Smart grids are expected to gain large traction in the coming years. This is mainly attributed to the ever rising consumption of electricity worldwide. Nevertheless, smart grid installation is accompanied by huge volumes of data generated from the smart grid network which needs to be analyzed effectively. Smart grids generate large volumes of data that can be used to analyze different parameters such as consumer behavior, operation of grid components and overall network health. As a result, utility providers are increasingly shifting towards installing smart grid systems and related solutions. Many countries across the world are increasingly investing on smart grid projects in order to address the rising demand for electricity along with the challenges in its generation.
Smart grid data analytics are software solutions that are designed to analyze the data generated from a network of smart grid. These can be referred to as a subset of Big Data analytics solutions designed for the energy & utilities sector. These solutions are developed to help utility providers address issues related to the grid operations and financial management more rapidly and effectively. The primary function of smart grid data analytics solutions is to analyze the huge volumes of data generated from various components including smart meters, automated distribution systems, smart appliances and other sensing equipment in the network.
The report titled “Global Smart Grid Data Analytics Market- Growth, Share, Opportunities and Competitive Analysis, 2015 – 2023” offers strategic insights into the global smart grid data analytics industry along with the market size and estimates for the duration 2013 to 2023. The said research study covers in-depth analysis of multiple market segments based on service, solution types, deployment models, end-users and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2014 & 2023. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.
In order to help the strategic decision makers, the report also includes profiles of the leading smart grid data analytics solutions vendors, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, and key developments. The major players profiled in the report are International Business Machines (IBM) Corporation, OMNECTRIC Group (a joint venture between Siemens AG and Accenture Plc.), SAP SE, Hewlett-Packard (HP) Development Company, L.P., SAS Institute, Inc., Oracle Corporation, EMC Corporation, Opower, Inc. and Cap Gemini SA. Further, the report also covers the market positioning of the key players operating in the smart grid data analytics market. Other in-depth analysis provided in the report includes:
Overall, the research study provides a holistic view of the global smart grid data analytics market, offering market size and estimates for the period from 2015 to 2023, keeping in mind the above-mentioned factors.
Solution Type Segmentation Analysis
The smart grid data analytics market was dominated by the asset management solutions (AMS) segment in 2014. The segment contributed to over one-third of the total market revenue generated, worldwide. Asset management is among the first solutions used in combination with the smart grid infrastructure. The prime functions of the solution are to enable effective property management, logistics management, comprehensive inventory control and maintenance management for the utility. These solutions usually possess various modules which help the utility providers preserve and operate the grid components efficiently.
The AMI analytics solutions segment is expected to register the highest growth rate in the coming years worldwide. The demand for these solutions is dependent upon the penetration of smart meter infrastructure. The smart meter penetration is expected to soar substantially in the coming years. Most of the countries such as China, Japan, South Korea, Australia, the U.S. and some of the Western Europe countries among others have already announced their plans for smart meter rollout. This in turn is expected to surge the demand for smart meters in the coming years. As a result, the AMI analytics segment is estimated to witness high demand in the coming years.
End-users Segmentation Analysis
The global smart grid data analytics market is dominated by the public sector utility providers. As of 2014, the segment accounted for a market share, in terms of revenue, of more than 40% of the overall market revenue. Public sector utility segment comprises all the utility providing units owned by the government. Due to high spending over smart grid projects (especially from China and the U.S.), the smart grid penetration is expected to grow in the near future. Since this mainly belongs to the public sector utilities, the segment is expected to retain its dominant position in the market throughout the forecast period.
The large utility providers segment is expected to witness the highest growth rate in the coming years. The segment comprises privately owned utilities with higher generation capacity as compared to the small & medium utilities. Return on investment (ROI) is one of the biggest concerns for the utility providers. Installation of smart grids and related data analytics solutions is a high investment and thus rises the expectation of ROI. Most of the small & medium utility providers have budget limitation ultimately leading to low penetration of smart grids and data analytics solutions. As a result, the large utilities segment is estimated to boost the smart grid data analytics market in the coming years.
Deployment Model Segmentation Analysis
As of 2014, the global smart grid data analytics market is dominated by the cloud-based deployment model. In 2014, the segment accounted for over half of the overall market revenue generated worldwide. Cloud-based solutions are cheaper as compared to the on-premise solutions. Additionally, cloud-based solutions offer higher scalability and flexibility as compared to the on-premise deployment. This makes cloud-based deployment more preferable over on-premise deployment model. Additionally, adoption of the cloud-based services across different applications has grown substantially in the past few years. As a result, most of the consumers prefer having cloud-based solutions. Thus, the segment is expected to retain its dominant position in the market throughout the forecast period.
The managed services segment is, however, expected to register the highest growth in the coming years worldwide. Managed services are hybrid services offering higher flexibility over cloud-based solutions. These are also available as on-demand solutions making them even cheaper as compared to the cloud-based solutions. Subsequently, the segment is expected to witness high demand in the market in the coming years. Further, the on-premise deployment segment is expected to witness sluggish growth in the coming years. This is majorly due to the high cost of this deployment model as compared to the other models.
Geography Segmentation Analysis
The smart grid data analytics market is dominated by North America. As of 2014, the region contributed to more than one third of the overall market revenue generated across the world. The North America smart grid data analytics market is mainly backed by the U.S. due to its high investment on the smart grid projects. Additionally, due to presence of large number of smart grid data analytics solution vendors in the region, the market here is highly competitive in nature. As a result, North America is expected to witness strong growth in the coming years.
However, the Asia Pacific region is expected to register the highest growth in the smart grid data analytics market in the coming years. The growth here is majorly supported by China, Australia, Japan and South Korea. Due to strong ongoing investment over smart grid projects in these countries, Asia Pacific is expected to surpass North America, in terms of revenue, in the coming years. Further, Europe is expected to witness significant market growth during the forecast period. The market growth is mainly governed by the Western European countries.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Grid Data Analytics market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Solution
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Deployment Model
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End-user
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
