According to Transparency Market Research, smart grid development has increased data quantity by high magnitude. This grid development is driven by a host of devices and new IT applications such as AMI, synchrophasors and smart appliances, microgrids, advanced distribution management, remote asset monitoring, event avoidance, and self-healing networks. AMI is one of the major constituents of smart grid that potentially provides a communication backbone for low-latency data.
These technologies are aimed at improving distribution asset utilization, failure detection and facilitating consumer inclusion in energy markets.
In order to capitalise on the opportunities in the energy sector, utility and energy companies are transforming their systems into smarter energy systems, which would feature a new-way flow of information in energy and utility sectors. Energy utility analytics enables near real-time analysis of processes, thereby helping in optimization of operations through efficient identification and isolation of inefficiencies and failures.
Business analytics coupled with data mining, self-service, predictive analytics, and aggregation tools is employed to get more transparent information for critical decision-making and implementing the decision support system. North America and Europe hold the leading share of the energy and utility analytics market as of 2016. The market in Asia Pacific (APAC) is projected to expand at the maximum rate during the forecast period, due to flexible policies of governments in developing countries as well as the ever-expanding digital industry in the APAC region.
GIS and outage analytics
In a realated report issued by Navigant Research, the core geographic information systems (GISs) and related asset/outage analytics market is growing due to increased utility investments in the sector.
In 2016, revenue generation within the market reached $1.6 billion.[US utilities rely on customers not smart meters for outage alerts, says survey]
According to a release, GISs have become fundamental to today’s power utility as a foundational, system of record-based model for an array of IT systems. A GIS can enhance the value and output from customer information, meter data management, mobile workforce management, outage management, distribution management, and asset management systems, as well as analytics applications.
Michael Kelly, research associate with Navigant Research, commented: “The current market for core GIS upgrades, along with integrated and overlaid applications, is robust, and new GIS-based technologies are supporting real-time situational awareness of events that might disrupt the performance of the power grid.”