Owing to the ever-increasing electricity demand, a number of utility providers are looking for reliable solutions for optimizing the efficiency of smart grids. This will augment the demand for smart grid systems in forthcoming years, thus fuelling the market for smart grid analytics. Smart grid analytics are among the most important applications of the Internet of Things (IoT) and big data analytics. Thus, owing to the increasing advancements in IoT and big data analytics, the market for smart grid analytics is poised to rise exponentially in the coming years.
Smart grid analytics are of many types including demand response analytics, AMI analytics, asset management, grid optimization, and others including data visualization tools and energy forecasting. Transparency Market Research (TMR), a market research company, throws light on the prime advantages of smart grid analytics. Owing to these advantages, the market for smart grid analytics is predicted to grow rapidly in the coming years.
- Improvement in Decision Making at Each Level: The increasing adoption of AMI and other analytics within electric utilities provides a large amount of real-time data, thus helping utilities make informed decisions. The data can be utilized for providing insights that are more accurate and more frequent those gained from the conventional system.
- Predictive Models and Real-time Optimization: Smart grid analytics present the basis for scenario-based and probabilistic model planning. In addition, availability of real-time data provides the basis for the day-to-day decisions that may massively enhance network optimization as well as the use of energy. Owing to increased adoption of smart grid analytics, getting real-time data on a particular smart grid immensely raises the ability of the operator to effectively manage the grid.
- Performance Reporting: Smart grid analytics present granular insights into the performance of smart grids. Owing to the availability of granular and more frequent performance data, the possibility of correlating objectives with particular performance metrics becomes possible, thus making it simpler to make changes in order to help meet the specific performance goals.
Thus, a substantial value can be derived by utility businesses with the help of smart grid analytics. However, the soaring costs of smart grid systems and the absence of regulations may inhibit the growth of the market for smart grid analytics in the coming years. In addition, the absence of awareness amongst a number of utility businesses may also restrain the growth of the market.