Smart grid data analysis spending to surge through 2020
SUBNET Solutions Inc | Monday, September 24, 2012
The need for smart grid data analytics will result in the value of the market to climb steadily through 2020, and by this year, could surpass $34 million, a new report from Pike Research has found.
According to Environmental Leader, the new report found that most of the spending will take place in the Asia Pacific region, where the smart grid data analytics market will top $2.5 million by 2020. This region's growth will see rates early on of 50 percent every year, and an overall compound annual growth rate of 25 percent through 2020.
This massive expansion is attributed to rapid deployment of smart meters and other intelligent electronic devices in China, however, the report concedes that at this point, the picture is still murky about which drivers will be the most influential for widespread adoption of smart grid analytics in the Asian nation. It is understood, though, that as these factors are uncovered in the coming years, they will likely point to a sector that will grow even more swiftly than current forecasts.
According to the media outlet, the report noted that the demand for data analytics in North America will force many electric utilities to deploy new smart grid technologies. New government policies and state plans to introduce minimums on renewable generation capacity will also lead to a surge in the data analytics market through 2017.
Pike stated that Europe's market share will grow slightly between 2012 and 2020, due to greater deployment of advanced metering infrastructure and other smart grid technologies. The report noted AMI in Europe will likely account for 80 percent of all metering by 2020.
Latin America, the Middle East and Africa will also growth in the smart grid analytics market, with rates above 60 percent.
Another recent report from Groom Energy outlined the major players in the smart grid analytics market, most of which were vendors that have devoted themselves to innovation, customer proof points, market momentum and product development.
The need for smart grid data analytics will be paramount due to the thousands of IEDs that will be installed on grid infrastructure, all of which can relay critical information to the utility. SUBNET's products and solutions help utilities organize this deluge of data, and turn it into meaningful information that can help improve overall operating efficiency.
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