Booming smart energy market prompts IoT collaboration
NEC, SMUD and SpaceTime Insight partner on smart energy
New research from Markets and Markets highlights the growing importance of smart energy–bringing IT and IoT technologies to bear on the how energy is sourced and distributed. Covering smart energy distribution management, grid asset management, substation automation, hardware and service, the analysis forecasts the space growing from a 2017 market value of $20.83 billion to more than double by 2022 to $50.65 billion.
To address this growing IoT vertical, Japanese firm NEC Corporation (NEC), together with SMUD and SpaceTime Insight, have announced the launch of smart energy solutions for electric companies.
NEC, SMUD and SpaceTime initially signed a partnership in 2015. To date, the three companies have been collaborating in co-innovation, development and commercialization of smart energy technologies and services targeting electric customers in Japan, Asia Pacific (APAC) and the U.S market.
The partnership combines NEC’s advanced technology capabilities and business experience in IT system development for Japanese electric power companies; SMUD’s expertise in public power electric utility operations, customer service, innovation and environmental leadership; and SpaceTime’s analytics and visualization application package, which has been successfully implemented by major electric power companies in North America.
Initially, the three firms said that they will offer electric power providers in Japan an advanced asset analytics solution that will enable power providers to achieve higher levels of operational efficiency. The partnership will also offer emerging retail energy providers bundled smart energy products, services and solutions.
In later stages, the partnership will provide services to businesses in APAC and other global markets.
“By combining the technology and expertise of leaders in three industries, we’re providing a suite of solutions that will immediately be best in class,” said SMUD CEO and general manager Arlen Orchard. “We’re confident this new partnership will provide a very valuable service to electric power providers throughout the world.”
“Machine learning and advanced analytics, driven by the data supplied by IoT applications, are changing the way industries run their operations,” said Rob Schilling, CEO of SpaceTime Insight. “Our analytics, informed by SMUD’s deep experience and embedded in NEC solutions, will drive the next generation of solutions for the global utility sector.”
SMUD is an U.S electric service provider which has been providing electricity for about 70 years to Sacramento County and small adjoining portions of Placer and Yolo Counties.