Analytics is helping utility companies resolve operational issues as the sector makes its journey through a staggering number of developments in quick succession.
FREMONT, CA: The current rate at which the utility sector is changing is phenomenal. Shedding their traditional operational models, utility companies are embracing advanced capabilities. In the electric utility segment, there have been efforts to reduce the use of fossil fuels and shift to solar and wind sources. These wide-ranging changes demand extensive use of analytics in every department of a functional utility facility. In response to the demand, the global market for utility analytics solutions has been evolving rapidly. Some trends that are especially meaningful in the context of how analytics will change utilities in a few years are listed below.
• Better Response and Recovery
Utility companies are in a quest to make services more reliable than ever before. Increasing reliability requires companies to make operational cores analytical. With analytics driving operations, systems acquire a lot of intelligence, and it is possible to determine the chances of breakdowns and outages in advance, paving the way for predictive response and recovery.
• Optimization of Smart Grids
The value of grid analytics is all set to grow as more and more electric utility companies convert legacy grids into smart grids. Smart grids depend on analytics for efficient functioning. Besides, analytics is central to protecting smart grids from potential cyberattacks. Thus, utility analytics is expected to oversee the smart grid revolution.
• Asset and Workforce Management
Today, analytics is driving asset management in utility firms. Even workforce management is centered around analytics. Orchestrating the performance of equipment and manpower with analytics will stay relevant and continue to power the analytics market as productivity, efficiency, and sustainability become priorities.
The evolving trends will help the utility analytics market attain high growth rates across several categories of products and services. Several reports have predicted favorable conditions for innovative product categories over the next five years.