According to the latest research study released by Technavio, the global smart grid managed services market is expected to grow at a CAGR of over 44% until 2020.
Global smart grid managed services market expected to grow at a CAGR of over 44% until 2020.
This research report titled ‘Global Smart Grid Managed Services Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including EMS, DMS, and Data analytics solutions.
“T&D losses, increased demand for power, and demand-supply mismatch have led to a huge power crisis worldwide. To curtail this, countries such as the US, China, India, and the UK have started adopting smart grid technology, which reduces the T&D losses and effectively balances the demand and supply of electricity. Consequently, the investments in smart grid technologies have increased and propelled the growth of the global smart grid managed services market,” said Abhay Sinha, one of Technavio’s lead analysts for power research.
Global smart grid managed services market by products 2015
Data analytics 15.34%
Source: Technavio research
Global smart grid managed services by EMS
The global smart grid managed services by the EMS segment was valued at USD 1.89 billion in 2015. The EMS segment is expected to grow at a significant rate during the forecast period driven by the growing adoption of smart grid systems, which increase grid reliability and minimize losses. Utilities are increasingly facing challenges due to high penetration of renewables, demand-response systems, and the aging infrastructure. Systems such as the EMS provide them clear visibility and complete control on the transmission and distribution grid. EMS also acts as a central system for transmission grid, giving utilities and IPPs real-time situational awareness and advanced visualizations of the overall systems. This helps the utilities choose the most affordable power mix that helps them keep the costs low for consumers and businesses. It also reduces losses in the transmission lines, ensuring a steady supply of power to customers.
Global smart grid managed services by DMS
The global smart grid managed services market by the DMS segment was valued at USD 1.65 billion in 2015. The DMS segment is likely to witness robust growth during the forecast period. Increased focus on renewable energy installations and demand-response programs are spurring the growth of the DMS segment.
A distribution management system integrates all the systems of the grid and acts as a decision support system. The system takes corrective measures, finds faults, and provides useful information to the operator to manage the grid more efficiently. The automation process of the system communicates to the ground staff details about the fault location so that the fault can be fixed before it causes any outage.
Global smart grid managed services by data analytics
The global smart grid managed services by the data analytics segment was valued at close to 0.64 billion in 2015. A large amount of money is being invested in deploying and installing smart grid devices such as AMI, smart meters, and other related technologies for controlling and managing the grid effectively. These technologies provide grid to home and grid to utility communication, allowing vast amount of information to be collected. To make use of this data, utilities are switching to advanced smart grid data analytics tools and solutions that would help them analyze the data to drive business benefits. These tools are directly connected to the meters installed in individual homes; they help detect any discrepancies in the power flow and prevent power theft. These are highly beneficial in countries such as India where millions of dollars are lost due to power theft.
By transitioning to the smart grid, utilities can embrace digitization and take better control of the assets in the field. Smart grid data analytics also help in making the best use of its available resources, benefitting both the utilities and customers. Also, smart grid data analytics enables utilities to map the energy consumption patterns of its customers, helping them in load forecasting and peak demand management, along with determining the risks involved. The growth of the smart grid system results in increasing demand for data analytics during the forecast period.