Smart Grid Data Analytics Market, By Deployment (Cloud-based and On-premise), By Solution (Transmission and Distribution (T&D) Network, and Metering Customer Analytics), By Application (Advanced Metering Infrastructure Analysis, Demand Response Analysis Grid Optimization Analysis), and By Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Published In : Jan 2023

Code : CMI5462

Pages :163

Formats :

Excel and PDF

Industry : Information and Communication Technology

Smart Grid Data Analytics MarketSize and Trends

The global smart grid data analytics market size was valued at USD 1804.3 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 14.6% from 2022 to 2030. The rising population is driving the demand for residential infrastructure and increased electricity consumption. This, in turn, is contributing to the demand for smart grid data analytics. Moreover, the rise in awareness about smart grid analytics is also driving the market. The growing urbanization in the countries of the Asia Pacific region is further fuelling the demand for smart grid data analytics. Along with this, the introduction of renewable energy is also expected to propel the growth of the market in the region.

Global Smart Grid Data Analytics Market Trends:

Growing adoption of smart grid data analytics in energy industry is a major trend in the global smart grid data analytics market. The energy industry across the globe is increasingly implementing data analytics in smart grids and is regularly processing a huge amount of data. Thus, organizations are opting for setting the on-site infrastructure and using analytics. This is further driving the use of industrial Internet of Things (IoT) that can help address major financial, customer, and operational challenges. Thus, adoption of smart grid data analytics is increasing in energy industry, which in turn is driving the market growth.

Growing demand for smart grid data analytics in industrial and residential sector is also trending in the global smart grid data analytics market. Due to the rise in demand for energy sustainability and increasing rate of electrical gadgets and appliances, the need for smart grid data analytics is increasing in these sectors. Moreover, recent conventions for smart grids are also leading to a gradual approach towards growing investment for the development of controlled and centralized environment in regions such as North America and Europe. Thus, this trend is likely to continue in the global smart grid data analytics market during the forecast future.