Smart Grids, Smart Energy and Smart Grid technology : The Future of Energy Analytics Market

Smart Grid:

A smart grid is a new world modernized electrical grid that may use analogue or digital information and communication technology to gather data of consumer so that it can act on information such as information about the behaviors of consumers and suppliers, in an automated way to improve the reliability, efficiency, economics, and sustainability of the distribution and production of electricity.

Features of the Smart Grid: 

·      Reliability

·     Load adjustment or Load balancing

·     Sustainability

·     Peak leveling and time of use pricing

·     Flexibility in network topology

·     Efficiency

·     Market Enabling

·     On Demand response support

Why are we focused on Smart Grid?

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It is because Energy Data Analytics is a crucial aspect of any data driven energy management plan. Automated energy data analytics determine variation between base and actual energy data. We can also make these energy data analytics as a guideline to compare previous performance of energy usage with actual energy usage. Energy data analytics help organizations and businesses to determine whether their Building Management System is operating efficiently and completing the targeted energy usage goals or not. This data can be used by them to detect areas for improvement or also can be used for detecting energy efficient upgrades. 

The term Smart meter often refers to as an electricity meter but it is also used to measure water consumption or natural gas. 

Additional Features of Smart Meters:

·             Real Time or near Real Time Sensors

·     Power Outage Notification and

·     Power Quality Monitoring. 

Smart Energy:

Smart Energy is also a part of future energy conservation technology as it helps to reduce the energy consumption. Smart Energy is a technology platform which is used to monitor and actively manage energy consumption at the end user level.

Features of Smart Energy:

·            Manage peak loads directly

·     Increasing efficiency and

·     Allows consumers to adopt more sensible energy usage           habits.

According to the current market report the global Energy Analytics Market means smart grid market is forecasted to grow from $1.42 billion in 2013 to $4.74 billion in 2018. This represents a Compound Annual Growth Rate of 27.3% from 2013 to 2018. In terms of regions it is said that North America is expected to be the biggest market.

http://www.quora.com/Jonathan-Rayfield/Posts/Utility-Analytics-Energy-Analytics-Market-Expected-To-Reach-4-74-Billion-By-2018