Smart Grid Data Analytics Market
Smart Grid Data Analytics Market (Component: Solution [AMI Analytics, Demand Response Analytics, Grid Optimization, Asset Management, and Others] and Services [Professional and Managed]; Deployment Model: On-premise, Cloud-based, and Hybrid; End User: Small/Medium Enterprises, Large Enterprises, and Public Sector; and BSS Solutions for Utilities: Specialized Solutions and Generalized Solutions) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
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Growing Emphasis on Improving Safety, Reliability, and Efficiency of Smart Grids to Aid Market Growth
Due to advancements in technology, the demand for electrical energy has witnessed a remarkable growth due to which, the distribution and production of electrical energy continue to remain a challenge. Over the past years, the consistent surge in the demand for electrical energy has directly led to the development of complex power grids in which, reliability, efficiency, environmental, and energy sustainability are some of the key requirements. The tectonic shift toward newer technologies has gradually paved the way for the development of smart grids in recent times– a trend that is projected to propel the expansion of the global smart grid data analytics market during the assessment period.
The consistent implementation of smart features in modern-day smart grids is expected to play an imperative role in the growth of the market for smart grid data analytics. As players involved in the current market landscape are increasingly working toward improving efficiency, reliability, and sustainability of power distribution systems, innovations in terms of technology, and installation of new smart grid concepts have increased. Due to the advent of novel technologies such as the Internet of Things (IoT) and Artificial Intelligence (AI), the smart grid data analytics market is likely to undergo a major overhaul in the upcoming years, wherein these technologies are likely to gain mainstream popularity.
At the back of these factors, along with flourishing industrial and residential sectors in both developed and the developing regions, the global smart grid data analytics market is expected to reach US$ 14 Bn mark by the end of 2030.
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Rise in Electricity Consumption to Drive Market Growth
Over the past couple of decades, rapid urbanization, especially in the developing regions of the world such as India, China, Brazil, elevating living standards, and fast-paced advancements in technology have led to a significant rise in the consumption of electricity. In the wake of the growing demand for environmental sustainability and protection, environment-friendly solutions are increasingly being installed in a range of applications. At present, conventional centrally-controlled systems for efficient power distribution are gradually being replaced by cutting-edge smart grids due to which, the demand for smart grid data analytics is on the rise.
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The growing adoption of the smart grid technology to enable safe and efficient transmission and distribution of power is expected to provide lucrative opportunities to players operating in the current smart grid data analytics market. Over the past decade, automation in distribution systems is taking place at a rapid pace and is a growing trend– another factor that is estimated to propel the global smart grid data analytics market during the assessment period. In addition, research and development activities continue to increase the reliability and sustainability of smart grids and pave the way for a range of smart grid data analytics solutions.
Rising Adoption of IoT and Big Data Analytics to Propel Global Market
The growing emphasis on the development of future-centric smart grids has generated noteworthy interest in IoT devices and cloud-based data management platforms. The smart grid data analytics market is expected to develop at a rapid pace in the upcoming years as the deployment of new analytics to facilitate IT/OT convergence to enable data management. The Internet of Things (IoT) is set to take the smart grid data analytics into a new era wherein reliability and security of smart grids are improved by a significant margin. At present, researchers, along with smart grid manufacturers are increasingly working toward improving the security of smart grids by expanding into different services, including authentication, user privacy, data integrity, and confidentiality. The advent of novel technologies, such as the IoT, is expected to mark the beginning of a new era for smart grid data analytics.
Market Growth to Remain Steady amid COVID-19 Pandemic
The ongoing COVID-19 pandemic is likely to have a short-term impact on the overall growth of the smart grid data analytics market. As industries in several key industrial hubs around the world were shut down due to the lockdown imposed by governments, operations across the smart grid data analytics market were disrupted in terms of delivery of raw materials, production, etc. While the software side of things remained majorly unaffected, implementation, transportation, and installation of new smart grid solutions in technologies remained comparatively sluggish in many regions of the world. However, as the industrial sector around the world is gradually coming back on track, market players are likely to overcome existing barriers across the supply chain.
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The global smart grid data analytics market is expected to grow at an impressive CAGR of ~13% during the forecast period. The market growth can be primarily attributed to advancements in technology, growing emphasis on improving the efficiency and reliability of smart grids, environment sustainability demands, and the onset of novel technologies such as the IoT and Big Data analytics. In addition, rapid urbanization, particularly in developing regions of the world, is another major factor expected to propel the smart grid data analytics market in the upcoming years.
Smart Grid Data Analytics Market: Overview
- The global smart grid data analytics market is expected to reach US$ 14 Bn by 2030 from US$ 4.2 Bn in 2020, expanding at a CAGR of ~13% from 2020 to 2030
- The global smart grid data analytics market is currently driven by rising levels of investments 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.
- China is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for China, as it accounts for a dominant share of the smart grid data analytics market in the region.
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 large amounts of data generated from the smart grid systems. These solutions are deployed with the 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.
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 investments in smart grid systems in the country.
Key Growth Drivers of Smart Grid Data Analytics Market
- Advancements in Smart Meter and Advanced Metering Infrastructure (AMI): The 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 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, increasing installation of smart meters and adoption of advanced metering infrastructure are expected to boost the smart grid data analytics market during the forecast period globally.
- Technological Advancements in Internet of Things (IoT) and Big Data Analytics: The smart grid system is based on the concept of Internet of Things (IoT), which connects all of the components of the grid, establishing a two-way communication between consumers and utilities. The smart grid system is expected to emerge as a more reliable and efficient electricity distribution network in the upcoming years with advancements and betterment of IoT infrastructure.
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 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.
Smart Grid Data Analytics Market: Competition Landscape
- In January 2020, Itron Inc., a smart grid data analytics provider collaborated with Innowatts, Inc., a provider of AMI-enabled predictive analytics and AI-based solutions
- In June 2019, Accenture Plc acquired BRIDGE Energy Group to increase security services for utilities in North America, and capabilities in grid analytics and modernization
Smart Grid Data Analytics Market: Company Profile Snapshot
- ABB Ltd.: Incorporated in 1988, ABB is a public global power and industrial automation company. The company’s clients are located in Latin America, North America, China, and Western Europe in energy and utilities industries.
- Accenture Plc: Accenture is a global professional services company, offering wide-ranging services, solutions, consulting, strategy, operations, and technology. The company is spread across 200 cities in 52 countries around the globe.
- Other major players operating in the global smart grid data analytics market and profiled in the report include
- Amdocs Ltd.
- AutoGrid Systems Inc.
- Capgemini SE
- Dell EMC
- General Electric
- Hansen Technologies
- Hewlett-Packard Development Company
- Hitachi Ltd.
- IBM Corporation
- Itron Inc.
- NetCracker Technology Corporation
- Oracle Corporation
- SAP SE
- SAS Institute, Inc.
- Schneider Electric SE
- Siemens AG
- Tata Consultancy Services Ltd.
- ZTEsoft Technology Co., Ltd.
Smart Grid Data Analytics Market – Scope of the Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global smart grid data analytics market to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the smart grid data analytics market to identify opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the smart grid data analytics market is expected to progress during the forecast period 2020-2030.
The report offers intricate dynamics about the different aspects of the smart grid data analytics market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the smart grid data analytics market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the smart grid data analytics market, and estimate statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the smart grid data analytics market, along with cross-country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the smart grid data analytics market, wherein, various developments, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Smart Grid Data Analytics Market
The report provides detailed information about the smart grid data analytics market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the smart grid data analytics market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for smart grid data analytics market players?
- Which factors will induce a change in the demand for smart grid data analytics during the assessment period?
- How will changing trends impact the smart grid data analytics market?
- How will COVID-19 impact the smart grid data analytics market?
- How can market players capture low-hanging opportunities in the smart grid data analytics market in developed regions?
- Which companies are leading the smart grid data analytics market?
- What are the winning strategies of stakeholders in the smart grid data analytics market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the smart grid data analytics market between 2020 and 2030?
- What are the winning imperatives of market frontrunners in the smart grid data analytics market?
Research Methodology – Smart Grid Data Analytics Market
The research methodology adopted by analysts to compile the smart grid data analytics market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the smart grid data analytics market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the smart grid data analytics market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the smart grid data analytics market.
Smart Grid Data Analytics Market – Segmentation
TMR’s research study assesses the smart grid data analytics market on the basis of component, deployment model, end user, BSS solutions for utilities, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the smart grid data analytics market.
BSS Solutions for Utilities