- Adoption of IoT and big data analytics improve safety, data integrity, and reliability of smart grids, T/OT convergence to unlock new benefits of smart grid data analytics market
- Focus on efficiency and environmental sustainability of power distribution systems spur prospects in the smart grid data analytics market, paving way to modern-day smart grids
ALBANY, N.Y., Aug. 18, 2020 /PRNewswire/ -- Several advantages of smart grids such as better predictive analysis of networks and decision support system have nudged utility providers in numerous countries to deploy smart grid data analytics.
Analysts at TMR concur that focus on improving environment sustainability demands and reliability of smart grids will propel smart grid data analytics market growth.
Sheer pace of urbanization in developing regions drive adoption of novel technologies in the market such as IoT and Big Data analytics.
The smart grid data analytics market is projected to clock robust CAGR of ~13% during 2020 – 2030, and reach worth of US$ 14 Bn by 2030-end.
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Key Findings of Smart Grid Data Analytics Market Report
- Of all the key deployment models in smart grid data analytics market, the Advanced Metering Infrastructure (AMI) analytics segment is anticipated to be the dominant segment throughout forecast period
- Among the various deployment models, cloud contributed leading market share in 2019
- Among the various end users, public sector segment led the market in 2019
- North America held the dominating share in 2019 and estimated to reach US$ 1,361.7 Mn by 2020-end
- Asia Pacific to rise at remarkable growth rate during 2020 – 2030
Explore 301 pages of Smart Grid Data Analytics Market (Component: Solution [AMI Analytics, Demand Response Analytics, Grid Optimization, Asset Management, and Others] and Services [Professional and Managed]; Deployment Model: On-premise, Cloud-based, and Hybrid; End User: Small/Medium Enterprises, Large Enterprises, and Public Sector; and BSS Solutions for Utilities: Specialized Solutions and Generalized Solutions) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030 at https://www.transparencymarketresearch.com/smart-grid-data-analytics.html
Smart Grid Data Analytics Market: Key Driving Factors and Promising Avenues
- The increasing adoption of systems that helps in better convergence of OT/IT has enabled service providers a better control of analytics data.
- Rise in electricity consumption in worldwide populations is bolstering the trend for efficient and reliable power distribution
- Automation in electricity transmission and distribution is a prominent trend in developed as well developing economies of the world, boosting the demand for smart grid data analytics market
- Adoption of IoT and AI has spurred the performance of smart grids, thereby boosting the business market proposition among utility providers
- Rise in demand for reliable electricity transmission in industrial and residential sectors is boosting the demand.
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Smart Grid Data Analytics Market: Competitive Landscape Assessment
Providers of smart grid data analytics are focusing on improving user privacy, data integrity, and confidentiality. They are increasingly benefitting from constant efforts of integrating smart grids with IoT and Big Data analytics. Thus, industry proponents in power and industrial automation are gaining competitive edge in the smart grid data analytics market on the back of the popularity of AMI-powered predictive analytics and AI-based solutions.
Well-entrenched players in the smart grid data analytics market include smart grid data analytics, Schneider Electric SE, General Electric, IBM Corporation, Hitachi Ltd., Hewlett-Packard Development Company, Dell EMC, and Capgemini SE.
Analyze global smart grid data analytics market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Smart Grid Data Analytics Market: Regional Landscape
The demand for smart grid data analytics solutions hasn't waned in countries that are undergoing rapid pace of urbanization, even during the uncertain Covid 19 times. A prominent case in point is Asia Pacific, which is projected to expand at rapid CAGR during 2020 – 2030. The deployment of smart grid systems has gained traction in China. The utilization of smart grid data analytics for predictive analysis of consumer behavior and grid conditions has attracted governments to support the deployment.
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The Smart Grid Data Analytics Market can be segmented as follows:
Global Smart Grid Data Analytics Market: Segmentation
- AMI Analytics
- Demand Response Analytics
- Grid Optimization
- Asset Management
- Others (Energy Forecasting and Data Visualization Tools)
- Small/ Medium Enterprises
- Large Enterprises
- Public Sector
BSS Solutions for Utilities
- Specialized Solutions (for Back-end)
- Customer Care
- Business Intelligence
- Generalized Solutions (for Front-end)
- Customer Care
- Business Intelligence
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of Middle East & Africa (MEA)
- South America
- Rest of South America
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