The global smart grid IT systems market is forecast to grow at a CAGR of close to 13% by 2020, according to analysts’ predictions at Technavio.According to a company release, the growing need for improved grid reliability, efficiency, control voltage fluctuation, and integration of renewables has pushed utilities to look out for solutions in managing new assets.
As a result, analytics has become a key driver of the global smart grid IT systems market, with IT solutions such as Software-as-a-Service (SaaS) being offered to utilities.
These SaaS solutions allow utilities to integrate different smart grid systems and manage them from a central location. The solutions are also designed to save on the maintenance of smart grids and software upgrade costs. [Is smart grid tech empowering US consumers? Apparently so]
Technavio states that energy management systems (EMS) were shown to be the largest segment in the smart grid IT systems market in 2015 and accounted for around 31% of the overall market share.
The firm adds: “Growing adoption of smart grid systems across the globe has increased grid reliability and minimized losses subsequently. EMS provides clear visibility and control of the transmission and distribution grid, and optimizes grid performance.”
Microinverter tech on the rise
Analysts at the market research company have noted that increased incorporation of data analytics in solar microinverter systems is a key trend for the overall power sector.
[quote] They explain that data analytics in solar microinverter systems aids in the generation of more solar power per circuit. They go on to say that with the help of data analytics, inverters can be programmed and controlled to trip off and on in response to the grid voltage fluctuations, perform grid-balancing tasks, and it can also inject or absorb reactive power.
Vishu Rai, a Technavio’s lead analysts for energy research, said: “The global market for solar microinverters will exhibit a promising market growth rate during the predicted period and will be positively impacted by factors like high efficiency.
“Easy installation and customization options offered by solar microinverters will lead to its augmented adoption and the overall growth of the power sector during the predicted period. This segment is expected to exhibit a CAGR of nearly 26% until 2020.”