Trending News: Smart Grid Analytics Market — Global Industry Analysis and Forecast 2020 to 2027
Global Smart Grid Analytics Market: Key Highlights
- According to the new market research report “Smart Grid Analytics Market by Deployment Mode (Cloud-Based, On-Premise), by Solution (AMI Analytics, Customer Analytics, Asset Management, Grid Optimization, Transmission and Distribution (T&D) Network, Metering, Energy Data Forecasting and Visualization Tool), by Services (Professional Services and Support and Maintenance Services), by Application (Demand Response Analysis, Grid Optimization Analysis and Advanced Metering Infrastructure Analysis), by Enterprise Size (Small & Medium-Sized Enterprises (SMEs) and Large Enterprise), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2020 to 2027)”, the global Smart Grid Analytics Market is estimated to reach USD 13.7 Billion by 2027 at a CAGR of around 17.6% during the review period.
- The smart grid is refers to an energy infrastructure of the future, transformers and substations which helps in direct the energy to households with technology such as computers, automated technology and other new equipment.
- Moreover, it also helps the electricity producers to improve its reliability, availability, and efficiency. These may lead to increase the demand for the market growth
Global Smart Grid Analytics Market: Key Market Dynamics
- With the increasing advancement in smart grid and Advanced Metering Infrastructure (AMI) is witness to boost the growth of the market in the forecast period. Whereas, the advanced metering infrastructure (AMI) helps to provides several operational benefits such as reduce the utility cost and offers convenience to the user.
- One of the major key concern of the smart grid analytics market is high costs of smart grid which may restraining factor for the growth of the market. Whereas, one of the most limitation factor in the smart metering is the fund availability.
- Increasing growth in Internet of Things (IoT), rapidly increasing the penetration of information and communication technologies in the grid, as well as the modernization has led to increase the adoption for smart grid data analytics.
- Shortage of skilled professional is anticipate to restraint the growth of the smart grid analytics market in the forecast period.
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Global Smart Grid Analytics Market: Regional Overview
- North America:
The North America is witness to be one of the major player for the adoption of advance technologies. Whereas, the US is projected to be a major player in the North America smart grid data analytics market. Also, there is a high amount of investments n smart grid systems in the country will create a positive impact for the growth of the market. Hence, apart from the Advanced Metering Infrastructure (AMI) analytics solutions, the adoption of the demand response analytics solutions is projected to boost significantly during the forecast period in the US these may lead to create a key driver of increase the adoption of smart grid analytics market in the forecast period.
The region is anticipate of play a major role for the growth and developments of the market in the forecast period. Whereas, the increasing population in the countries such as China, India and Japan, has promote the demand for the residential infrastructure as well as the electricity consumption, which lead to accelerate the demand for the electricity in the region. Moreover, urbanization with smart city project will play a key driver for the growth of the smart grid data analytics market. According to the NITI Aayog, India is home of more than 15% of the world’s population, but uses only of about 6% of the world’s primary energy.
Hence, the South Korea is projected to invest more than USD 300 million in 300 companies to boost IoT platform within the country. These is anticipate to fuel the growth of smart grid analytics market in the forecast period.
Global Smart Grid Analytics Market: Key Players Overview
- Itron Inc.:
Itron Inc. is an American technology company, which offers products and services on energy as well as water resource management. In 2020, the company had signed a contract with the Los Angeles Department of Water and Power (LADWP) to enhance the grid awareness as well as to reduce operating costs. Also, these will lead LADWP may deploy Itron’s Industrial IoT network and Distribution Automation (DA) solution, to improve its grid.
Hence, the company also had active smart grid analytics solution for rapid deployment and growth.
- Accenture Plc:
Accenture plc, is an Irish-domiciled multinational professional services company, which provides strategy, consulting, digital, technology and operations services. Whereas, the company has launches smart grid data management solution to reduce cost as well as the risk of the smart grid deployments. In 2019, the company had acquired BRIDGE Energy Group (BRIDGE), which is the Boston-based consulting and systems integration firm.
Hence, these acquisitions will lead improve the company performance in grid modernization, analytics and in security services for utilities in North America.
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