Global Smart Grid Data Analytics Market is valued approximately USD 1.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20 % over the forecast period 2020-2027. Smart grid is a new technology that helps the systems to run effectively and smart grid analytics offer the optimized solution to the complete system. Also, this smart grid data analytic helps to collect valuable information generated by all equipment and it helps to predict and analyze the data for future. Increasing demand for the cost-effective power supply from the consumer end and minimization of production of electricity cost by using the smart grid data analytics owing to its distinctive properties would drive the growth of the market. To optimize the system and by replacing aged system with the smart sensors, meters and automation of complete systems help the utility owners to operate the complete network efficiently. With the advent of advanced technology, such as big data, IoT, players have been focusing on integrating smart grid solutions in a wider aspect. As data generation has been continuously experiencing an upward trend, power utility companies have been combining big data with billions of more rows of smart sensor data and additional IoT. The data gathered from smart meters can provide a better understanding of customer behavior, and hence, facilitate customer segmentation. The growth of the market is attributed owing to the growing investment in smart grid projects. As per US Energy Information Administration in 2018 there were 86.8 million smart metering infrastructure installations in US electric utilities of which 88% belonged to the residential sector. And as of June 2018, operator Enexis Netbeheer installed 900 thousand smart meters in one region of Netherlands and further plans to install 2.8 million electricity smart meters and same number of smart gas meters by 2020. Also, increasing investments in the digital electrical infrastructure and smart grid infrastructure further fuels the market growth. As the per the United States Department of Energy report of 2018, the US utilities invested USD 144 billion in electricity generation, transmission and distribution in 2016. Also, the Annual smart grid investments rose by 41% from USD 3.4 billion in 2014 to USD 4.8 billion in 2016 and is further projected to rise to USD 13.8 billion by 2024. However, high costs of smart grid systems and lack of skilled professionals is hampering the growth of this market.
The regional analysis of global Smart Grid Data Analytics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region due to the growing adoption of smart grid technologies and effective use of power. Whereas Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
AutoGrid Systems Inc.
General Electric Company
Tantalus System Corporation
SAS Institute Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Transmission and Distribution (T&D) Network
Advanced Metering Infrastructure Analysis
Demand Response Analysis
Grid Optimization Analysis
Private Sector (SMEs and Large Enterprises)
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Smart Grid Data Analytics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers