Market Research Report
Global Smart Grid Analytics Market - Growth, Trend and Forecasts (2018 - 2023)
|Published by||Mordor Intelligence LLP||Product code||669975|
|Published||Content info||114 Pages
Delivery time: 1-2 business days
|Global Smart Grid Analytics Market - Growth, Trend and Forecasts (2018 - 2023)|
|Published: July 7, 2018||Content info: 114 Pages||
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.
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.
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.
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