By 2030, Demand for Global Smart Grid Analytics Market Size & Share Will Surpass USD 5.92 Billion Mark, at 11.81% CAGR Growth | Smart Grid Analytics Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, Jan. 11, 2023 /PRNewswire/ -- As per Zion Market Research study, The global smart grid analytics market size was worth around USD 2.75 billion in 2021 and is predicted to grow to around USD 5.92 billion by 2030 with a compound annual growth rate (CAGR) of roughly 11.81% between 2022 and 2030.
Smart Grid Analytics Market: Overview
The current modern world is changing at a rapid rate and these changes may not necessarily be apparent to the end-consumers but the global technical units have come a long way since the inception of technology, especially with the rising consumption levels in the energy and utility sector which forms the core of energy supply. With the dynamic consumption patterns, responsible authorities must deploy necessary advanced tools to collect accurate data about consumer trends and make use of analytical tools to forecast future demand and optimize the current utilization of energy and other related utilities.
Smart grid analytics is based on the study of smart grids also known as electrical grids. These systems employ a variety of energy-related and operations measures including but not limited to an advanced infrastructure for accurate metering, circuit breakers and smart energy distribution boards, and resources of renewable energy including the grid's capacity to charge electric vehicles. Smart grids can provide end-ways to meet consumers' requirements and expectations but smart grid analytics uses prescriptive and predictive analysis to help energy providers become future-ready.
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Key Industry Insights & Findings of the Smart Grid Analytics Market Reports:
- As per the analysis shared by our research analyst, the global smart grid analytics market is estimated to grow annually at a CAGR of around 11.81% over the forecast period (2022-2030)
- In terms of revenue, the global smart grid analytics market size was valued at around USD 2.75 billion in 2021 and is projected to reach USD 5.92 billion, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
- Based on deployment model segmentation, on-premise was predicted to show maximum market share in the year 2021
- Based on type segmentation, generalized solutions were the leading type in 2021
- On the basis of region, North America was the leading revenue generator in 2021
Zion Market Research published the latest report titled "Smart Grid Analytics Market By Deployment Model (Cloud-Based, On-Premise, and Hybrid), By Component (Services, Solution, Managed, and Professional), By Type (Generalized Solutions, and Specialized Solutions), By End-User (Public Sector, Large Enterprises, and Small & Medium Size Enterprises), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030." into their research database.
Industry Dynamics:
Smart Grid Analytics Market: Growth Drivers
- Technical advancements to drive market growth.
The global smart grid analytics market is projected to gain high growth momentum propelled by increasing technical advancements along with a rise in the number of installations of smart grids across the globe. Some of the advanced technologies deployed include advanced metering infrastructure, a system developed for the measurement, collection, and analysis of energy consumption patterns. The system is capable of communicating with smart metering devices like heat meters, electricity meters, and gas & water meters as per schedule or on request. With this advanced system, smart devices can make necessary changes in the system with minimum human intervention leading to the optimization of energy supply and subsequent consumption. Software, hardware, controller, displays, communications, and other equipment are a part of the metering system. The Indian Ministry of Power has already allocated pilot projects for 14 smart grid installations.
Smart Grid Analytics Market: Restraints
- High cost of set-up to restrict market expansion.
Setting up smart grid analytics systems can be expensive as it requires the installation of extremely advanced tools like machine learning and artificial intelligence. Smart grids generate large amounts of data and require heavy software or machiners to analyze the huge load of information generated and deliver useful conclusions. This could restrict global market expansion, especially in underdeveloped economies with poor infrastructure and low investment budgets.
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Smart Grid Analytics Market: Opportunities
- Modernization to act as a positive influence for further growth.
Every economy is working toward providing the best products and services to its citizens and creating a mark on the world map. Multinational companies are looking for opportunities where they can make investments and strengthen their position in the global smart grid analytics market. Such situations create a winning scenario for all the parties involved as both consumers and businesses can benefit from such a positive approach. For instance, in February 2022, Empower New Energy will be investing around USD 100 million over the next three years to install the battery and solar systems to assist over 50 businesses in Africa.
Smart Grid Analytics Market: Challenges
- Reliability on skilled labor may create challenging scenarios for businesses.
High advanced analytical systems required exceptionally skillful labor to operate the main system performance. Although machines function on their own, human skills will also be required to make sure that the systems are effective and avoid any malfunction. This is one of the major challenges for business owners due to the gap between demand and availability of skilled labor. As per a recent survey, more than 66% of information technology (IT)-related managers stated to have major skill gaps in their teams.
Global Smart Grid Analytics Market: Segmentation
- The global smart grid analytics market is segmented based on deployment model, component, type, end-user, and region.
Based on the deployment model, the global market segments are cloud-based, on-premise, and hybrid. During 2021, on-premise deployment of smart grid analytical systems was preferred since it offers higher security, reliability, and flexibility as compared to hybrid or cloud models. On-site systems give businesses more ownership of the data and can access information or draw results accurately for each consumer. In a recent survey by 451 Alliance, over 48% of the respondents confirmed that they had moved away from cloud technology; however, it may gain more consumer trust in the coming years as international business agreements increase with globalization.
Based on type, the global market divisions are generalized solutions and specialized solutions, with the former generating the highest revenue in 2021 with relatively low cost being the main reason for companies to prefer generalized solutions. Infrastructure for smart grid analytics is highly expensive and specialized versions could lead to a further increase in the expense hence only a selective group of businesses invested in customized versions. For instance, data analytics services offered by ITS could cost a minimum of USD 1000 as per the company website with the price increasing as per requirement and the amount of data collected.
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List of Key Players in Smart Grid Analytics Market:
- EMC Corporation
- SAP SE
- Accenture PLC
- Oracle Corporation
- SAS Institute Inc.
- Capgemini SE
- Siemens AG
- IBM Corporation.
Key questions answered in this report:
- What are the growth rate forecast and market size for Smart Grid Analytics Market?
- What are the key driving factors propelling the Smart Grid Analytics Market forward?
- What are the most important companies in the Smart Grid Analytics Market Industry?
- What segments does the Smart Grid Analytics Market cover?
- How can I receive a free copy of the Smart Grid Analytics Market sample report and company profiles?
Report Scope:
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Recent Developments
- In March 2022, Networked Energy Services (NES), a leading organization functioning in the smart grid industry, announced its intention to enter the Indian market, one of the fastest-growing economies in terms of advanced metering infrastructure (AMI) and smart grid solutions. The company plans to benefit from more than 275 million consumers in India while helping the economy upgrade its system and services
- In October 2022, Iberdrola and the European Investment Bank reported their decision to upgrade the sanction of green load (2021) with a rise of USD 215 million to help Spain strengthen its smart grid systems and allow supply security, energy efficiency, and renewable integration
Regional Dominance:
- North America to continue leading market growth for the projection period.
The global smart grid analytics market is expected to be documented by North America following the trend in the previous years where the regional market was valued at over USD 1200 million. This growth can be attributed to the advanced economies of the US and Canada and growing investments in smarter management of energy consumption. The territories are moving toward renewable energy since the demand for cleaner sources has increased drastically. Currently, around 19% of Canada's energy supply is renewable and the country's leaders have announced an investment of USD 300 million in green energy. As per a 2018 report, the US may invest up to USD 100 billion by the end of 2030 with major investments in AMI and clean energy. In 2019, the US overtook China for the first time in terms of investments in smart energy grids.
Global Smart Grid Analytics Market is segmented as follows:
Smart Grid Analytics Market: By Deployment Model Outlook (2022-2030)
- Cloud-Based
- On-Premise
- Hybrid
Smart Grid Analytics Market: By Component Outlook (2022-2030)
- Services
- Solution
- Managed
- Professional
Smart Grid Analytics Market: By Type Outlook (2022-2030)
- Generalized Solutions
- Specialized Solutions
Smart Grid Analytics Market: By End-User Outlook (2022-2030)
- Public Sector
- Large Enterprises
- Small & Medium Size Enterprises
Smart Grid Analytics Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- 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 Middle East & Africa
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