Physical asset management in the fourth industrial revolution: mapping the literature for condition-based maintenance

Abstract

The low-carbon energy transition depends on adopting renewable energy technologies and requires affected industries to adopt best practices for optimized performance, reliable and sustainable operations. Consequently, the legacy energy distribution system faces many challenges in supporting grid stability, reliability, efficiency, and security under this transition setting. Herein, we adopt a quantitative text analysis of 310 articles complemented by a qualitative review to identify how and to what extent the fourth industrial revolution reflects in the energy distribution system. To this end, we map the literature for the technological innovations that support condition-based maintenance of electricity distribution grid under the Industry 4.0 principles. We emphasize how physical asset management enabled by the Industry 4.0 principles, i.e., interconnection, information transparency, automation, decentralized decisions and sustainability, can become a source of competitive advantage for utilities. This study helps place the physical assets portfolio at the core of strategic decisions aimed at attaining a more sustainable state, operational excellence, and economic prosperity.