Smart grid data management: Key market research findings
- Increased demand for power production
- Rapid deployment of smart grids across the world
Technavio has released a new market research report on the global smart grid data management market, which is expected to grow at a CAGR of around 14% between 2016 and 2020. Of late, the power grid is shifting towards smart grid by deploying several sensors and devices for sensing, collecting, and analyzing the operation of the grid. This shift toward smart grid has led to the generation of a considerable amount of data when compared to the data collected from legacy devices. Owing to the growing deployment of smart grids, the volume of data generation is expected to increase in the coming years. The Americas account for 52% of the smart grid data management market due to increased investment in smart grid systems and demand response programs.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Owing to the rising demand for power across the globe, smart grids have integrated new power resources such as distributed generation, integration of renewable power and electric vehicles. As additional power sources increase, it would lead to grid expansion and addition of new devices. As the data gets dense, utilities will require sophisticated data management systems to gain insight from all of the data. This will drive the need for smart grid data management systems in the coming years, as it enables operators and utilities to actively manage the data from the grid. Utilities can also leverage the information obtained from the power grid to plan, forecast, and avoid events that lead to grid failure,” says Vishu Rai, Lead Analyst, Energy, Technavio Research
The shift to smart grid means that the utilities have to manage the complex smart devices and reduce the risk of grid failure and outages. This is expected to drive the need for sophisticated control systems to manage the data collected from the field. Of late, China is the leading investment destination for smart grid solutions. It plans to install smart meters in every household by 2017 to provide grid-to-home and grid-to-utility connection. Moreover, several European countries such as Spain, the UK, and Germany have been actively deploying smart meters. The total smart meter deployment for Europe is expected to reach 180 million, by the end of 2020.
The key players in the global smart grid data management market are EMC, Oracle, SAP, SAS, and Siemens. This market is characterized by the presence of established vendors, however, in several regions, the local or regional vendors dominate the market. The competition in this market is expected to intensify during the forecast period owing to increase in product extensions and technological innovations, and growth in M&A. New entrants will witness major challenge to compete in the market in terms of quality, functionalities, and services.
A more detailed analysis is available in the Technavio report, Global Smart Grid Data Management Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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