Albany, NY — 04/26/2018 — Smart grid data analytics consists of solutions that enable the analysis of the deluge of data produced during smart grid operations. These solutions are increasingly gaining significance among utility providers and energy companies to effectively manage grid operations, plan investment in distribution networks, and monitor consumer behavior.
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The demand for sustainable and cost-effective supply of power by consumers and producers in the utility industry has catalyzed the smart grid data analytics market. In a constantly evolving energy landscape, large volumes of data are generated from sensors, smart meters, automated distribution systems, and other sensing equipment. Utility owners or providers utilize these data to manage consumption and demand, reduce downtime, and prevent power outage.
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Based on the type of solution, the smart grid data analytics solution is segmented into advanced metering infrastructure (AMI), demand response analytics, asset management, grid optimization, and energy forecasting and data visualization solutions. Among these, the asset management occupied a major market share in 2014, in terms of revenue.
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However, the accelerating adoption of smart metering technologies and the increasing reliance of AMI to manage various smart meters technologies are key factors expected to bring AMI analytics segment to the forefront. By the end of 2022, the segment is estimated to garner a higher revenue than generated by the asset management segment.
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