The global Smart Grid Data Analytics Market is estimated to account for US$ 1804.3 Mn in terms of value by the end of 2021. Increasing population and the need for residential infrastructure has contributed to the demand for smart grid data analytics. These technologies enable utilities to collect and analyze a large volume of data, thus facilitating efficient power consumption. Moreover, they provide an effective method to forecast consumption. Smart grid data analytics solutions are used to analyze large quantities of data, generated from automated distribution systems. This information includes data generated from smart appliances and other components of a smart grid.
Global Smart Grid Data Analytics Market: Drivers
Increasing initiatives by governments across the globe towards smart grids implementation is expected to fuel growth of the global smart grid data analytics market during the forecast period. Several governments around the world are imposing various supportive mandates and policies that focus on implementation of smart grids and to increase awareness regarding energy conservation. Due to such regulations and policies, the adoption of smart grid technology for commercial, residential, and industrial applications is increasing, which in turn is driving growth of the market. For instance, the Department of Energy (DOE) of the U.S. received US$ 4.5 billion funds through the American Recovery and Reinvestment Act of 2009, for modernization of electric power grids.
Global Smart Grid Data Analytics Market: Opportunities
Ongoing projects of smart cities in emerging economies around the world are anticipated to offer several growth opportunities in the global smart grid data analytics market during the forecast period. Smart cities are being developed in urban regions creating sustainable economic growth as well as high quality life. These projects excel is various fields such as mobility, technology, living standards, environment and government regulations. There are more than 100 ongoing smart city project all over the world. This further presents a significant opportunity for tech companies, consulting service providers, and utility service providers.
Global Smart Grid Data Analytics Market: Restraints
Unfavorable conditions arising due to the Covid-19 pandemic are likely to impede growth of the global smart grid data analytics market during the forecast period. Due to the pandemic, several industries were closed down temporarily, which negatively impacted several aspects of market. Due to the stringent lockdown regulations market activities such as manufacturing, supply chains, and distribution operations were disrupted in several industries. Thus, these factors are likely to affect growth of the market during the forecast period.
Global Smart Grid Data Analytics Market - Impact of Coronavirus (Covid-19) Pandemic:
The coronavirus outbreak in Wuhan, China spread across more than 100 countries around the world. Many countries went under countrywide lockdown to curb the virus spread. As a result, various market operations were disrupted during the pandemic. Due to lack of manpower and shortage of raw material supply, production and demand declined in several industries. The global smart grid data analytics market was also negatively impacted during the pandemic due to aforementioned reasons. However, as the pandemic situation is returning to normal, the market is likely to regain growth.
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Key Takeaways:
The global smart grid data analytics market was valued at US$ 1804.3 Mn in 2021 and is forecast to reach a value of US$ 6016.0 Mn by 2030 at a CAGR of 14.6% between 2022 and 2030.
On-premise segment held dominant position in the global smart grid data analytics market in 2021, accounting for 53.9% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Smart Grid Data Analytics Market Trends:
Increase in technological developments in Big Data Analytics and Internet of Things (IoT) is a growing trend in the global smart grid data analytics market during the forecast period. The smart grid system is concept based on IoT. It connects all the grid components and establishes two-way communication between utilities and consumer. Due to growing developments and improvements in IoT infrastructure, the smart grid systems are likely to grow as more efficient and reliable electricity distribution network. This trend is likely to grow in the market in the near future.
Major players in the global smart grid data analytics market are focusing on collaboration and partnerships to offer better solutions. This in turn is expected to boost growth of the market over the forecast period. For instance, in January 2020, Itron, Inc. collaborated with Bidgely to unlock value-driven business use cases for dual-fuel and electric utilities. This collaborations is likely to aim enhanced customer satisfaction along with customer engagement and experience, and targeted energy efficiency programs. This trend is projected to grow in the market during the forecast future.
Global Smart Grid Data Analytics Market: Competitive Landscape
Sensus USA Inc. (Xylem Inc.), Siemens AG, Amdocs Corporation, Itron Inc., Oracle Corporation, AutoGrid Systems Inc., Schneider Electric SE, General Electric Company, Uptake Technologies Inc., IBM Corporation, Landis & Gyr Group AG, SAP SE, Uplight Inc., Tantalus System Corp., Hitachi Ltd., and SAS Institute Inc.
Global Smart Grid Data Analytics Market: Recent Developments
In November 2019, IBM introduced Maximo Asset Monitor, an AI-powered monitor designed for helping the customer in operations and maintenance in order to help them gain a better understanding and to improve the performance of the physical assets.
In June 2019, General Electric Company (GE Digital), introduced new analytics for advancing electric grid operations. The company announced three novel analytics combining domain expertise with machine learning and artificial intelligence for address the increasing challenges in the electric grid operations.
