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Smart grid helps the system to run effectively and smart grid data analytics give the optimized solution to the complete system. It collects valuable information generated by the equipment as well as predicts the load for thater s nothing but the interconnection of a complete power system right from generating station to transmission to a substation to local substation to the consumer.
The smart grid analytics market has observed faster growth in recent years due to numerous driving factors like the deployment of smart metering infrastructure giving rise to a gigantic volume of data generation, the limited nature of non-renewable energy sources, and the rising demand for consumer engagement. The market opportunities in the smart grid analytics environment consist of the rise in cloud-based solutions/ Software-as-a-Service solutions, high demand for system integrators, and focus shift on optimization of grid operation.
Based on the solution, the smart grid analytics market is classified into AMI analytics, demand response analytics, asset analytics, analytics for grid optimization, energy data forecasting/ load forecasting, and visualization tools.
Based on service, the market is segregated into professional services and support & maintenance services. Based on deployment, the market is bifurcated into on-premise and on-demand (cloud-based).
Smart grid data analytics helps the system run optimized with improved solutions. It helps the utility providers to analyze the load behavior and decrease the power cuts. Growing investments in smart grid data analytics and the adoption of new technology in companies such as utility providers have many advantages, which help the generation operations.
The most eminent limitation in the market is the availability of capital funding. Smart systems are comparatively costly than regular systems. However, different smart systems have been designed with various parameters based on the operational requirements and consumer requirements.
Key Market Driver -
Effective use of power generation and operation of power systems
Key Market Restraint -
High costs of smart grid systems and lack of skilled professionals
The major players operating in the smart grid analytics market are Hewlett-Packard Company, SAP AG, Opower Inc., Siemens AG, Accenture Plc, Capgemini S.A., EMC Corporation, IBM Corporation, SAS Institute Inc., and Oracle Corporation.
The global smart grid analytics market has been categorized into five key regions including North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America is currently the largest market for grid analytics. Furthermore, Asia is expected to pick up momentum and will exhibit the fastest CAGR among all four regions. A region like Australia and Singapore is looking to minimize power interruption by integrating Geographic Information System (GIS) data analytics and forecast events. Whereas Japan will be an ideal market for customer analytics due to its plans for 100% penetration of smart meters by the year 2024. APAC is one of the fastest-growing economies, and upsurges in the manufacturing and industrial sectors, where the high adoption of automation and smart grid data analytics in both the utility and end-use sectors drives the growth of the market.
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