Global Smart Grid Data Analytics Market :
Smart grid is a new technology that aids in the efficient operation of the system, and smart grid data analytics provide the best solution for the entire system. The market is expected to increase due to rising customer demand for cost-effective power supply and the reduction of energy production costs through the use of smart grid data analytics due to its features.
The smart grid analytics market has grown at a faster rate in recent years as a result of a number of factors, including the deployment of smart metering infrastructure, which generates a massive amount of data, the limited nature of non-renewable energy sources, and the rising demand for consumer engagement. The development in cloud-based solutions/Software-as-a-Service (SaaS) solutions, increasing demand for system integrators, and a shift in focus on grid operation optimization are all market prospects in the smart grid analytics environment.
Market Players in the Smart Grid Data Analytics Market Face Key Challenges
The majority of utility companies, predictably, have lesser budgets for improving and upgrading their electricity systems. Despite the fact that smart grids have significant advantages over traditional distribution systems, the majority of utility companies are apprehensive about the smart grids’ return on investment. As a result of these risks, utility companies choose to rely on their traditional grid systems. As a result, the market for smart grid data analytics is expected to be hampered by the high cost of smart grid systems over the projected period.
Other major players operating in the global smart grid data analytics market and profiled in the report include –
- Amdocs Ltd.
- AutoGrid Systems Inc.
- Capgemini SE
- Dell EMC
- General Electric
- Hansen Technologies
- Hewlett-Packard Development Company
- L.P.
- Hitachi Ltd.
- IBM Corporation
- Itron Inc.
- NetCracker Technology Corporation
- Oracle Corporation
- SAP SE
- SAS Institute, Inc.
- Schneider Electric SE
- Siemens AG
- Tata Consultancy Services Ltd.
- ZTEsoft Technology Co., Ltd.
Smart Grid Data Analytics Market: Regional Outlook
In terms of region, the global smart grid data analytics market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to dominate the smart grid data analytics market during the forecast period. The U.S. is expected to lead the North America smart grid data analytics market. This is mainly due to the high degree of investment on smart grid systems in the country. Apart from the AMI analytics solutions, the penetration of demand response analytics solutions is expected to fuel significantly during the forecast period in the U.S.
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint