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Energy is the most significant and vital requirement for all living things on earth to survive and grow. Energy has been seen as one of the key inputs for a country's economic growth and social development. The rise of industrialization raises energy demand, which is a critical component of national strategy. Moreover, energy consumption rises in tandem with economic development and human progress. Nowadays, more and more energy is being used for economic growth and population growth. Facilities of industrial customers and the use of electricity to process various types of machinery, manufacture or assemble products, include such diverse industries as production, mining, and construction (Liye Xiao et al., 2016). Ultimately, more than one-third of electrical energy is used by those industrial sectors from total energy for a country. As a result, they begin to collect huge databases in order to gather valuable information. Authorities plan to use this data to improve the industry's standards and long-term viability. As a result, industrial authorities optimize the utilization of diverse energy resources to minimize energy consumption expenses.
The industrial sector is one of the primary sectors that need energy stability. Since the 1990s, South Korea's manufacturing industry has continued to expand rapidly and has become the main driving force of South Korean economies. Primary energy consumption rose at an annual rate of 7.5% in the 1990s, which in the same period was higher than the annual economic growth rate of 6.5%. This was due to the rapid growth of energy-intensive factories and petrochemical industries as well. The sharp increase in industrial electricity consumption helped increase energy conversion loss, further reducing the energy intensity (Kim et al., 2001). The increase in energy industry output after 2009 greatly buffered the nation against the global financial crisis, but it negatively affected the overall energy performance of the country. Several unpredictable factors influence the energy usage of industries, such as the nature of the market, the level of technology, energy costs, economic size, and national policy.
The achievements of the third scientific and technological revolution have simplified life. Industrial production is a significant sector for both the country and the nation, and it acts as a major financial indicator. In traditional sectors, it has boosted new technologies and systemic transformation. In traditional industries, the fruitful successes of the third scientific and technical revolution have encouraged people's lives and promoted technological progress and institutional change. The production sector is a vital industry and a primary predictor of a nation or region's economic level. Many advanced manufacturing countries already have advanced industries. Still, they continue to explore new opportunities and overhaul their manufacturing industries in order to ensure an unstoppable role in the face of modernization and technological growth. Germany is a common example, as the 'Industry 4.0' focuses on intelligent growth, emphasizing product quality, resource use, and energy use (Liye Xiao et al., 2016).
Many studies have shown that improving energy efficiency is very important for economic growth (David G.Ockwell., 2008, Chirs Bataille et al., 2017). The relationship between economic development, trade, and resources in Asia was examined by Nasreen and Anwar (Nasreen et al., 2014), and they found that economic growth and trade transparency had a positive effect on the use of energy. While several researchers have confirmed the one-way relationship between economics and energy (Lee, C.C., 2005, Tasni, S.Z., 2010), others have shown a two-way relationship (Cheng et al., 2004, Stern, D.I.A., 2000). Industrial factory owners are also beginning to realize that analysing and forecasting the energy data with the production data is very important for the benefit of their companies or plants. This issue is caused by unregulated energy use, such as overconsumption, weak systems, and waste energy. Energy is regarded as one of the most important and precious resources due to the continual growth in demand. It is imperative to engage with the management board of industrial companies as a supporting technical hand to enhance their energy usage. (A.B.M. Salman Rahman et al., 2019).