Press release
2024 Prediction Industry Segmentation of Global Smart Grid Data Analytics Market
The most significant factor fuelling the growth of the smart grid data analytics market is the rising levels of investment over smart grid systems. Due to ever-increasing demand for electricity, utility providers are increasingly seeking reliable solutions to optimize their grid efficiency. This is expected to create a substantial shift toward smart grid systems in the coming years. Thus, with the increasing adoption of smart grids, the demand for data analytics solutions is expected to soar substantially during the forecast period. This is due to the fact that the smart grid analytics market growth largely depends upon the penetration of smart grid systems. Another significant factor boosting the smart grid analytics market’s growth is the rising advancements in Big Data analytics and Internet-of-Things (IoT). Smart grid data analytics solutions are referred to as among the most significant applications of Big Data analytics and IoT. Thus, with the increasing penetration and advancements of these solutions, the market for smart grid analytics is predicted to witness strong growth in the coming years.
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The global smart grid data analytics market is also driven by the rising penetration of smart meters worldwide. Countries such as Australia, the U.S., China, Japan, and the U.K. have already launched smart meter deployment programs. This is expected to strongly support the demand for AMI analytics solutions in the coming years. Despite the numerous advantages of smart grid systems and related data analytics solutions, the market for these solutions is significantly hampered by the high costs of smart grid systems. The market revenue for smart grid systems is contributed by a few countries that have made substantial investments on smart grid systems. Apart from this, the market is also hampered due to lack of awareness, interoperability, and reluctance of utility providers to change the existing infrastructure.
The global smart grid data analytics market is segmented based on the type of solutions into AMI analytics solutions, demand response analytics, grid optimization, asset management, and other analytics solutions. The other analytics solutions segment comprises energy forecasting and data visualization tools. In 2014, asset management solutions accounted for the largest share, in terms of revenue, in the global market. However, with the rising penetration of smart meters globally, the AMI analytics solutions segment is predicted to witness the highest growth during the forecast period. On the basis of services, the market is segmented into professional and support & maintenance services. According to the mode of deployment, the market is segmented into on-premise, cloud-based, and hybrid models. As of 2014, the cloud-based deployment model dominated the global market with the largest market share, in terms of revenue. Furthermore, on the basis of end-users, the market for smart grid data analytics solutions is segmented into small/medium enterprises, large enterprises, and the public sector.
In 2014, North America accounted for the largest share of over 33%, in terms of revenue, of the global smart grid data analytics market. This is due to the strong penetration of smart grid systems in the U.S., coupled with high investment in the smart grid systems. However, due to increasing investment on smart grid systems from countries such as Australia, China, South Korea, and Japan, Asia Pacific is estimated to register the highest growth in the smart grid data analytics market in the coming years.
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