimates that digital efficiency applications have the potential to help industry save $81bn per year in fuel costs.
The research, details of which were unveiled at World Future Energy Summit (WFES) 2017 in Abu Dhabi, also claims that industrial internet programmes could close the global carbon gap by almost 30% – a reduction of 823Mt of carbon emissions per year, equivalent to removing 174 million cars from the roads.
Tools such as embedded sensors, data analytics, and connected platforms are helping companies to boost productivity and reduce environmental emissions, according to the white paper’s authors.
Deb Frodl, global executive director of GE Ecomagination, said: “We are working closely with our partners in the region, such as Masdar, Saudi Aramco, and RasGas, among others – some of the first adopters of digital solutions – to support regional economies in achieving their energy and economic diversification goals.
“This is part of a larger movement that includes both large companies and start-ups from across the industrial and tech sectors, working together on innovation and implementation to realise the dramatic economic and environmental potential of digital efficiency.”
The report identified five segments that stand to benefit from the economic and environmental impact of digitisation: power, lighting, aviation, rail, and ground transportation.
The researchers estimate that the power sector could achieve $14bn in cost savings annually, in addition to a potential reduction of 495Mt per year in carbon. Annual savings related to lighting could hit $30bn, reducing carbon emissions by 132Mt per year. The aviation industry could save $14bn per year, and achieve an annual carbon reduction of 45Mt. The rail sector could save $3bn per year, and reduce carbon output by 19Mt. Ground transportation, meanwhile, could achieve annual cost savings of $20bn, and reduce carbon emissions by 132Mt per year, according to the white paper.
GE has been working with a number of strategic partners in the Middle East in a bid to use industrial internet applications to achieve enhanced productivity, efficiency, and asset optimisation. Collaborators include, but are not limited to, RasGas, Masdar, Dubai’s Museum of the Future, Saudi Aramco, and Saudi Electricity Company.
The report draws on the experience of GE’s Ecomagination business strategy to deploy sustainable strategies that provide economic and environmental outcomes, according to GE.
WFES 2017 is currently taking place at Abu Dhabi National Exhibition Center (ADNEC) in the UAE.