TechNavio has announced the publication of a new market research report on the Global Smart Grid Data Analytics Market, which is expected to grow at a CAGR of 20.6 percent from 2014-2019.

The report highlights the increased installation of smart energy meters. Power utilities worldwide are making huge investments to change the way data is transmitted and collected from consumers through different communication networks. Advanced metering infrastructure-enabled meters are being used to facilitate two-way communication between utilities and consumers.

“With an increase in the deployment of smart energy meters, maintaining data at the grid level has become easier and more effective,” says Faisal Ghaus, Vice President of TechNavio.

Smart energy metering solutions, which are one of the integral parts of smart grid communications, support the overall objective of managing the electricity grid.

“Increased installations of smart energy meters has led to the generation of a large amount of meter data, which triggers the growth of the Global Smart Grid Data Analytics Market,” says Ghaus.

Furthermore, with smart grid technology gaining importance in the energy segment, many governments have been funding R&D initiatives to develop smart grid applications, which is another factor driving the market.