Smart Grid Data Analytics Market analysis report by Future Market Insights shows that global sales of Smart Grid Data Analytics Market in 2021 was held at USD 4.3 Billion. With the projected growth of 12.3% during 2022 to 2032, the market is expected to reach a valuation of USD 14.9 Billion by 2032. Cloud-based Smart Grid Data Analytics is expected to be the highest revenue generating segment, projected to grow at a CAGR of around 14.9% during 2022 to 2032.
| Attributes | Details |
|---|---|
| Global Smart Grid Data Analytics Market Size (2022) | USD 4.7 Billion |
| Global Smart Grid Data Analytics Market Size (2032) | USD 14.9 Billion |
| Global Smart Grid Data Analytics Market CAGR (2022 to 2032) | 12.3% |
| USA Smart Grid Data Analytics Market Size (2032) | USD 2.5 Billion |
| Key Companies Covered | Accenture Plc.; Capgemini S.A., Inc.; Dell EMC; IBM Corporation; Oracle Corporation; Schneider Electric; Itron Inc.; AES Ohio |
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As per the Smart Grid Data Analytics Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2015 to 2021, market value of the Smart Grid Data Analytics Market increased at around 14% CAGR.
The global smart grid data analytics market is primarily driven by rising smart grid investments, a rapid increase in the pace of renewable energy integration into existing systems, and technical innovation.
The rise in smart meter installation is projected to expand the revenue for smart grid data analytics market. AMI or Advanced Metering Infrastructure is a structured system that incorporates smart meters, communications networks, and information management framework to provide a two-way digital interface among customers and utilities. AMI offers a variety of operational benefits that help to reduce utility costs and offer convenience to customers.
AMI decreases operational costs considerably by remotely reading meters, connecting/disconnecting services, recognizing outages by issuing more exact bills faster, and enabling utilities to offer consumers with digital access to their use information. Thus, rising smart meter installation and adoption of improved metering infrastructure are likely to drive the worldwide smart grid data analytics industry throughout the forecast period.
Improved grid reliability, outstanding inherent operational performance, and effective outage are expected to drive market growth. The grid feature technologies lead to problem detection and allow the network to self-heal automatically. With the continuous disruption detection, the enhanced technology provides real-time support to energy management services, increasing situational awareness in smart grid distribution control. For instance, Networked Energy Services Corporation, one of the global smart grid solutions and service provider with the industry's major Energy Applications Platform (EAPTM), confirmed in May 2021 the strengthening of its security products with threat identification and response, with plans to deploy over 1 Million smart meters for its new grid watch solution by mid-2021.
Several government schemes and regulations are likely to promote market expansion. Different administrations are gradually investing in these innovations and technologies in the expectation that they would assist them in meeting their greenhouse emission reduction objectives and enabling long-term economic success. Furthermore, some nations currently have net energy measuring protocols and equipment, while others are still researching the innovation and its operation, which is likely to generate attractive market potential. Countries such as United States and China have seen widespread deployment of smart meters, owing mostly to the ongoing backing of their respective governments. These considerations are projected to boost growth for analytical solutions to manage the massive amounts of data generated by smart meters. Private utility providers in the United States, such as ConEd and Duke, have seen considerable increase in smart meter deployments. This is demonstrated by the estimates of Edison Foundation Institute for Electric Innovation that smart meters installed by utilities in the United States totalled around 98 Million at the end of 2019 and are expected to reach 107 Million by the end of 2020.
In another example, the Indian Finance Minister declared in 2020 that the government intends to replace all traditional power meters with smart electricity meters within three years. These government efforts conducted by governments throughout the world are driving market growth.
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During the projected period, North America is expected to hold the largest share in global Smart Grid Data Analytics Market with a projected market size of nearly USD 3 Billion by 2032. The smart grid data analytics market in North America is expected to witness high adoption of smart grid technologies due to huge expenditures in new grid developments and smart city initiatives. The region has promising government policies in place to promote sustainable energy generation. Furthermore, the increased demand for efficient energy in power generation is likely to drive the regional outlook.
Growing distribution automation investments, as well as the increasing complexity of electricity distribution infrastructure, are expected to boost the market outlook as well. For instance, the GridWise Alliance announced large investments in the transmission and distribution infrastructure system of the United States in July 2021. The project will spend USD 5 Billion in grid adaptability technology including controls, sensors, and storage, and USD 8.5 Billion in grid connection technologies like improved metering infrastructure and energy monitoring systems.
Other regions including as Asia Pacific and Europe, continue to account for a sizable market share due to broad acceptance of these solutions and a greater emphasis on sustainable and renewable energy development. For instance, in February 2020, the Government of India under the Smart Meter National Programme, declared that 1 Million smart meters will be placed across the country (SMNP). In May 2020, the U.K government's smart metering project implementation programme showed around 26.6 Million electricity meters operated by major energy firms in private households across the country.
The United States is expected to have the highest smart grid data analytics market share of USD 2.5 Billion by the end of 2032 with an expected CAGR of 10% by the end of 2032. Due to the increasing severity and frequency of natural catastrophes, as well as unscheduled power outages, the United States will experience significant growth. Furthermore, increased government activities aimed at addressing climate change and ensuring mutual energy security, as well as the introduction of renewable energy into power networks, will augment the demand commercial sector.
Rising urbanization, theft prevention facilities, and lower management and operations costs for services are some of the key drivers encouraging smart grid data analytics market growth in the region. The integration of owner and customer power generation systems, including sustainable energy, allows environmental regulations and objectives to be met. Expanding partnerships, joint ventures, and inorganic strategic partnerships will benefit the industry environment.
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Generalized Solutions segment is forecasted to grow at the highest CAGR of around 14% during 2022-2032. To develop a stronger decision support system, smart grid data analytics solutions are installed at the grid owners' end. The generalized solutions are designed to evaluate data provided by various smart grid components such as smart meters, automated distribution systems, smart appliances, and other sensing devices. The gathered data is relayed utilizing the grid's two-way communication network for additional predictive analysis.
Revenue through cloud-based smart grid data analytics is forecasted to grow at the highest CAGR of around 14.9% during 2022-2032. The advent of cloud deployment choices for smart grid data analytics systems has increased demand across multiple industries, like IT and telecom, BFSI, and media & entertainment. The new companies are offering cloud-based solutions to provide cost-effective solutions to SMEs.
For businesses, an on-premises system can be restrictive as the result of being a real-time solution requiring significant implementation. This is avoided with an offsite system, having favorable operational enhancements because of its simplicity and lower expenses from reduced implementation. Another advantage is a broader array of resources that can be connected. Besides, cloud-based technologies are less expensive to implement, as compared to on-premise deployment.
In February 2022, IBM and SAP have increased their collaboration to assist clients in migrating operations from SAP Solutions to Cloud. IBM announced a collaboration with SAP to provide technology and consulting services to help clients embrace a hybrid cloud strategy and migrate mission-critical activities from SAP Solutions to cloud in regulated and non-regulated sectors.
The sector for smart grid data analytics is very much competitive and fragmented. The market has been experiencing fierce competition due to the introduction of new start-ups offering a diversified variety of creative solutions catering to different industrial requirements. Some of the key smart grid data analytics companies include Itron Inc., Siemens AG, and IBM Corporation
Some of the key recent market developments include:
In July 2021, AES Ohio chose Landis+Gyr as its technology provider for a grid upgrade project aimed at improving the efficiency of the power distribution system and customer services. AES Ohio will use Landis+Gyr cloud solutions for network management, installation support, and system operating software.
In June 2021, Schneider Electric announced to mobilize microgrids to assist individuals and communities affected by climate and weather disasters. The business has deployed more than 45 kW of portable solar and more than 170 kWh of portable battery storage to assist disaster relief and rehabilitation missions that have offered emergency power supply to US citizens.
In February 2020, Oracle and Microsoft expanded their cloud partnership with the addition of a new cloud interconnect node in Amsterdam. Businesses will be able to share data between Oracle Cloud and Microsoft Azure apps owing to the new Amsterdam interconnect. The Amsterdam facility, a key data centre hub for Europe, joins linked areas already operational in Ashburn, Toronto, Virginia, and London, and is part of a larger Oracle Microsoft cloud interoperability effort.
Similarly, recent developments related to companies Smart Grid Data Analytics Market have been tracked by the team at Future Market Insights, which are available in the full report.
The global Smart Grid Data Analytics Market is worth more than USD 4.3 Billion at present.
The value of Smart Grid Data Analytics Market is projected to increase at a CAGR of around 12.3% during 2022 to 2032.
The value of Smart Grid Data Analytics Market increased at a CAGR of around 14% during 2015 to 2021.
Utility companies’ increasing usage of smart grid data analytics to analyse load behavior, optimise grid operations, reduce power outages, and make smarter choices has been one of the key trends in smart grid data analytics market.
The market for Smart Grid Data Analytics Market in US is projected to expand at a CAGR of around 10% during 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Component 5.1. Solution 5.1.1. AMI Analytics 5.1.2. Demand Response Analytics 5.1.3. Grid Optimization 5.1.4. Asset Management 5.1.5. Others 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Deployment Model 6.1. On to premise 6.2. Cloud to based 6.3. Hybrid 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By End to User 7.1. Small/Medium Enterprises 7.2. Large Enterprises 7.3. Public Sector 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By IT Solution 8.1. Specialized Solutions (for Back to end) 8.1.1. CRM 8.1.2. Billing 8.1.3. Customer Care 8.1.4. Business Intelligence 8.1.5. Others 8.2. Generalized Solutions (for Front to end) 8.2.1. CRM 8.2.2. Billing 8.2.3. Customer Care 8.2.4. Business Intelligence 8.2.5. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Accenture, Plc. 17.2. Capgemini S.A., Inc. 17.3. Dell EMC 17.4. IBM Corporation 17.5. Oracle Corporation 17.6. Schneider Electric 17.7. Itron Inc. 17.8. AES Ohio 18. Assumptions & Acronyms Used 19. Research Methodology
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Smart Grid Data Analytics Market
