Smart Grid Data Analytics Market: Introduction
Smart grid is a new technology that helps the system to run effectively and smart grid data analytics provide the optimized solution to the complete system. Increasing demand for the cost-effective power supply from the consumer end and minimization of production of electricity cost by using the smart grid data analytics owing to its properties drives the growth of the market. To optimize the system and by replacing aged system with the smart meters, sensors, and automation of complete system help the utility owners to operate the complete network efficiently. The data generated by the all the smart meter, sensors and other automated systems are collected and analysed in huge volume, this data can be analysed and estimated from the production and supply. For the effective operation of power system the smart grid data helps the utility service providers to analyse the power demand from consumers end. Smart grid data analytics helps to collect valuable information generated by all the equipment. It helps to analyse the data and predict the load for future, such as forecasting for short-term, medium-term, and long-term can be achieved. Load forecasting is prediction of future load by taking the previous data which is available.
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Smart Grid Data Analytics Market: Dynamics
For the effective use of power generation and effective operation of power systems, smart grid data analytics helps the system run optimized with improved solutions, which drives the growth of the market. Smart grid data analytic market helps the utility providers to analyse the load behaviour and decrease the power cuts.
Growing investments in smart grid data analytics and adoption of new technology in companies such as utility providers have many advantages, which help the generation operations. In monitoring stations this data analytics help in terms of providing the huge volume of daily load data, weekly load data so as to identify the demand from the consumer side.
To estimate the daily load generation in order to meet the exact demand from consumer end helps the utility sectors load operations. Economic operation from transmission to distribution sectors and reacting quickly in abnormal conditions (such as power failure or short circuit) visualizations of load all these factors accounts for the growth of the smart grid data analytics market.
Smart Grid Data Analytics Market: Segmentation
The global smart grid data analytics market is segmented as follows:
By solution type, the market is segmented into:
- Ami analytics
- Demand response
- Grid optimization
- Asset management
- Energy forecasting
- Data visualization tools
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Smart Grid Data Analytics Market: Regional Outlook
The regional coverage of smart grid data analytics market includes North America, Latin America, Europe, APAC and MEA. The smart grid data analytics market is witnessing significant growth in Europe and North America. Growing adoption of smart grid technologies and effective use of power is one of the key driving factor in North America and Europe.
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. Followed by MEA and Latin America.
Smart Grid Data Analytics Market: Key Players
Examples of some of the market participants identified across the value chain include Accenture Plc., IBM Corporation, SAS Institute Inc., EMC Corporation, Siemens AG, EMC Corporation, SAP SE, Hewlett Packard (HP) Development Company L.P., etc.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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