According to a report recently published by Pike Research, making full use of smart grid data analytics is one of the most important aspects of investing in the multi-billion dollar utilities industry. Smart grid technology is at the forefront of power grid optimisation and data, which enable investors to monitor and analyze how best to improve the system’s efficiency, reliability and distribution.
Senior research analyst, Bob Lockhart, commented that while the practical application of such data analytics can be challenging, especially when much of the data comes from differently-structured sets such as demographics, social media and e-mail communication, the proper application of this data is integral to intelligently controlling and planning utility systems. Understanding how a utility network can improve its business in the future may involve more than just analyzing traditionally well-structured meter data, he went on to say.
As heraldonline.com reports, the nature of these smart grid analytics is so complex as to make the practicalities of applying them more than just a technology-buying decision for information techies. Software designed to analyze data in traditionally structured ways must now be able to tackle data from non-traditional sources, structured in non-traditional ways.
How that data is presented to the software’s users will also require flexibility, with complex visualizations, simulations, modelling, traditional reporting, and timeline analysis all needing attention. The report concludes that in the case of the utilities industry, this data analysis will also require a deep understanding of how the industry works on a business level, in order to adequately meet both its technological and business needs.
The report, entitled “Smart Grid Data Analytics”, available for free online, is divided into four main sections to account for the worldwide smart grid data analytics market: meter analytics, asset analytics, grid analytics and renewable integrations for business intelligence, operations, and customer management. It deals with a comprehensive range of relevant issues, including demand motivations, business models, policy considerations and technological issues, and profiles a number of key industry groups. The report even details global revenue forecasts by region and application, through until 2020.
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Edited by Brooke Neuman