Smart Grid Data Analytics Market
Smart Grid Data Analytics Market (Component: Solution [AMI Analytics, Demand Response Analytics, Grid Optimization, Asset Management, Others (Energy Forecasting and Data Visualization Tools)], and Services [Professional and Managed]; Deployment Model: On-premise, Cloud-based, and Hybrid; End-user: Small/ Medium Enterprises, Large Enterprises, and Public Sector; BSS Solutions for Utilities: Specialized Solutions (for Back-end) [CRM, Billing, Customer Care, Business Intelligence, Others] and Generalized Solutions (for Front-end) [CRM, Billing, Customer Care, Business Intelligence, Others]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
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Smart Grid Data Analytics Market in Brief
- 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.
- China is the most attractive market in Asia Pacific. The incremental opportunity is significantly higher for China as it accounts for a dominant share in the smart grid data analytics market 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.
- 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 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 coming years with the growing advancements and betterment of IoT infrastructure.
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Market Dynamics - Smart Grid Data Analytics Market
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.
Smart Grid Data Analytics Market – Competitive 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.
Global Smart Grid Data Analytics Market Taxonomy
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 the 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 the 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