Global Smart Grid Analytics Market - Growth, Trend and Forecasts (2018 - 2023)
The smart grid analytics market is expected to grow at a CAGR of over 25%, during the forecast period (2018 - 2023). The scope of the report is limited to solutions offered by various market players in the energy and utility end-user sectors. The regions considered under the scope of the report include North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
The smart grid analytics refer to a subset of Big Data analytics solutions used for analyzing the huge volumes of data generated from the smart grid network that consist of various components including smart meters, automated distribution systems, smart appliances and other sensing equipment in the network. The demand for cost-effective and sustainable power supplies for producers and consumers in the utility sector has led the market for smart grid analytics as over an ever-growing power environment, a massive amount of data is generated by smart meters, sensors, automated dispensing systems, and a variety of other sensing devices.
Advanced Metering Infrastructure (AMI) Analytics to Dominate the Market over the Forecast Period
With the increasing use of flattening smart meter shipments across mature markets globally, AMI vendors are seeking new revenue streams, and the data analytics space is emerging as an attractive opportunity with its scalable, recurring revenue-based model. With the growing energy needs in developing economies and improved customer service level and utility efficiency, the demand for AMI solutions and services has grown tremendously across the region. The increasing adoption of Industrial Internet of Things (IIoT) along with the advances in the application of big data analytics is fueling the rapid growth in penetration of information and communication technologies, in grid modernization, has led to the emergence of smart grid analytics solution.
North America to Appear as the Leading Region in the Smart Grid Analytics Market
The market for smart grid analytics solutions is largely driven by the smart grid systems penetration in the US region, with increasing investment in the smart grid sector that is expected to substantially fuel the demand for smart grid data analytics solutions in the near future. Currently, the US along with China is among the leading countries, in terms of investment in the smart grids sector.
The smart grid analytics market is fragmented and highly competitive in nature with large number of existing as well as emerging players in the region. Most of the companies operating in the market are software giants making the market technology driven. Due to its anticipated high growth in the coming years, many more companies are expected to enter the market in the near future. Currently, majority of the software vendors are turning towards partnerships and joint ventures with different players operating in the relative markets.
Notable Developments in Smart Grid Analytics Market
May 2018: Itron, Inc. signed a contract with Jamaica Public Service Company (JPS) for a nationwide smart grid deployment, serveing more than 600,000 customers, which will help the utility to improve customer service, drive grid reliability and enable revenue realization.
June 2017: Swiss firm ABB and IBM, collaborated for a power grid project together that brings ABB’s digital offering, ABB Ability, with IBM Watson Internet of Things cognitive capabilities to unlock new value for customers in utilities, industry, transport and infrastructure using artificial intelligence.
Major Players: SIEMENS AG, ITRON INC., AUTOGRID SYSTEMS, INC., VERIZON, IBM CORPORATION, SAP SE, HP DEVELOPMENT COMPANY, LP, SAS INSTITUTE INC., HITACHI CONSULTING CORPORATION, EMC CORPORATION, INFOSYS LIMITED, ACCENTURE PLC, CAPGEMINI SE, ORACLE CORPORATION, AMDOCS CORPORATION, and SENSUS, amongst others.
Reasons to Purchase this Report
To understand the impact of smart grid analytics in the energy & utility sector.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating technology in the market
The region that is expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet (in Excel)
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