The smart grid data analytics market is expected to grow at a CAGR of 12.3% between 2022 and 2032, with revenues estimated at US$ 4.3 billion in 2021. The market is expected to be worth US$ 14.9 billion by the end of 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 have been growing.
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Moreover, the 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.
The smart grid analytics industry has experienced rapid development in recent years due to 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 of 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 Smart Grid Data Analytics Market Report:
- Global Smart Grid Data Analytics Market is expected to reach a market size of US$ 4.7 Billion by 2022.
- In terms of IT Solutions, the Generalized Solutions segment is expected to have the highest CAGR rate of 14% during the forecast period.
- In terms of the 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 Billion during 2022 – 2032.
- The market in the U.S. is set to experience the highest CAGR of 10% during the 2022-2032 forecast period.
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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 developments in this Smart Grid Data analytics market include:
- In January 2020, Itron Inc. 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 and distribution Automation (DA) technology as part of this collaboration to modernize its grid.
- In October 2019, Uptake 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.
Leading Key Players:
- Accenture Plc.
- Capgemini S.A., Inc.
- Dell EMC
- IBM Corporation
- Oracle Corporation
- Schneider Electric
- Itron Inc.
- AES Ohio
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More Insights Available:
Future Market Insights, in its new offering, presents an unbiased analysis of the Smart Grid Data Analytics Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Smart Grid Data Analytics Market in terms of Component (Solution, Services), Deployment Model (On-premises, Cloud-based, Hybrid), End-User (Small/ Medium Enterprises, Large Enterprises, Public Sector), IT Solution (Specialized Solutions (for Back-end) (CRM, Billing, Customer Care, Business Intelligence, Others), Generalized Solutions (for Front-end) (CRM, Billing, Customer Care, Business Intelligence, Others)), and across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
Smart Grid Data Analytics Market Segmentation:
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
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