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Smart Grid Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A5416
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Market Overview:
The global smart grid data analytics market size reached US$ 2.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 4.3 Billion by 2028, exhibiting a growth rate (CAGR) of 10.87% during 2023-2028.
Smart grid data analytics refer to systematic computational solutions used to analyze large amounts of data produced from smart grid systems. They collect valuable information generated by the equipment and help in predicting the load for the future. They consist of forecasting, predictive, prescriptive analytics and optimization. Smart grid data analytics are widely used in demand response, grid optimization and advanced metering infrastructure analysis. They aid in improving grid reliability, efficient energy transmission, and security, lowering management costs, and delivering personalized energy services to consumers and better integration of renewable energy. These solutions are deployed to gain predictive analysis, establish better decision support systems and optimize grid efficiency.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Smart Grid Data Analytics Market Trends:
The increasing product demand by utility service providers across the globe is creating a positive outlook for the market growth. Smart grid data analytics are set up at the end of utility providers to help them in analyzing load behavior, optimizing grid operations, decreasing power cuts and making better decisions. In line with this, the widespread adoption of smart meters by consumers to manage their energy consumption is favoring the market growth. Apart from this, various technological advancements, such as the integration of the internet of things (IoT) that aid in reliable and efficient energy transmission and enhancing security, is providing an impetus to the market growth. Additionally, the introduction of advanced metering infrastructure (AMI) that reduces utility costs and offers convenience to the customer by remotely reading meters and generating more accurate bills faster is positively impacting the market growth. Other factors, including extensive research and development (R&D) activities, growing smart city developments and various government initiatives for the use of renewable sources of power generation, are anticipated to drive the market further toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart grid data analytics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution, deployment, application and end use vertical.
Breakup by Solution:
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- Transmission and Distribution (T&D) Network
- Metering
- Customer Analytics
Breakup by Deployment:
- Cloud-based
- On-premises
Breakup by Application:
- Advanced Metering Infrastructure Analytics
- Demand Response Analysis
- Grid Optimization Analysis
- Others
Breakup by End Use Vertical:
- Private Sector (SMEs and Large Enterprises)
- Public Sector
Breakup by Region:
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- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Accenture plc, AutoGrid Systems Inc., General Electric Company, International Business Machines Corporation, Itron Inc., Landis+Gyr (Toshiba Corporation), SAP SE, SAS Institute Inc., Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Siemens AG and Tantalus System Corporation.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Billion |
| Segment Coverage | Solution, Deployment, Application, End Use Vertical, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | Accenture plc, AutoGrid Systems Inc., General Electric Company, International Business Machines Corporation, Itron Inc., Landis+Gyr (Toshiba Corporation), SAP SE, SAS Institute Inc., Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Siemens AG and Tantalus System Corporation. |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global smart grid data analytics market was valued at US$ 2.2 Billion in 2022.
We expect the global smart grid data analytics market to exhibit a CAGR of 10.87% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of smart grid data analytics to remotely read meters and generate more accurate bills faster to avoid the risk of transmission of the coronavirus infection.
The rising integration of the IoT technology with smart grid data analytics market for reliable and efficient energy transmission as well as enhancing security, is primarily driving the global smart grid data analytics market.
Based on the solution, the global smart grid data analytics market can be categorized into Transmission and Distribution (T&D) network, metering, and customer analytics. Among these, Transmission and Distribution (T&D) network currently exhibits clear dominance in the market.
Based on the deployment, the global smart grid data analytics market has been segmented into cloud-based and on-premises, where on-premises hold the largest market share.
Based on the end-use vertical, the global smart grid data analytics market can be bifurcated into private sector (SMEs and large enterprises) and public sector. Currently, private sector (SMEs and large enterprises) accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global smart grid data analytics market include Accenture plc, AutoGrid Systems Inc., General Electric Company, International Business Machines Corporation, Itron Inc., Landis+Gyr (Toshiba Corporation), SAP SE, SAS Institute Inc., Schneider Electric SE, Sensus USA Inc. (Xylem Inc.), Siemens AG, and Tantalus System Corporation.
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