SMART GRID DATA ANALYTICS MARKET ANALYSIS

Regional Analysis

Global Smart Grid Data Analytics Market: Regional Insights

The global smart grid data analytics market is regionally divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.

North America among regions is anticipated to witness substantial growth in the global smart grid data analytics market over the forecast period, owing to high adoption of smart grids and analytics, high demand due to strong focus on innovations through technological advancements and R&D activities in countries such as Canada and the United States. Moreover, large rate of consumption of energy in the region is also driving growth of the market.

Furthermore, Asia Pacific is also expected to account for a strong share in the global smart grid data analytics market during the forecast period. The region is likely to be the fastest growing market, owing to increase in emergence of vendors, growing urbanization and initiatives by governments in countries such as China, Japan, India, and Korea. Moreover, emerging smart city projects in the region are also supporting growth of the market in Asia Pacific. For instance, China made an investment of US$ 74.3 billion in the National smart city program of the country. Due to this program, by 2017, the country had 500 smart cities in different stages of development.

Figure 1. Global Smart Grid Data Analytics Market Share (%), by Region, 2021