According to a recently published Future Market Insights report, the Smart Grid Data Analytics Market revenues were estimated at US$ 4.3 Bn in 2021 and is anticipated to grow at a CAGR of 12.3% from 2022-2032. By the end of 2032, the market is expected to reach a valuation of US$ 14.9 Bn. Revenue through Cloud-based Smart Grid Data Analytics is projected to grow at 14.9% CAGR during 2022 – 2032.
Smart grids lead the new generation of the electrical industry by transitioning from static one-way control to dynamic two-way control. Smart grids capture more data than traditional energy meter reading systems. As additional factors are included, this enables the application of data analysis tools and the development of realistic consumption projections. As a result, since there is exponentially more data accessible to construct analytical models, the prospects for smart grid analytics has been growing.
Moreover, smart grid maximizes asset use and runs effectively, resulting in required functionality at the lowest possible cost. Many corporations are already updating their substations and power plants by installing sensors on the key components, such as turbines and transformers, to detect vibration or other irregularities that might lead to future issues. As a result, these businesses use smart grid analytics to improve the operation of connected equipment in the field.
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Smart grid analytics industry has experienced rapid development in recent years due to the various driving factors like the introduction of smart metering infrastructure, which generates a massive number of data, the finite nature of non-renewable sources of energy, and increased customer participation. The development in cloud-based solutions/Software-as-a-Service (SaaS) solutions, increasing demand for system integrators, and a shift in focus on grid operation optimization are all market prospects throughout the smart grid analytics environment.
Key Takeaways from the Market Study
- Global Smart Grid Data Analytics Market is expected to reach a market size of US$ 4.7 Bn by 2022.
- In terms of IT Solution, the Generalized Solutions segment is expected to have the highest CAGR rate of 14% during the forecast period.
- In terms of Deployment Model, the Cloud-based segment is expected to account for the highest CAGR of 14.9% during the forecast period.
- United States is projected to remain the dominant market with an absolute dollar growth opportunity of US$ 1.5 Bn during 2022 – 2032.
- The market in U.S is set to experience the highest CAGR of 10% during the 2022-2032 forecast period.
“During the projected period, the rise of Cloud-based deployment model can become a key driver in raising the Smart Grid Data Analytics market revenue.” comments a Future Market Insights analyst.
Competitive Landscape
The Smart Grid Data Analytics Market is highly concentrated, with only a few competitors accounting for the vast majority of market share. The established firms are attempting to obtain supremacy in this sector. These firms are increasing their profits and market shares through smart joint projects. Some development in this Smart Grid Data analytics market include:
- In January 2020, Itron Inc. has agreed to work with the Los Angeles Department of Water and Power (LADWP) to increase grid awareness and lower operational expenses. LADWP is likely to adopt Itron’s Industrial IoT connection & Distribution Automation (DA) technology as part of this collaboration to modernize its grid.
In October 2019, Uptake has partnered with Symboticware to provide mining companies with an end-to-end, incorporated data science and AI platform to increase the productivity of mobile mining equipment. Symboticware’s SymBot gadget, which takes significant data across mining fleets, and Uptake’s Asset IO, Asset Performance Management (APM) application that employs artificial intelligence (AI) to extract expected insights from data, are part of the combined solution.
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Market Segments Covered in Smart Grid Data Analytics Market Analysis
By Component:
- Smart Grid Data Analytics Solution
- AMI Analytics
- Demand Response Analytics
- Grid Optimization
- Asset Management
- Others
- Smart Grid Data Analytics Services
- Professional Services
- Managed Services
By Deployment Mode:
- On-premises Smart Grid Data Analytics
- Cloud-based Smart Grid Data Analytics
- Hybrid
By End-user:
- Large enterprises
- Small and Medium-sized Enterprises
- Public Sector
By IT Solution:
- Specialized Solutions
- CRM
- Billing
- Customer Care
- Business Intelligence
- Others
- Generalized Solutions
- CRM
- Billing
- Customer Care
- Business Intelligence
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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