Aug 04, 2020 (Market Insight Reports) -- The report provides a unique tool for evaluating the Smart Grid Data Analytics Market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends to identify emerging technologies and development and focuses on market capacities and on the changing structure of the Smart Grid Data Analytics Industry.
Overview: The Smart Grid Data Analytics Market was valued at USD 1.15 billion in 2019and is expected to reach USD 5.48 billion by 2025, at a CAGR of 25% over the forecast period 2020- 2025. With the increase of Internet of Things (IoT) and big data analytics coupled with rapidly growing penetration of information and communication technologies (ICT) in the grid, modernization has led to the emergence of smart grid data analytics.
Top Companies : Siemens AG, IBM Corporation, SAP SE, Infosys Limited, Accenture amongst others
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Scope of the Report
Big data analytics combined with grid visualization can lead to better situational awareness and predictive decisions. Predictive maintenance and fault detection based on data analytics with advanced metering infrastructure is more crucial to the security of the power system. Moreover, at the end-user level, smart grids can enable demand flexibility and consumer participation in the energy system, including through demand response, electric vehicle (EV) charging and self-produced distributed generation and storage. Thus, lots of data will be generated in terms of usage and it has catalyzed the smart grid data analytics market.
Key Market Trends
Increasing Investment in the Smart Grid Infrastructure Offers Potential Growth
– Smart grids represent a new era in the electrical sector, as they go from static one-way management to dynamic two-way management. In this, users are informed of their real consumption and thus the contracted power can be adjusted to meet the real need of each consumer. This increases efficiency and energy savings.
– Further, smart grids collect much more data than the manual energy meter reading system. This permits the use of data analysis techniques and the preparation of highly realistic consumption forecasts as many more variables are taken into account. Therefore, the opportunities for smart grid analytics are expanding because theres exponentially more data available to develop analytical models.
– Additionally, the smart grid optimizes asset utilization and operates efficiently which means desired functionality at minimum cost. Nowadays, many companies have been modernizing power plants and substations by putting sensors on the main components, such as turbines and transformers which look for vibration or other anomalies that could predict future failures. Thus, those companies apply smart grid analytics to optimize the performance of connected devices in the field. For instance, Duke Energy claims that these smart grid data analytics have already paid off in big ways by preventing major outages related to equipment.
Asia-Pacific to Witness the Fastest Growth
– The Asia-Pacific region is being dominated by two highly populated country i.e. India and China. The rising population in countries like China, Japan, and India has stimulated the demand for residential infrastructure and electricity consumption, therefore accelerating the demand for electricity in the nations mentioned above is the crucial attribute backing the demand of smart grids which in return will create a market for smart grid data analytics as well because of the benefits associated with it.
– Moreover, according to NITI Aayog, India is home to 18% of the worlds population but uses only 6% of the worlds primary energy. Indias energy consumption has almost doubled since 2000 and the potential for further rapid growth is enormous. Urbanization coupled with smart city initiatives will be a key diver of this trend which in result will create a positive outlook for the smart grid data analytics market whose main aim is to optimize their efficiency and minimize losses occurring in electricity generation and distribution of power supply.
Regional Analysis: For a comprehensive understanding of market dynamics, the global Smart Grid Data Analytics Market is analyzed across key geographies namely: United States , China, Europe , Japan , Middle East & Africa, India, and others . Each of these regions is analyzed on the basis of market findings across major countries in these regions for a macro-level understanding of the market.
Explore Full Report With Detailed TOC Here:
-Detailed overview of Smart Grid Data Analytics Market
-Changing Smart Grid Data Analytics market dynamics of the industry
-In-depth market segmentation by Type, Application, etc.
-Historical, current and projected Smart Grid Data Analytics market size in terms of volume and value
Recent industry trends and developments
-Competitive landscape of Smart Grid Data Analytics Market
-Strategies of key players and product offerings
-Potential and niche segments/regions exhibiting promising growth.
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