smart grid and data mining (2)

Speaking of smart grid, power engineers and energy companies are pretty excited, not only because it will bring in a new technique revolution but also it is going to involve a huge number of money--- Only about $356 million of it today, but potentially $4.2 billion of it by 2015. Which is meaning that it will reach a cumulative $11.3 billion between 2011 to 2015. That’s what Pike Research predicts for the global market for smart grid data analytics, or software and services that can mine data and provide intelligence for smart grid vendors, utilities and consumers.



As a result, most utilities around the world have to face up to new problems: how to deal with a flood of smart grid data in the upcoming years, they will also need to mine that data to find ways to cut costs, improve customer adoption and better predict future power needs. In a sense, how well the utilities deal with the above challenges will affect the destiny of the whole smart grid industry.



There is no doubt about that applying the smart algorithms and applications of the Internet industry to the smart grid could generate a host of new ways of doing business. On the utility operations side, smart meters and distribution automation systems are supposed to be data-mined to optimize the flow of power or predict when equipment is most likely to fail. On the customer end, behavioral data and market analysis can also be applied to entice more and more people into energy efficiency programs, or help them choose which energy-efficient appliances to buy.

A host of IT giants are already involved in smart grid data analytics, including Accenture, Capgemini, HP, IBM, Microsoft, Oracle, SAIC, SAP and Siemens among them. Smaller, newer entrants include OPOWER, OSIsoft, Telvent, Ecologic Analyticsand eMeter.

Utilities are also seeking help in upgrading customer relationship management to handle the shift from monthly power bills to daily or hourly interactions via smart meters. As for concerns over home energy data security and privacy, Pike predicts that smart grid IT players such as Cisco, IBM, Microsoft and Oracle will play an important role.

reference:

http://gigaom.com/2011/08/15/big-data-meets-the-smart-grid/