Smart Grid Analytics Market Predicted to Reach USD 2,300 Million by 2026: Facts & Factors

The smart grid analytics market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire smart grid analytics market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms of value (USD Million) from FY 2016 – 2026.

According to the Facts and Factors, Research Report, the global smart grid analytics market in 2019 was above USD 1,150 million. The market is expected to grow above a CAGR of 10.8% and is anticipated to reach over USD 2,300 million by 2026.

The smart grid refers to information infrastructure and advanced communication that enables the enhancement of energy production, distribution, storage, and transmission. In Addition, the other benefits of the smart grid involve automation of system management, improvement in the electricity system reliability, educated planning, and lower costs and effort. Smart grid features comprise the entire power system spectrum, from generators, electricity suppliers to end-users. In addition to the distributed energy resources (DER) integration, the key drivers for the development of the smart grid are recent technology innovations in energy storage, electric vehicles (EV).

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Increasing demand for smart solutions in the energy sector may drive market growth. In the rise of technological advancement, utilities are increasingly adopting innovative solutions that are capable of optimization, self-tuning, fault-detection and diagnosis for increasing the minuscule profit margins from revenues. Therefore, the demand for smart grid analytics informs smart solutions is anticipated to keep growing in the foreseeable future. Moreover, governments of major economies around the world are increasingly funding smart grid initiatives for the development of smart cities. This investment in the smart grid by government across the world is expected to fuel the consumption of smart grid technologies which in turn is expected to drive the global smart grid analytics market. However, The inefficient and outdated grid infrastructure is posing a major challenge in the implementation of smart grid technologies. energy utilities are struggling with the implementation of advanced analytical solutions due to inadequately trained workers as well as a deficit of technical skills required for operating. Energy companies are not confident in reliability, integration, and security. Energy companies also face the problem of interoperability which acts as a restraint in faster adoption of smart grid technologies. Additionally, budgetary restraints are holding back the implementation of analytical solutions. In recent years, investment in smart city development has increased significantly. Moreover, growing installations of a smart meter are expected to create many opportunities for the global smart grid analytics market.

By the solution analysis segment, the AMI Analytics segment-headed the market with more than USD 280 million, in 2019 and it is expected to grow over the forecast period owing to Increased investment by energy utilities in the deployment of AMI analytics.

Top Market Players:

Top key players operating in the market are SAP AG, Opower Inc., Siemens AG, Accenture Plc, Capgemini S.A., EMC Corporation, IBM Corporation, SAS Institute Inc., Oracle Corporation, Hewlett-Packard Company, and others.

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On the basis of deployment, on-premises dominated the global smart grid data analytics market in 2019. It accounted for more than 58% share of the total market in 2019.

On the basis of the service, the support and maintenance services segment dominated the global smart grid analytics market in 2019. It accounted for above USD 900 million and is expected to grow during the forthcoming years attributed to the cost and easy availability of their services.

On the basis of the end-user, the public sector segment dominated the global smart grid analytics market in 2019 and is predicted to grow in the future years due to the trust of the population on public sector companies and the huge budget provided by the government.

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To examines the data produced from the smart grid network, smart grid analytics solutions are used. It is used for energy and utilities. The smart grid analytics are used in utility and energy sector, to enhance the efficiency of utility provider and to prevent the loss that occurs at the time of electricity generation and distribution. The rising investment in the smart grid system may drive the global market. Increasing adoption of the smart grid, increasing innovations in the Internet Of Things (IoT), growing awareness about the advantages of smart analytics is driving the market growth. Moreover, the low maintenance cost is also propelling the market. However, the lack of awareness and low availability of trained workers may impede the market growth. On the other hand, growing installations of a smart meter are expected to create many opportunities for the global smart grid analytics market.

The smart grid analytics market research report delivers an acute valuation and taxonomy of the smart grid analytics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the smart grid analytics industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the smart grid analytics industry is provided for the leading economies of the world.

By geography, The Asia Pacific is expected to be the fastest-growing market for smart grid data analytics during the years to come, due to the increasing awareness about the benefits of smart grid analytics and low maintenance cost.

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This report segments the smart grid analytics market as follows:

Global Smart Grid Analytics Market: By Solution Segmentation Analysis

Grid Optimization
AMI Analytics
Asset Management
Demand Response Analytics
Others

Global Smart Grid Analytics Market: By Deployment Segmentation Analysis

Cloud-Based
On-Premises
Hybrid

Global Smart Grid Analytics Market: By Services Segmentation Analysis

Professional Services
Support and Maintenance Services

Global Smart Grid Analytics Market: By End-User Segmentation Analysis

Small & Medium Enterprises
Large Enterprises
Public Sector

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