Market Research Report
IoT and Analytics for Utilities Market Overview - DER, Grid Operations, Asset Performance and Customer Applications: Global Market Analysis and Forecasts
|Published by||Navigant Research||Product code||652168|
|Published||Content info||67 Pages; 76 Tables, Charts & Figures
|IoT and Analytics for Utilities Market Overview - DER, Grid Operations, Asset Performance and Customer Applications: Global Market Analysis and Forecasts|
|Published: June 13, 2018||Content info: 67 Pages; 76 Tables, Charts & Figures||
Utilities face mounting challenges as they attempt to leverage a plethora of generating assets, transmission and distribution (T&D) system equipment, and smart meters connected to the grid that create mountains of data. The Internet of Things (IoT) has invaded their space. Utilities already use software tools and control systems to analyze and make sense of the data and keep electricity flowing. But many of the tools are outdated, sit in silos, and were never designed for the complexities of today's smart grid. With the IoT, disparate systems can interoperate over Internet Protocol and integrate data for enhanced business value.
More advanced utility IoT analytics solutions have entered the market and can be applied to legacy systems and new data flows using edge computing, cloud computing, machine learning, and artificial intelligence (AI) to unlock valuable insights and drive operational efficiencies. Though vendors continue to make improvements, these analytics solutions are not yet fully mature. Utilities need improved analytics solutions, as these tools can help cut costs while demand is flat or declining. For example, a utility's asset maintenance costs can be lowered through analytics that detect anomalies in critical equipment ahead of scheduled maintenance or replacement cycles. Advanced analytics are also needed as more distributed energy resources (DER) like solar PV come online and create intermittent two-way energy flows on a grid that was not designed that way.
This Navigant Research provides answers for utility operators and managers looking to adopt IoT analytics solutions. The study includes a discussion of key market conditions, challenges faced by stakeholders, technology issues, and regional adoption trends. Global market forecasts, segmented by region, spending segment, and application, extend through 2028. The report also provides pointed recommendations and steps stakeholders should take to harness the data from connected grid assets to drive valuable insights and outcomes.