According to a new market research report published by Credence Research “Smart Grid Data Analytics (AMI Analytics, Demand Response, Asset Management, Grid Optimization and Others (Energy Data Forecasting, Visualization Tools etc.)) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022” the global smart grid data analytics market was valued at US$ 1,453.9 Mn in 2014 and is estimated to expand with a CAGR of 15.9% from 2015 to 2022.
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Smart grid data analytics refer to a subset of Big Data analytics solutions used for analyzing the huge volumes of data generated from the smart grid network. These solutions are designed to analyze various parameters such as consumer behavior, energy consumption patterns, health of the grid components and others. The primary consumers for smart grid data analytics solutions are the utility service providers. These solutions are set up at the end of utility providers in order to help taking better decisions for optimizing the grid operations. With rising consumption of electricity coupled with the challenges in its generation, grid owners are expected to increasingly shift towards smart grids in the near future. This is expected to substantially spur the smart grid data analytics market growth in the coming years.
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The market for smart grid data analytics solutions is largely driven by the smart grid systems penetration worldwide. Thus, increasing investment in the smart grid sector is expected to substantially fuel the demand for smart grid data analytics solutions in the coming years. Currently, the U.S. and China are among the leading countries, in terms of investment in the smart grids sector. Thus, these countries are currently the prime markets for smart grid data analytics solutions.
The global smart grid data analytics market is fragmented and highly competitive in nature with large number of existing as well as emerging players in the industry. 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, 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. One of the most significant instances is the OMNETRIC Group, a joint venture for smart grid data analytics solutions between Siemens AG and Accenture Plc.
- Development of AMI analytics solutions due to growing adoption of smart meter infrastructure worldwide
- Expansion through partnerships, joint ventures and acquisition
- Emergence of considerable number of start-ups in the industry
- Emphasis on cloud-based analytics solutions
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