Global Smart Grid Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Smart Grid Analytics Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global smart grid analytics market report has been segmented on the basis of component, deployment mode, and region.
Global Smart Grid Analytics Market: Overview
Digital technology that allows for Omni-channel communication between a utility and its consumer, by sensing consumption along the transmission channel this is what makes the grid smart. The smart grid includes computers, new technologies, automation, controls, and various equipment’s that will work together. These technologies work with the electrical grid to provide the consumer with the information and tools needed to make choices about energy consumption or use by responding digitally to quickly changing electricity demands.
Global Smart Grid Analytics Market: Dynamics
The emergence of technologies in the energy and utility sector is a major factor to drive the growth of the global market owing to its ability to provide an economic and environmental health benefit. Technologies such as the Internet of things and big data analytics are witnessing high deployment by utility organizations which will provide reliable solutions to enhance grid performance is also a factor to support the growth of the target market.
Energy distributors are focusing on providing smart metering solutions which is a factor to support the growth of the potential market owing to rising usage of smart meters by consumers to manage their energy consumptions.
Moreover, governments across the globe are focusing on integrating smart solutions in the energy sector as there are limited non-renewable energy sources is among some of the major factors to boost the growth of the target market.
However, lack of skilled personnel with smart grid analytics skill set is a major factor that could restraint growth of the global market to a certain extent. Increasing start-up companies with smart solutions in energy and utility business is a challenging factor that would hamper the growth of the target market.
Prominent market players operating in energy grid distribution are opting for analytical solutions to optimize grid operation as well as these players have increased demand for system integrators thus creating revenue growth opportunity for players operating in the global market in the coming 10 years.
Global Smart Grid Analytics Market: Segment Analysis
Smart grid solutions such as resiliency into electric power System is a key factor to drive the growth of the solution segment among the component segments in the global market. Thus, among the component segments, the solutions segment is expected to contribute a high revenue share in the global market.
Global Smart Grid Analytics Market: Region Analysis
North America countries such as US, Mexico, and Canada will witness highest deployment of smart grid solutions across this region. Thus, the market in North America is expected to register the highest revenue growth in the global market.
The smart grid analytics market in Asia Pacific is projected to register highest CAGR in the global market owing to increasing awareness of smart grid analytics benefits such as reduced management and operations costs of utilities thus lowering the power costs for consumers. Moreover, increasing government initiatives for smart city development is also a factor to support the growth of the target market in Asia Pacific countries.
Global Smart Grid Analytics Market Segmentation:
Segmentation by Component:
Segmentation by Deployment Mode:
- On-Demand (Cloud-based)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- SAP AG
- Opower, Inc.
- Siemens AG
- Accenture Plc
- Capgemini S.A.
- EMC Corporation
- IBM Corporation
- SAS Institute, Inc.
- Oracle Corporation
- Hewlett-Packard Company
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