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Growing Demand for Efficient Energy Use attributed to the Global Smart Grid Data Analytics Market Growth
Global Smart Grid Data Analytics Market
"Browse 35 Market Data Tables and 39 Figures spread over 131 Pages, along with an in-depth TOC on the Global Smart Grid Data Analytics Market Forecast 2021-2028."
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Smart grid big data analytics are increasingly used by energy companies to measure variables. It is an essential part of smart grid infrastructure. The extensive sources of energy supply have made it a vital solution to get an optimal return on advanced technology investment. It further aids in the cost-effective and efficient use of energy.
Need For Efficient Use of Energy Propels Market Growth
Smart grid data analytics technology is in huge demand in the household and commercial sectors, given its capability in delivering electricity to consumers as per their requirements. It also entails technologies that enhance fault detection, along with enabling a self-healing network. It provides real-time assistance to energy management systems, thereby increasing the situational awareness of the distribution system. Since the grid includes sensors and other technologies, it is projected to minimize the amount of electricity consumed when unused.
Moreover, smart grid data analytics provides integrated information and communication system, which is estimated to facilitate utilities to better consolidate their huge amount of data. Such factors are increasing the market demands with the growing need for efficient energy use.
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Private Enterprises are the Major End-Users
The private sector comprises small, medium, and large enterprises. The growing usage of microgrids control systems and other smart grid systems has enabled private energy companies to analyze, monitor, and control the grid functioning from a central control center. Also, smart grid data analytics have untapped potential. Private energy & utility companies can understand and manage customer consumption patterns and technical challenges, respectively.
North America is the Dominating Region
The North America smart grid data analytics market growth is majorly attributed to the presence of prominent market players. The aging transmission & distribution systems, and the increasing investment and expenditure on smart metering and smart grid systems, further drive market growth. On the other hand, the rising security concerns about the system are projected to hinder the market growth.
The competitive rivalry is evaluated to be high, given the market penetration and ability to invest in advanced technologies. Also, several new startups are emerging that offer an extensive range of innovative solutions. Some of the leading players in the market include International Business Machines Corporation, General Electric Company, Cisco Systems Inc, Oracle Corporation, Itron Inc, etc.
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