Globally, electric grid network operators have to face many challenges for the transmission and distribution of electricity safely. Grid operations management software helps to manage, operate, and deliver generated electrical energy to distribution systems safely. Grid operations involve the remote monitoring of energy generation assets. Grid operations management software provides utility and energy organizations with analytical and operational capabilities to improve distribution and network operations performance.
Utility companies are embarking on a new wave of process and technology adoption to improve reliability and service. Further, integrated grid management systems integrate functionalities such as distribution management, key operational control systems for outage management, geographic information, asset and workforce management, and other services. Many companies are working to improve electric operations and emergency management. For instance, Accenture worked with information sources departments and electricity operations and emergency management government departments to deploy advanced technology in order to improve processes.
The global grid operations management software market is expanding at a rapid pace. Demand for automated workflow is on the rise among utility companies as it reduces downtime and improves distribution and network operations performance. Further, electric utilities are investing in advanced grid technologies, which include distribution management systems for power quality, data security, reliability, renewable energy use, and resilience to natural disasters. Demand for grid operations management software is projected to rise in the near future, owing to an increase investment in advanced technology in electric utilities. Rise in the adoption of Big Data in grid operations management software is anticipated to drive the grid operations management software market. However, data regulations and standards are likely to hinder the grid operations management software market. Electric utilities are introducing advanced applications by investing in Internet of Things (IoT) and analytics.
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The global grid operations management software market can be segmented based on deployment model, enterprise size, and region. Based on deployment model, the global grid operations management software market can be categorized into on-premise and cloud-based software. In terms of enterprise size, the global grid operations management software market can be classified into small & medium and large enterprises. In the electricity industry, some of technology trends that are expected to drive the grid operations management market are digitization, electrification, and decentralization. The market is anticipated to expand due to deployment of smart metering and increase in demand for system integrators and cloud-based solutions in the near future. An increase in the adoption of IT solutions in the utility sector is projected to leverage operational and customer data in order to automate grid control and maintenance functions.