Smart Grid Data Analytics Market size grow at a CAGR of 12.7% by 2030
Smart Grid Data Analytics Market
The Market Statsville Group (MSG) publishes the new report on the "Smart Grid Data Analytics Market by Deployment (Cloud-based and On-premise), by Solution (Transmission and Distribution (T&D) Network, Metering, and Customer Analytics), by Application (Advanced Metering Infrastructure Analysis, Demand Response Analysis, and Grid Optimization Analysis), by End-Users (Private Sector and Public Sector), by Region – Global Share and Forecast to 2030".
The globalsmart grid data analytics market size is projected to grow at a CAGR of 12.7% and is estimated to reach USD 7,681.5 million by 2030 from USD 2,951.6 million in 2021. In the electricity sector, the need to predict changes in power flow, make long-term investment decisions, and automated reporting for managing risks is causing an exponential increase in data generation. In the electricity sector, the need to predict changes in power flow, make long-term investment decisions, and automated reporting for managing risks is causing an exponential increase in data generation. Additionally, the trend of increased adoption of digitization systems in the energy sector has been boosting the rate of data generation. The sources of energy Big Data can be categorized into two groups, namely electric utility data and supplementary data. Electric utility data includes all enterprise data and the information that a utility can reveal from a smart grid. Supplementary data refers to all other data sources beneficial for Big Data applications.
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Global Smart Grid Data Analytics Market Segmentation
The overall smart grid data analytics market has been segmented into deployment, solution, application, end-users, and region.
- By Deployment (Cloud-based and On-premise)
- By Solution (Transmission and Distribution (T&D) Network, Metering, and Customer Analytics)
- By Application (Advanced Metering Infrastructure Analysis, Demand Response Analysis, and Grid Optimization Analysis)
- By End-Users (Private Sector and Public Sector)
- By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
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On-premise, by deployment, is estimated to hold the largest market share during the forecast period
Based on method, the global smart grid data analytics market is segregated as cloud-based and on-premise. On-premise had the largest market in 2021. The on-premise deployment of analytic solutions for smart grids is anticipated to witness low adoption compared to the cloud over the forecast period, owing to the flexibility offered by the cloud. Moreover, most of the IoT platform vendors are also offering cloud-based offerings.
Due to government regulations, the on-premise deployment of analytics solutions for smart grids has gained importance. Many organizations opt for on-premises solutions such as device management to match government requirements. While government data security and privacy regulations vary across regions, they are becoming more stringent. Companies operating under government regulations that currently require high-level data security for various applications prefer on-premise than the cloud. There’s a likelihood that rules may become more stringent or enforcement more robust in the future, which might enable the companies to store data in a private data center, thereby proving opportunities for the on-premise deployment
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North America accounts for the largest market share in the smart grid data analytics market 2021
Based on the regions, the global smart grid data analytics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America accounted for the highest market share of 38% in the global smart grid data analytics market and was anticipated to maintain its dominance throughout the forecast period. North America is one of the leading innovators and pioneers in the adoption of smart grids and analytics. The demand in the region is mainly driven by a higher focus on innovations, through R&D and technological advancements, in the developed economies, like the United States and Canada. The huge energy consumption rate in the region supports this growth.
Canada has also witnessed the large-scale incorporation of smart electricity meters after a governmental mandate was introduced over five years ago, with the prime motive of reducing peak-time loads. Different peak and non-peak time rates were added, with smart meters enabling real-time billing. Canada is an active member of several International Energy Agency Technology collaboration programs in the renewable energy and end-use sectors, including the International Smart Grid Actions Network. Moreover, researchers collaborate on R&D tasks to advance renewable energy and energy efficiency in the built environment and power systems.
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This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the smart grid data analytics market. It also consists of the profiles of leading companies such as General Electric Company, IBM Corporation, AutoGrid Systems Inc., Siemens AG, Itron Inc., SAP SE, SAS Institute Inc., Hitachi Ltd, Uplight Inc., Uptake Technologies Inc., Oracle Corporation, Amdocs Corporation, Schneider Electric SE, Tantalus System Corporation, Landis & Gyr Group AG, and Sensus USA Inc. (Xylem Inc.). These market players have focused on acquisitions and expansion to gain a larger market share in the smart grid data analytics market.
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Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.
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