PUBLISHER: The Business Research Company | PRODUCT CODE: 1727930
PUBLISHER: The Business Research Company | PRODUCT CODE: 1727930
Smart grid data analytics involves leveraging advanced data analysis tools and techniques to process, examine, and interpret the vast amounts of data generated by smart grid systems. These systems incorporate modern technologies into conventional power grids, facilitating real-time monitoring, control, and optimization of electricity generation, distribution, and consumption.
The key components of smart grid data analytics include software, services, and hardware. Software comprises a collection of programs and applications that enable computers and devices to execute specific tasks. Within the Smart Grid Data Analytics market, software is utilized to process and analyze extensive energy grid data, enhancing decision-making and optimizing energy distribution. The various solutions include descriptive analytics, predictive analytics, customer analytics, diagnostic analytics, prescriptive analytics, and cognitive analytics, with deployment modes categorized into cloud-based, on-premise, and hybrid. Applications span across transmission and distribution management, energy efficiency and conservation, asset management and maintenance, cybersecurity and compliance, and smart metering and data management. These applications serve multiple industry sectors, including utilities, industrial, commercial, and residential.
The smart grid data analytics market research report is one of a series of new reports from The Business Research Company that provides smart grid data analytics market statistics, including the smart grid data analytics industry global market size, regional shares, competitors with the smart grid data analytics market share, detailed smart grid data analytics market segments, market trends, and opportunities, and any further data you may need to thrive in the smart grid data analytics industry. This smart grid data analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The smart grid data analytics market size has grown rapidly in recent years. It will grow from $4.36 billion in 2024 to $4.85 billion in 2024 to $5.50 billion in 2025 at a compound annual growth rate (CAGR) of 13.3%. The growth during the historic period can be attributed to the rising demand for energy efficiency, increasing energy consumption, the expansion of electric vehicles, government initiatives, and regulatory measures.
The smart grid data analytics market size is expected to see rapid growth in the next few years. It will grow to $8.97 billion in 2029 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to the expansion of distributed energy resources, the increasing adoption of energy storage systems, regulatory and policy support for smart grids, the rise in decentralized energy production, and the growing implementation of energy storage solutions. Key trends include the integration of AI and machine learning for predictive analytics, advancements in real-time data monitoring and analysis, the development of 5G technology to enhance data transfer speeds, the incorporation of blockchain technology for secure data sharing, and increased collaboration between utilities and technology providers.
The growing demand for energy efficiency and sustainability is expected to drive the expansion of the smart grid data analytics market. Energy efficiency and sustainability are interconnected concepts focused on optimizing resource use, minimizing waste, and reducing the environmental impact of energy consumption. The rising demand for these initiatives is a response to global challenges such as climate change, economic instability, resource depletion, and public health concerns. Smart grid data analytics plays a vital role in enhancing energy efficiency and promoting sustainability by optimizing energy usage, improving grid management, and minimizing environmental impact. For example, in December 2024, a report published by The House of Commons Library, a UK-based government library, revealed that the proportion of homes in England with an energy efficiency rating of band C or higher had significantly improved, increasing from 12% over the past decade to 48% in 2022. As a result, the growing emphasis on energy efficiency and sustainability is fueling the growth of the smart grid data analytics market.
Leading companies in the smart grid data analytics market are integrating smart grid solutions, such as advanced analytics platforms, to enhance data security and management. Advanced analytics platforms utilize data analysis, machine learning, and AI to optimize grid performance, predict outcomes, and improve decision-making in energy distribution and management. For example, in August 2022, Dubai Electricity and Water Authority (DEWA), a UAE-based government-owned electric and water utility company, launched its Big Data and Analytics platform and Smart Grid Data Governance platform to enhance operational efficiency and asset management. These platforms integrate smart grid applications, provide data-driven forecasting, and ensure compliance with data policies, leading to improved decision-making, asset performance, and service reliability. Additionally, they enhance data management, security, and transparency while supporting the monitoring and maintenance of DEWA's Green Charger stations for electric vehicles. These initiatives aim to optimize capital investment, prevent asset failures, and ensure data consistency and privacy.
In September 2024, Energie Baden-Wurttemberg AG (EnBW), a Germany-based energy company, acquired Enersis Group for an undisclosed amount. This acquisition is intended to strengthen EnBW's capabilities in digital twins and smart grid technologies within the energy sector. The move is a strategic effort to enhance EnBW's expertise in digitized distribution networks. Enersis Group is a Germany-based technology company specializing in smart grids.
Major players in the smart grid data analytics market are Siemens Aktiengesellschaft, General Electric Company, Accenture plc, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Fujitsu Limited, Tata Consultancy Services Limited, Capgemini SE, Eaton Corporation plc, Wipro Limited, SAS Institute Inc., Itron Inc., Landis+Gyr Group AG, Hansen Technologies Ltd., Sensus USA Inc.
North America was the largest region in the smart grid data analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in smart grid data analytics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the smart grid data analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart grid data analytics market consists of revenues earned by entities providing services such as software solutions, analytics as a service (AaaS), consulting, and professional services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart grid data analytics market also includes sales of smart meters, data collection devices, and cybersecurity solutions. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Grid Data Analytics Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart grid data analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart grid data analytics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart grid data analytics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.