Smart Grid Data Analytics Market: Pin-Point Analysis for Changing Competitive Dynamics
Smart grid data analytics consists of solutions that enable the analysis of the deluge of data produced during smart grid operations. These solutions are increasingly gaining significance among utility providers and energy companies to effectively manage grid operations, plan investment in distribution networks, and monitor consumer behavior. The demand for sustainable and cost-effective supply of power by consumers and producers in the utility industry has catalyzed the smart grid data analytics market. In a constantly evolving energy landscape, large volumes of data are generated from sensors, smart meters, automated distribution systems, and other sensing equipment. Utility owners or providers utilize these data to manage consumption and demand, reduce downtime, and prevent power outage.
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The rapidly growing penetration of information and communication technologies (ICT) in grid modernization has led to the emergence of smart grid data analytics. The advent of Internet of Things (IoT) and big data analytics has significantly expanded the options available with utility providers in the management of smart data. The market for smart grid data analytics was valued at US$1.6 bn in 2014. Rising at a CAGR of 13.4% from 2015 to 2022, the market is projected to reach US$4.6 bn by the end of the forecast period.
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Growing Reliance of Advanced Metering Infrastructure on Smart Meters to Bolster Uptake
Based on the type of solution, the smart grid data analytics solution is segmented into advanced metering infrastructure (AMI), demand response analytics, asset management, grid optimization, and energy forecasting and data visualization solutions. Among these, the asset management occupied a major market share in 2014, in terms of revenue. However, the accelerating adoption of smart metering technologies and the increasing reliance of AMI to manage various smart meters technologies are key factors expected to bring AMI analytics segment to the forefront. By the end of 2022, the segment is estimated to garner a higher revenue than generated by the asset management segment.
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Cloud-based Deployment Model for Smart Grid Data Analytics Gaining Prominence
Based on service, the smart grid data analytics market is segmented into support and maintenance services and professional services, with the former segment occupying a major share in 2014. On the basis of deployment model, the market is segmented into cloud-based, hybrid models, and on-premise. Of these, cloud-based smart grid data analytics market leads the market. The dominance of the segment is attributed to the growing popularity of cloud-based solutions world over. The major end users of smart grid analytics solutions are large enterprises, small or medium enterprises, and public sector. Of these, currently the public sector segment holds the maximum revenue and is anticipated to dominate the market.