Smart Grid Data Analytics Market To Experience A Hike In Growth By 2030
The global smart grid data analytics market is expected to reach US$ 14,036.9 Mn by 2030 from US$ 4,193.8 Mn in 2020, expanding at a CAGR of 12.8% from 2020 to 2030.
The global smart grid data analytics market is currently driven by rising levels of investment in smart grid systems. Utility providers are increasingly seeking reliable solutions to optimize their grid efficiency, due to ever-increasing demand for electricity. This is expected to create a substantial shift toward smart grid systems during the forecast period. The smart grid data analytics market in Asia Pacific is projected to expand at a high CAGR during the forecast period. Increasing digitalization of utility operations has propelled the demand for smart grid data analytics in the region.
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Smart Grid Data Analytics Market Definition
The smart grid data analytics market report provides analysis of the global smart grid data analytics market for the period 2018 – 2030, wherein 2019 is the base year, 2020 is the estimated year, and 2021 to 2030 is the forecast period. Data for 2018 has been included as historical information.
Smart grid data analytics are solutions used to analyze the large amount of data generated from the smart grid systems. These solutions are deployed with an intention to gain better predictive analysis of consumer behavior and grid conditions, thereby optimizing grid efficiency. Smart grid analytics solutions are deployed at the grid owners’ end in order to establish a better decision support system. The solutions are developed to analyze the data generated from different smart grid components, such as smart meters, smart appliances, automated distribution systems, and other sensing equipment. The data collected is transferred using two-communication network of the grid for further predictive analysis.
In this report, we analyze the challenges end-users face in acquiring the right smart grid data analytics that can cope with the rapidly changing world. The report also highlights the total revenue generated through the sale of smart grid data analytics across various key regions worldwide.
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North America Smart Grid Data Analytics Market – Snapshot
The smart grid data analytics market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe. North America remains the leading market for smart grid data analytics, with revenues in 2020 estimated at US$ 1,361.7 Mn.
Most of the smart grid data analytics vendors focus on providing AMI analytics solutions to utility providers in the region. Demand for smart grid data analytics solutions in North America is expected to be driven by the U.S. This is mainly due to the significant investment in smart grid systems in the country.
Key Growth Drivers of the Smart Grid Data Analytics Market
Advancements in Smart Meter and Advanced Metering Infrastructure (AMI) – Advanced metering infrastructure (AMI) is an integrated system which includes smart meters, communication networks, and data management systems that provide a two-way digital link between the customer and utilities. AMI provides various operational benefits to minimize the utility cost and offers convenience to the customer. AMI significantly reduces operating costs by remotely reading meters, connecting/disconnecting the service, identifying outages by generating more accurate bills faster, and enables utilities to provide customers digital access to their usage information. Thus, the increasing installation of smart meters and adoption of advanced metering infrastructure is expected to boost the smart grid data analytics market during the forecast period globally.
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Key Challenges Faced by Smart Grid Data Analytics Market Players
Most utility providers, predictably, have lower budgets for the improvement/ upgrade of their power grids. Although smart grids offer numerous advantages over conventional distribution systems, majority of utility providers are skeptical about their return on investment on the smart grids. Thus, utility providers prefer to rely on their traditional grid systems due to these uncertainties. Thus, high cost of smart grid systems is anticipated to hamper the smart grid data analytics market during the forecast period.
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