- December 24, 2015
- Transparency Market Research
The smart grid data analytics market was valued at US$1.6 bn in 2014 and is estimated to reach US$4.6 bn by 2022, expanding at a CAGR of 13.4% from 2015 to 2022
Smart grid data analytics are primarily used to study data generated from smart grid networks. Smart grid data analytics services are termed as a subset of Big Data analytics used for energy and utilities. Data is generated from various intelligent components such as automated distribution systems, smart meters, and sensing devices. Generated data is transmitted into utility stations for predictive analysis. Through predictive analysis, the utility providers aim to cater to the increasing demand for electricity with optimal return on investment.
Growing investment in smart grid data analytics services, advancements in the Internet of Things (IoT) and big data analytics, and increasing demand for power are some of the factors that are expected to drive the global smart grid data analytics market during the period from 2015 to 2022. The global smart grid data analytics market is predicted to face certain challenges such as high costs of smart grid systems, lack of regulations, and lack of awareness. However, the presence of untapped markets and hybrid deployment models will create new opportunities for the global smart grid data analytics market in the years to come.
The global smart grid data analytics market is segmented on the basis of type of data analytics solution, deployment model, service type, end use, and geography. Based on type of data analytics solution, the global smart grid data analytics market is classified into advanced meeting infrastructure, demand response solutions, asset management solutions, analytics solutions, and others. In 2014, the asset management segment dominated the global smart grid data analytics market in terms of revenue.
Based on deployment model, the global smart grid data analytics market is classified into cloud-based, hybrid deployment models, and on-premise models. By end use, the global smart grid data analytics market is divided into large enterprises, small and medium enterprises, and public sector entities. Based on service type, the global smart grid data analytics market is classified into support and maintenance and professional services segment.
North America to be Largest Market for Smart Grid Data Analytics till 2022
Based on geography, the global smart grid data analytics market is divided into Asia Pacific, Latin America, the Middle East and Africa, Europe, and North America. In 2014, in terms of revenue, North America accounted for 33% of total revenue to dominate the global smart grid data analytics market. Asia Pacific is predicted to register the fastest growth in the global smart grid data analytics market during the forecast period.
The global smart grid data analytics market is highly fragmented in nature, as there has been an increase in the number of IT giants entering the market. Accenture Plc., Siemens AG, SAP SE, Opower, Inc., Cap Gemini SA, Hewlett-Packard Development Company, L.P., IBM Corporation, SAS Institute, Inc., Oracle Corporation, and EMC Corporation are some of the leading companies in the global smart grid data analytics market. Entry of new companies will make the global smart grid data analytics market competitive for the leading players in the years to come.
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