Utilities Find Data at the Center of Operations
As data becomes central to new business models in the energy utility sector, the global grid analytics market is expected to accelerate from $1.15 billion in 2018 to $2.31 billion in 2025, at a compound annual growth rate (CAGR) of 10.4%.
As data becomes central to new business models in the energy utility sector, the global grid analytics market is expected to accelerate from $1.15 billion in 2018 to $2.31 billion in 2025, at a compound annual growth rate (CAGR) of 10.4%. Energy utilities are generating massive volumes of data from smart meters, intelligent energy devices, and multi-sensing units but only 2% to 4% of data from the system is actually leveraged for analytics. This data, combined with a sophisticated analytics platform, can deliver valuable insights for utilities that can lead to improved customer service and operational metrics.
“The market will gradually switch to predictive and prescriptive analytics, especially as networks with low latency capabilities, such as 5G, are employed to minimize reaction times,” said Farah Saeed, research director, energy & environment at Frost & Sullivan. “Predictive and prescriptive analytics will incorporate statistical models that flag areas of inefficiency, evaluate and predict events in a timely manner, and eventually include Artificial Intelligence (AI) to deliver a holistic decision-making tool.”
Frost & Sullivan’s recent analysis, Global Smart Grid Analytics Market, Forecast to 2025, provides an in-depth analysis of key applications and opportunities in the market. This study segments data analytics into three main areas of the grid network: transmission and distribution (T&D) network, metering, and customer analytics. It covers the regions of North America, Europe, Asia-Pacific, and Rest of the World.