Key Market Trends

Increasing Investment in the Smart Grid Infrastructure Offers Potential Growth

• Smart grids represent a new era in the electrical sector, as they go from static one-way management to dynamic two-way management. In this, users are informed of their real consumption and thus the contracted power can be adjusted to meet the real need of each consumer. This increases efficiency and energy savings.
• Further, smart grids collect much more data than the manual energy meter reading system. This permits the use of data analysis techniques and the preparation of highly realistic consumption forecasts as many more variables are taken into account. Therefore, the opportunities for smart grid analytics are expanding because there’s exponentially more data available to develop analytical models.
• Additionally, the smart grid optimizes asset utilization and operates efficiently which means desired functionality at minimum cost. Nowadays, many companies have been modernizing power plants and substations by putting sensors on the main components, such as turbines and transformers which look for vibration or other anomalies that could predict future failures. Thus, those companies apply smart grid analytics to optimize the performance of connected devices in the field. For instance, Duke Energy claims that these smart grid data analytics have already paid off in big ways by preventing major outages related to equipment.
• Therefore, the analysis obtained from smart grid data analytics offers a significant advantage in terms of cost reduction, personalized energy services to consumers, etc. This in return creates a positive outlook for the market during the forecast period.

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Asia-Pacific to Witness the Fastest Growth

• The Asia-Pacific region is being dominated by two highly populated country i.e. India and China. The rising population in countries like China, Japan, and India has stimulated the demand for residential infrastructure and electricity consumption, therefore accelerating the demand for electricity in the nations mentioned above is the crucial attribute backing the demand of smart grids which in return will create a market for smart grid data analytics as well because of the benefits associated with it. 
• Moreover, according to NITI Aayog, India is home to 18% of the world’s population but uses only 6% of the world’s primary energy. India’s energy consumption has almost doubled since 2000 and the potential for further rapid growth is enormous.  Urbanization coupled with smart city initiatives will be a key diver of this trend which in result will create a positive outlook for the smart grid data analytics market whose main aim is to optimize their efficiency and minimize losses occurring in electricity generation and distribution of power supply.
• Therefore, all the above factors combined will fuel the smart grid market which in return will boost the smart grid data analytics market in the Asia-Pacific region during the forecasted period.

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