SMART GRID DATA ANALYTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Smart Grid Data Analytics Market Drivers:

Increase in investment in smart grid projects is anticipated to augment growth of the global smart grid data analytics market during the forecast period. Several government and private sectors around the world are investing in smart grid projects as the demand for electricity is increasing. For instance, as per the IEA, the demand for electricity around the world is likely to grow by 80% during 2012-2040. Moreover, the investment in smart grid projects are increasing for modernization, expansion and decentralization of electricity infrastructure. This in turn is expected to boost the market growth in the near future.

Growing rate of emerging data is also expected to propel growth of the global smart grid data analytics market during the forecast period. As per the Institute of Electrical and Electronics Engineers (IEEE), grid components and the enterprise systems managing these components have to exchange a huge amount of data in order to enable being smart. This exchange of information helps in economically optimizing bidirectional power flow in a utility and its customers. This data exchange is essential to control, monitor, and coordinate between smart equipment in the smart grid subsystems. Thus, this factor is expected to fuel the demand for smart grid data analytics in the near future.

Global Smart Grid Data Analytics Market Opportunities:

Increase in investment in development of smart grids by emerging countries is creating several growth opportunities in the global smart grid data analytics market. Along with the investment in development of smart grids, the emphasis of monitoring of energy is also growing in developing countries. This is further ensuring a strong growth of the smart electric meters. Thus, due to increasing innovations and supporting markets such as battery wall, solar grids and domestic solar roof systems are propelling the demand for smart grid data analytics. As a result, the players in the global smart grid data analytics market are provided with several growth opportunities.

Moreover, growing R&D activities by market players for more connected and better smart meters is expected to generate multiple opportunities in the global smart grid data analytics market over the forecast period. Smart meters that use the collected data and share it to multiple devices are increasingly being implemented in several cities around the globe, as this generates constant information regarding consumption of water that allows analyzing trends associated with water use and enable detecting faulty and leaky pipes. Thus, market players are focused on offering better smart meter solutions through various R&D activities, which in turn is creating growth opportunities in the market.

Global Smart Grid Data Analytics Market Restraints:

Factors such as high cost of smart grid systems is expected to hamper growth of the global smart grid data analytics market during the forecast period. The cost of initial investment in the smart grids systems is expensive. The major factor that hinders the adoption of smart metering is unavailability of capital funding. Thus, due to the high cost of smart systems, most of the service provider and user employ regular metering equipment. As a result, the adoption of smart grid systems is declined, which in turn hinders growth of the market.

Moreover, lack of skilled professionals is also anticipated to restrain growth of the global smart grid data analytics market during the forecast period. Operating and installation of smart meter are complicated procedures that require skilled labor. This further increases the overall cost of the system, making them expensive than traditional metering systems. Thus, lack of knowledge regarding installation and operating smart meters creates shortage of skilled labor. This factor in turn impedes growth of the global smart grid data analytics market.