The Asia-Pacific smart grid data analytics market is projected to record a CAGR of 11.57% throughout the forecast years of 2021 to 2028. Factors such as the surging adoption of smart grid analytics for effectively managing operational efficacy, the rising initiatives of smart cities in developing nations, and the increased need to build sustainable and energy-efficient sources for saving electricity are expected to fuel the region’s market growth.
The Asia-Pacific smart grid data analytics market growth is evaluated by studying Singapore, India, Japan, Indonesia, China, Australia & New Zealand, Indonesia, Thailand, and the rest of the Asia-Pacific. As a nation with the fourth-largest growth in terms of internet users worldwide, Indonesia faces lucrative opportunities as well as severe threats, owing to the development of the internet and digital technology. Digitization is capable of increasing Indonesia’s annual fiscal growth, at least by 2%, since it encourages the expansion of small to medium enterprises. However, being an emerging-market economy, the country faces various issues related to electricity distribution and transmission, such as theft, power losses, and intermittent brownouts, among others.
On the other hand, Singapore possesses one of the most reliable electricity systems globally. In comparison with other systems, the country’s grid has several ’smart grid features’ already built-in, including the Supervisory Control and Data Acquisition (SCADA) system. The integration enables remote monitoring and key installations’ control, as well. Moreover, JTC and SP Group signed a Memorandum of Understanding (MOU) in order to collaborate on smart grid data analytics at the Asia Clean Energy Summit 2018. Therefore, these factors are set to influence the smart grid data analytics market growth in the Asia-Pacific over the forecasting period.
Leading companies operating in the market include Cisco Systems Inc, International Business Machines Corporation, Wipro Limited, etc.
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