The analysts forecast global power utility monitoring system market to grow at a CAGR of 6.24 % during the period 2018-2022. The latest trend gaining momentum in the market is increase in use of real-time power distribution analysis in utility grids.
The real-time analysis comprises computerized circuit probe that measures real-time inputs such as voltage and current and outputs. The outputs include customer consumption data to determine actual and forecasted power flow through the distribution grid.
Major key players in the global power utility monitoring system market: ABB, Emerson Electric, General Electric, Itron, Schneider Electric, and Siemens.
According to the power utility monitoring system market report, one of the major drivers for this market is 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. For instance, in the US, there is a significant belief among consumers that the power utilities are investor-owned, neglecting the fact that most of the power utilities are either public power utilities or rural electric cooperatives.
Further, the power utility monitoring system market report states that one of the major factors hindering the growth of this market is Increasing complexity in managing data in power utility monitoring systems. Smart grids generate a significant amount of data owing to their connected network. At present, on an average, utilities require more than 150 devices for one smart meter for monitoring the grid. With an addition of the IoT connected devices and an increase in variable power generation sources, such as fossil fuels, gas, and renewable sources, data have increased by thousand times along with maintenance concerns.
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