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Smart Grid Analytics Market worth $14.3 billion by 2029- Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

19 Jun, 2024, 14:15 GMT

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CHICAGO, June 19, 2024 /PRNewswire/ -- The Smart Grid Analytics Market is anticipated to experience substantial expansion, ascending from a value of USD 7.9 billion in 2024 to a substantial worth of USD 14.3 billion by the year 2029. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 12.4% over the forecast period, according to a new report by MarketsandMarkets™. The surge in the Smart Grid Analytics Market is poised to be driven by a confluence of influential factors within the business landscape. Notably, accelerated installation of smart metering technology, coupled with the expanding presence of aging transmission and distribution networks, stands out as significant contributors to this trend. Additionally, the growing focus on reducing energy consumption and carbon footprint are playing a crucial role in propelling the upward trajectory of this market.

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Browse in-depth TOC on "Smart Grid Analytics Market"

220 – Tables
55 - Figures
310 – Pages

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=6416489

Scope of the Report

Report Metrics

Details

Market size available for years

2019–2029

Base year considered

2023

Forecast period

2024–2029

Forecast units

USD (Billion)

Segments Covered

Offering, Organization Size, Application, Analytics Type, and Region

Geographies covered

North America, Europe, Asia Pacific, Middle East & Africa, and Latin America

Companies covered

Siemens (Germany), IBM (US), Oracle (US), Schneider Electric (France), GE Vernova (US), Landis+Gyr (Switzerland), Capgemini (France), Infosys (India), SAP (Germany), Honeywell (US), Accenture (Ireland), SAS Institute (US), Itron (US), Autogrid Systems (US), Hive Power (Switzerland), eSmart Systems (Norway), SteamaCo (UK), Grid4C (US), Globema (Poland), SparkMeter (US), Innwatts (US), Amperon (US), Kevala (US), GridPoint (US), Safegrid (Finland), Sentient Energy (US).

By application, grid optimization, monitoring, and management to register the largest market share during the forecast period.

Grid optimization, monitoring, and management application will have the largest market share in the Smart Grid Analytics Market due to the increasing need for efficient energy distribution, reducing operational costs, and improving grid reliability. These applications enhance the ability to predict and respond to grid disturbances, manage distributed energy resources, and optimize asset performance. The push towards integrating renewable energy sources and the growing complexity of power grids further drive the demand for advanced analytics to ensure stability and efficiency in electricity supply.

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By analytics type, prescriptive analytics type is poised for the fastest growth rate during the forecast period.

Prescriptive analytics will experience the fastest growth rate in the Smart Grid Analytics Market due to its ability to provide actionable insights and optimal decision-making recommendations. By leveraging advanced algorithms and machine learning, prescriptive analytics can suggest proactive measures for grid management, helping utilities anticipate and mitigate issues before they occur. This capability is crucial as grids become more complex with the integration of renewable energy sources and the adoption of smart technologies, driving utilities to adopt solutions that enhance efficiency and reliability while reducing operational risks.

By region, North America accounts for the largest market during forecast period.

North America is expected to hold the largest market share in the Smart Grid Analytics Market due to substantial investments in smart grid technologies, supportive regulatory frameworks, and a high adoption rate of advanced analytics solutions. The region's well-established infrastructure, coupled with initiatives to modernize the grid and integrate renewable energy sources, drives demand for sophisticated analytics to enhance grid efficiency and reliability. Additionally, the presence of leading technology companies and ongoing projects focused on smart grid advancements further bolster North America's dominant position in this market.

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Top Key Companies in Smart Grid Analytics Market:

The major players in the Smart Grid Analytics Market include Siemens (Germany), Oracle (US), Schneider Electric (France), GE Vernova (US) and Landis+Gyr (Switzerland) along with startups such as Autogrid Systems (US), eSmart Systems (Norway), Innwatts (US), Amperon (US), and Kevala (US).

Browse Adjacent Markets: Analytics Market Research Reports & Consulting

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Fraud Detection and Prevention Market - Global Forecast to 2029

Analytics as a Service Market- Global Forecast to 2029

Big Data Market- Global Forecast to 2028

Data Pipeline Tools Market- Global Forecast to 2027

Geospatial Imagery Analytics Market- Global Forecast to 2026

Get access to the latest updates on Smart Grid Analytics Companies and Smart Grid Analytics Industry

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/

Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg 

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