Industry 4.0 Contribution to Asset Management in the Electrical Industry

Gabrielle Biard and Georges Abdul Nour
Additional contact information
Gabrielle Biard: Department of Industrial Engineering, University of Quebec in Trois-Rivieres, Trois-Rivieres, QC G8Z 4M3, Canada
Georges Abdul Nour: Department of Industrial Engineering, University of Quebec in Trois-Rivieres, Trois-Rivieres, QC G8Z 4M3, Canada

Sustainability, 2021, vol. 13, issue 18, 1-17

Abstract: Industry 4.0 has revolutionized paradigms by leading to major technological developments in several sectors, including the energy sector. Aging equipment fleets and changing demand are challenges facing electricity companies. Forced to limit resources, these organizations must question their method and the current model of asset management (AM). The objective of this article is to detail how industry 4.0 can improve the AM of electrical networks from a global point of view. To do so, the industry 4.0 tools will be presented, as well as a review of the literature on their application and benefits in this area. From the literature review conducted, we observe that once properly structured and managed, big data forms the basis for the implementation of advanced tools and technologies in electrical networks. The data generated by smart grids and data compiled for several years in electrical networks have the characteristics of big data. Therefore, it leaves room for a multitude of possibilities for comprehensive analysis and highly relevant information. Several tools and technologies, such as modeling, simulation as well as the use of algorithms and IoT, combined with big data analysis, leads to innovations that serve a common goal. They facilitate the control of reliability-related risks, maximize the performance of assets, and optimize the intervention frequency. Consequently, they minimize the use of resources by helping decision-making processes.

Keywords: industry 4.0; asset management; electrical networks; decision making; asset life cycle management; risk management; smart grids; complex systems; big data (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/2071-1050/13/18/10369/pdf (application/pdf)
https://www.mdpi.com/2071-1050/13/18/10369/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:13:y:2021:i:18:p:10369-:d:637204

Access Statistics for this article

Sustainability is currently edited by Ms. Alexandra Wu

More articles in Sustainability from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().