Infotech Lead India: Cumulative spending on smart-grid-related analytics will top $20.6 billion between 2012 and 2020, with annual spend reaching $3.8 billion globally in 2020.
GTM Research forecasts that the return on investment for utilities deploying these technologies will exceed $121.8 billion over the same time period.
In another report, IDC Energy Insights estimates that smart grid spending will reach $46.4 billion in 2015. Government and privately-owned utilities are deploying smart meters to balance power supply with demand and ensure more reliable supply of electricity with reduced vulnerability to natural disasters or attack.
As utilities worldwide are working towards maximizing efficiency and making the most of constrained energy resources, SAS Analytics and SAS Data Management helps them harness huge volumes of data to help them track, visualize and predict demand.
Research by Bloomberg New Energy Finance revealed that utilities worldwide spent $13.9bn in 2012, up by 7 percent in the previous year, on smart grid technologies such as advanced metering and fault management.
SAS processes data to enable better monitoring, usage and demand forecasting, rapid diagnosis and repair. It helps to predict output from renewable sources such as solar and wind.
SAS for Utilities enables companies to derive meaning from disparate data sources and deliver information that enables effective decision making across the enterprise.
At present, North America leads the initial market in many smart grid IT innovations, but the European and Asia Pacific markets will become more significant over the next five years, according to a new report from Pike Research.