LONDON--(BUSINESS WIRE)--The global power utility monitoring system market is expected to grow at a CAGR of more than 6% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global power utility monitoring system market based on end-user segments such as the commercial and residential, and industrial sectors. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: successful awareness programs encouraging consumers to adopt smart meters in Europe and North America
There are only a few consumers that have adequate knowledge of power distribution solutions. Therefore, utilities are trying to educate consumers regarding the benefits of implementing advanced power distribution solutions. In North America, about 40 American and Canadian utilities and associations collaborated in 2016 to create awareness among consumers through campaigns and data sharing to protect them from scams. For instance, Georgia Power, a US-based power utility company, released a public service announcement that features tips through which consumers can avoid scams. In Europe, the USmartConsumer project aims at creating awareness on and promoting smart metering. The project was carried out in many countries in Europe primarily to promote adoption of smart meters.
According to a senior analyst at Technavio for automation research, "Consumer awareness initiatives have helped in increasing the adoption rate of smart meters, thereby creating an opportunity for power utility monitoring system vendors. For instance, the Austrian government introduced a campaign to educate consumers about the benefits of smart metering through news articles, mails, social media, and press conferences."
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Market trend: increase in use of real-time power distribution analysis in utility grids
The real-time analysis comprises of a computerized circuit probe that measures real-time inputs such as voltage and current and outputs. The outputs include customer consumption data to determine the actual and forecasted power flow through the distribution grid. By applying analytical tools and control systems, real-time analysis will allow utilities to actively forecast power mismatch and minimize service interruptions. This analysis will help in managing the grid to achieve better operating efficiencies.
Power distribution systems are dynamic in nature. Real-time analysis will enable utilities to shift from static operations to actively monitor and control the distribution grid. This will allow utilities to switch lines, change taps on transformers, switch capacitors, manage controllable loads, and dispatch distributed generation. This, in turn, will allow utilities to achieve efficiency, reliability, improve customer service, security, and safety.
Market challenge: rising cybersecurity threat and privacy concerns
The power infrastructure is critical to any economy and the introduction of advanced utility infrastructure has made it more prone to cyberattacks. New types of cyberattacks, such as ransomware, have made security high priority for companies. For instance, on December 23, 2015, one of Ukraine's power grid gave way to cyberattack when hackers infiltrated the information system of three power distribution companies. This led to a temporary blackout of more than 100 cities in Ukraine.
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Some of the major contributors in the global power utility monitoring system market:
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