The Future Market Insights research on the Smart Grid Data Analytics Market estimates that US$4.3 billion would be spent globally on this market in 2021. The market is anticipated to reach a worth of US$ 14.9 Bn by 2032 with a predicted growth rate of 12.3% between 2022 and 2032. The greatest revenue-generating segment is anticipated to be cloud-based Smart Grid Data Analytics, which is anticipated to increase at a CAGR of almost 14.9% between 2022 and 2032.
By converting from static one-way control to dynamic two-way control, smart grids are setting the standard for the next generation of electrical systems. In comparison to conventional energy meter reading systems, smart grids collect more data.
This allows for the use of data analysis tools and the creation of accurate consumption predictions as more aspects are taken into account. As a result, the opportunities for smart grid analytics have been expanding because there is exponentially more data available to build analytical models.
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Additionally, the smart grid functions efficiently and makes the best use of its resources, providing necessary functionality at the lowest feasible cost. In order to identify vibration or other irregularities that could cause problems in the future, several firms have already updated their substations and power plants by placing sensors on critical parts, such as turbines and transformers. These companies, therefore, employ smart grid analytics to enhance the performance of linked devices in the field.
The introduction of smart metering infrastructure, which produces a vast amount of data, the finite nature of non-renewable sources of energy, and increased customer participation are some of the driving factors behind the industry’s recent rapid development.
The development in cloud-based solutions/Software-as-a-Service (SaaS) solutions, increasing demand for system integrators, and a shift in focus on grid operation optimization are all market prospects throughout the smart grid analytics environment.
Key Takeaways from the Market Study
- Global Smart Grid Data Analytics Market is expected to reach a market size of US$ 4.7 Bn by 2022.
- In terms of IT Solutions, the Generalized Solutions segment is expected to have the highest CAGR rate of 14% during the forecast period.
- In terms of the Deployment Model, the Cloud-based segment is expected to account for the highest CAGR of 14.9% during the forecast period.
- United States is projected to remain the dominant market with an absolute dollar growth opportunity of US$ 1.5 Bn during 2022 – 2032.
- The market in U.S. is set to experience the highest CAGR of 10% during the 2022-2032 forecast period.
Competitive Landscape
- The Smart Grid Data Analytics Market is highly concentrated, with only a few competitors accounting for the vast majority of market share. The established firms are attempting to obtain supremacy in this sector. These firms are increasing their profits and market shares through smart joint projects. Some development in this Smart Grid Data analytics market include:
- In January 2020, Itron Inc.has agreed to work with the Los Angeles Department of Water and Power (LADWP) to increase grid awareness and lower operational expenses. LADWP is likely to adopt Itron’s Industrial IoT connection & Distribution Automation (DA) technology as part of this collaboration to modernize its grid.
- In October 2019, Uptakehas partnered with Symboticware to provide mining companies with an end-to-end, incorporated data science and AI platform to increase the productivity of mobile mining equipment. Symboticware’s SymBot gadget, which takes significant data across mining fleets, and Uptake’s Asset IO, Asset Performance Management (APM) application that employs artificial intelligence (AI) to extract expected insights from data, are part of the combined solution.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Smart Grid Data Analytics Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Smart Grid Data Analytics Market in terms of Component (Solution, Services), Deployment Model (On-premises, Cloud-based, Hybrid), End-User (Small/ Medium Enterprises, Large Enterprises, Public Sector), IT Solution (Specialized Solutions (for Back-end) (CRM, Billing, Customer Care, Business Intelligence, Others), Generalized Solutions (for Front-end) (CRM, Billing, Customer Care, Business Intelligence, Others)), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
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Market Segments Covered in Smart Grid Data Analytics Market Analysis
By Component:
Smart Grid Data Analytics Solution
- AMI Analytics
- Demand Response Analytics
- Grid Optimization
- Asset Management
- Others
Smart Grid Data Analytics Services
- Professional Services
- Managed Services
By Deployment Mode:
- On-premises Smart Grid Data Analytics
- Cloud-based Smart Grid Data Analytics
- Hybrid
By End-user:
- Large enterprises
- Small and Medium-sized Enterprises
- Public Sector
By IT Solution:
Specialized Solutions
- CRM
- Billing
- Customer Care
- Business Intelligence
- Others
Generalized Solutions
- CRM
- Billing
- Customer Care
- Business Intelligence
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10-years.
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