Global Smart Grid Analytics Market Projected to Reach USD 2,300 Million by 2026

24-Mar-2020 | Facts and Factors

Findings from Facts and Factors report “Smart Grid Analytics Market By Solution Analysis (Grid Optimization, AMI Analytics, Asset Management, Demand Response Analytics, and Others), By Deployment Analysis (Cloud Based, On-Premises, and Hybrid), By Service Analysis (Professional Services, and Support and Maintenance Services), and BY End-User Analysis (Small & Medium Enterprises, Large Enterprises, Public Sector): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global smart grid analytics market in 2019 was above USD 1,150 million. The market is expected to grow above a CAGR of 10.8% and is anticipated to reach over USD 2,300 million by 2026.

Smart Grid Analytics Market Size

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The smart grid refers to information infrastructure and advanced communication that enables the enhancement of energy production, distribution, storage, and transmission. In Addition, the other benefits of the smart grid involve automation of system management, improvement in the electricity system reliability, educated planning, and lower costs and effort. Smart grid features comprise the entire power system spectrum, from generators, and electricity suppliers to end-users. In addition to the distributed energy resources (DER) integration, the key drivers for the development of the smart grid are recent technology innovations in energy storage, and electric vehicles (EV).

Browse the full “Smart Grid Analytics Market By Solution Analysis (Grid Optimization, AMI Analytics, Asset Management, Demand Response Analytics, and Others), By Deployment Analysis (Cloud Based, On-Premises, and Hybrid), By Service Analysis (Professional Services, and Support and Maintenance Services), and BY End-User Analysis (Small & Medium Enterprises, Large Enterprises, Public Sector): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026 " https://www.fnfresearch.com/smart-grid-analytics-market-by-solution-analysis-grid-921

Increasing demand for smart solutions in the energy sector may drive market growth. With the rise of technological advancement, utilities are increasingly adopting innovative solutions that are capable of optimization, self-tuning, fault detection, and diagnosis for increasing the minuscule profit margins from revenues. Therefore, the demand for smart grid analytics informs smart solutions is anticipated to keep growing in the foreseeable future. Moreover, governments of major economies around the world are increasingly funding smart grid initiatives for the development of smart cities. This investment in the smart grid by governments across the world is expected to fuel the consumption of smart grid technologies which in turn is expected to drive the global smart grid analytics market.

However, The inefficient and outdated grid infrastructure is posing a major challenge in the implementation of smart grid technologies. energy utilities are struggling with the implementation of advanced analytical solutions due to inadequately trained workers as well as a deficit of technical skills required for operating. Energy companies are not confident in reliability, integration, and security. Energy companies also face the problem of interoperability which acts as a restraint in the faster adoption of smart grid technologies. Additionally, budgetary restraints are holding back the implementation of analytical solutions. In recent years, investment in smart city development has increased significantly. Moreover, growing installations of smart meters are expected to create many opportunities for the global smart grid analytics market.

The solution analysis segment, the AMI Analytics segment headed the market with more than USD 280 million, in 2019 and it is expected to grow over the forecast period owing to Increased investment by energy utilities in the deployment of AMI analytics.

On the basis of deployment, on-premises dominated the global smart grid data analytics market in 2019. It accounted for more than 58% share of the total market in 2019.

On the basis of the service, the support and maintenance services segment dominated the global smart grid analytics market in 2019. It accounted for above USD 900 million and is expected to grow during the forthcoming years attributed to the cost and easy availability of its services.

On the basis of the end-user, the public sector segment dominated the global smart grid analytics market in 2019 and is predicted to grow in the future years due to the trust of the population in public sector companies and the huge budget provided by the government.

By geography, The Asia Pacific is expected to be the fastest-growing market for smart grid data analytics in the years to come, due to the increasing awareness about the benefits of smart grid analytics and low maintenance cost.

The top key players operating in the market are SAP AG, Opower Inc., Siemens AG, Accenture Plc, Capgemini S.A., EMC Corporation, IBM Corporation, SAS Institute Inc., Oracle Corporation, Hewlett-Packard Company, and others.

Report Scope

Report Attribute

Details

Market Size in 2019

USD 1,150 Million

Projected Market Size in 2026

USD 2,300 Million

CAGR Growth Rate

10.8% CAGR

Base Year

2019

Forecast Years

2020-2026

Key Market Players

SAP AG, Opower Inc., Siemens AG, Accenture Plc, Capgemini S.A., EMC Corporation, IBM Corporation, SAS Institute Inc., Oracle Corporation, Hewlett-Packard Company, and others.

Key Segment

By Solution, By Deployment, By Services, By End-User, By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

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This report segments the smart grid analytics market as follows:

Global Smart Grid Analytics Market: By Solution Segmentation Analysis

  • Grid Optimization
  • AMI Analytics
  • Asset Management
  • Demand Response Analytics
  • Others

Global Smart Grid Analytics Market: By Deployment Segmentation Analysis

  • Cloud-Based
  • On-Premises
  • Hybrid

Global Smart Grid Analytics Market: By Services Segmentation Analysis

  • Professional Services
  • Support and Maintenance Services

Global Smart Grid Analytics Market: By End-User Segmentation Analysis

  • Small & Medium Enterprises
  • Large Enterprises
  • Public Sector

Global Smart Grid Analytics Market: Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • The UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

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