In its latest report analysing the market, global energy market intelligence firm , ReportsnReports, says the increase in the adoption of smart grid technologies will be a result of utilities’ efforts to meet the rising demand of power driven by population growth and increased industrial activities.
On the other hand, government regulations and climate change policies will accelerate the growth of the market with increased calls for the adoption of smart grid technologies, renewable energy sources and EVs to reduce carbon emissions.
The increase in the adoption of the technologies will pave way for the growth of the smart grid data management market as utilities will want to ensure real time grid monitoring for reliability and efficiency.
Furthermore, the availability of capital for the development of data analytics technologies such as AMI and SCADA systems will drive positively the market.
For instance, in Europe and North America, large vendors have access to extensive capital and R&D funds to develop new technologies. [Global smart grid funding worth US$110m – report].
Smart grid data management in America
According to the report Smart Grid Data Management 2016-2020 findings, the Americas dominated the market with a share of more than 64% in 2015. The region is expected to gain its market share due to increased investments in smart grid data management solutions in a bid to shift power consumption from the peak to off-peak periods.
[quote] The main focus for deployment of the platforms in South America will be to improve utilities’ operational efficiency, through grid reliability and a reduction in power theft.
However, on a global scale, 60% of the market share will account for investments in the power distribution sector as power companies will extend their transmission and distribution lines to improve electrification rates.
In 2015, the distribution segment accounted for a 58% share of the smart grid data management market, states a ReportnReports statement. [Good data: Benefits of merging energy and traffic systems].
Key players in the market will include EMC Corp., Oracle Corp., SAP SE, SAS Institute Inc., and Siemens AG with other prominent players including Capgemini, GE energy, IBM, Itron, Schneider, and Teradata.
Image credit: hipercept.com.