Smart Grid Data Analytics Market Set To Expand With A CAGR Of 4.9% During The Forecast Period 2015 To 2022
According to a new market research report published by Credence Research “Smart Grid Data Analytics Market (AMI Analytics, Demand Response, Asset Management, Grid Optimization and Others (Energy Data Forecasting, Visualization Tools etc.) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022” the global smart grid data analytics market was valued at US$ 1,453.9 Mn in 2014 and is estimated to expand with a CAGR of 15.9% from 2015 to 2022.
Browse the full report at http://www.credenceresearch.com/report/smart-grid-data-analytics-market
Smart grid data analytics refer to a subset of Big Data analytics solutions used for analyzing the huge volumes of data generated from the smart grid network. These solutions are designed to analyze various parameters such as consumer behavior, energy consumption patterns, health of the grid components and others. The primary consumers for smart grid data analytics solutions are the utility service providers. These solutions are set up at the end of utility providers in order to help taking better decisions for optimizing the grid operations. With rising consumption of electricity coupled with the challenges in its generation, grid owners are expected to increasingly shift towards smart grids in the near future. This is expected to substantially spur the smart grid data analytics market growth in the coming years.
The market for smart grid data analytics solutions is largely driven by the smart grid systems penetration worldwide. Thus, increasing investment in the smart grid sector is expected to substantially fuel the demand for smart grid data analytics solutions in the coming years. Currently, the U.S. and China are among the leading countries, in terms of investment in the smart grids sector. Thus, these countries are currently the prime markets for smart grid data analytics solutions.
The global smart grid data analytics market is fragmented and highly competitive in nature with large number of existing as well as emerging players in the industry. Most of the companies operating in the market are software giants making the market technology driven. Due to its anticipated high growth in the coming years, more companies are expected to enter the market in the near future. Currently, majority of the software vendors are turning towards partnerships and joint ventures with different players operating in the relative markets. One of the most significant instances is the OMNETRIC Group, a joint venture for smart grid data analytics solutions between Siemens AG and Accenture Plc.
- Development of AMI analytics solutions due to growing adoption of smart meter infrastructure worldwide
- Expansion through partnerships, joint ventures and acquisition
- Emergence of considerable number of start-ups in the industry
- Emphasis on cloud-based analytics solutions
A smart grid is an electrical grid which includes a variety of operational and energy measures including smart meters, smart appliances, renewable energy resources, and energy efficient resources. Electronic power conditioning and control of the production and distribution of electricity are important aspects of the smart grid. Smart grid policy is organized in Europe as Smart Grid European Technology Platform. Policy in the United States is described in 42 U.S. Roll-out of smart grid technology also implies a fundamental re-engineering of the electricity services industry, although typical usage of the term is focused on the technical infrastructure.
Smart meters send usage data to the central head end systems as often as every minute from each meter whether installed at a residential or a commercial or an industrial customer. Utility companies sometimes analyze this voluminous data as well as collect it. Some of the reasons for analysis are to make efficient energy buying decisions based on the usage patterns, launching energy efficiency or energy rebate programs, energy theft detection, comparing and correcting metering service provider performance, and detecting and reducing unbilled energy.
This data not only helps utility companies make their businesses more efficient, but also helps consumers save money by using less energy at peak times. So, it is both economical and green. Smart meter infrastructure is fairly new to Utilities industry. As utility companies collect more and more data over the years, they may uncover further uses to these detailed smart meter activities. Similar analysis can be applied to water and gas as well as electric usage. Source : Wikipedia
The opportunity of smart grid analytics??
It may not be apparent to most energy consumers, but big changes are happening in the utility industry – innovation fueled by the Internet of Things (IoT) and smart grid analytics. Consider these examples:
Smart network devices trigger actions that minimize or avoid power outages.
Smart home appliances and HVAC systems keep you comfortable at lower cost, with no human intervention. Smart power generation systems optimize cost and efficiency across a diverse portfolio of renewable, microgrids, batteries and traditional sources.
It’s a new day in an industry that hasn’t seen much major evolution until now. The fundamental architecture of the utility grid hasn’t changed much over the course of 100 years. Historically, utility companies generated power in one central location and then used their own dedicated grid to deliver electricity to customers. That model is changing.
Tomorrow’s smart grid will be a constellation of many generation sources working together, delivering energy in multiple directions – including from the customer back to the utility (“prosumers”). It will be reshaped by technologies, such as low-cost battery storage, rooftop photovoltaics and microgrids that can operate in grid-connected or island mode, and IoT connectivity of smart devices.
These new technologies not only deliver more capabilities for energy providers to tap into new power gen sources, they also provide more data. Smart grid analytics is the application of advanced analytics methodologies to the data – including predictive and prescriptive analytics, forecasting and optimization. The opportunities for smart grid analytics are expanding because there’s exponentially more data available to develop analytical models. [Ref: sas.com]
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