Market Size in 2024 | Market Forecast in 2034 | CAGR (in %) | Base Year |
---|---|---|---|
USD 54.16 Billion | USD 178.31 Billion | 12.8% | 2024 |
The global smart grid analytics market size was worth around USD 54.16 Billion in 2024 and is predicted to grow to around USD 178.31 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 12.8% between 2025 and 2034. The report analyzes the global smart grid analytics market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the smart grid analytics industry.
The current modern world is changing at a rapid rate and these changes may not necessarily be apparent to the end-consumers but the global technical units have come a long way since the inception of technology, especially with the rising consumption levels in the energy and utility sector which forms the core of energy supply. With the dynamic consumption patterns, responsible authorities must deploy necessary advanced tools to collect accurate data about consumer trends and make use of analytical tools to forecast future demand and optimize the current utilization of energy and other related utilities.
Smart grid analytics is based on the study of smart grids also known as electrical grids. These systems employ a variety of energy-related and operations measures including but not limited to an advanced infrastructure for accurate metering, circuit breakers and smart energy distribution boards, and resources of renewable energy including the grid’s capacity to charge electric vehicles. Smart grids can provide end-ways to meet consumers’ requirements and expectations but smart grid analytics uses prescriptive and predictive analysis to help energy providers become future-ready.
Technical advancements to drive market growth
The global smart grid analytics market is projected to gain high growth momentum propelled by increasing technical advancements along with a rise in the number of installations of smart grids across the globe. Some of the advanced technologies deployed include advanced metering infrastructure, a system developed for the measurement, collection, and analysis of energy consumption patterns. The system is capable of communicating with smart metering devices like heat meters, electricity meters, and gas & water meters as per schedule or on request. With this advanced system, smart devices can make necessary changes in the system with minimum human intervention leading to the optimization of energy supply and subsequent consumption. Software, hardware, controller, displays, communications, and other equipment are a part of the metering system. The Indian Ministry of Power has already allocated pilot projects for 14 smart grid installations.
High cost of set-up to restrict market expansion
Setting up smart grid analytics systems can be expensive as it requires the installation of extremely advanced tools like machine learning and artificial intelligence. Smart grids generate large amounts of data and require heavy software or machiners to analyze the huge load of information generated and deliver useful conclusions. This could restrict global market expansion, especially in underdeveloped economies with poor infrastructure and low investment budgets.
Modernization to act as a positive influence for further growth
Every economy is working toward providing the best products and services to its citizens and creating a mark on the world map. Multinational companies are looking for opportunities where they can make investments and strengthen their position in the global smart grid analytics market. Such situations create a winning scenario for all the parties involved as both consumers and businesses can benefit from such a positive approach. For instance, in February 2022, Empower New Energy will be investing around USD 100 million over the next three years to install the battery and solar systems to assist over 50 businesses in Africa.
Reliability on skilled labor may create challenging scenarios for businesses
High advanced analytical systems required exceptionally skillful labor to operate the main system performance. Although machines function on their own, human skills will also be required to make sure that the systems are effective and avoid any malfunction. This is one of the major challenges for business owners due to the gap between demand and availability of skilled labor. As per a recent survey, more than 66% of information technology (IT)-related managers stated to have major skill gaps in their teams.
The global smart grid analytics market is segmented based on deployment model, component, type, end-user, and region.
Based on the deployment model, the global market segments are cloud-based, on-premise, and hybrid. During 2021, on-premise deployment of smart grid analytical systems was preferred since it offers higher security, reliability, and flexibility as compared to hybrid or cloud models. On-site systems give businesses more ownership of the data and can access information or draw results accurately for each consumer. In a recent survey by 451 Alliance, over 48% of the respondents confirmed that they had moved away from cloud technology; however, it may gain more consumer trust in the coming years as international business agreements increase with globalization.
Based on type, the global market divisions are generalized solutions and specialized solutions, with the former generating the highest revenue in 2021 with relatively low cost being the main reason for companies to prefer generalized solutions. Infrastructure for smart grid analytics is highly expensive and specialized versions could lead to a further increase in the expense hence only a selective group of businesses invested in customized versions. For instance, data analytics services offered by ITS could cost a minimum of USD 1000 as per the company website with the price increasing as per requirement and the amount of data collected.
Report Attributes | Report Details |
---|---|
Report Name | Smart Grid Analytics Market |
Market Size in 2024 | USD 54.16 Billion |
Market Forecast in 2034 | USD 178.31 Billion |
Growth Rate | CAGR of 12.8% |
Number of Pages | 297 |
Key Companies Covered | EMC Corporation, SAP SE, Accenture PLC, Oracle Corporation, SAS Institute Inc., Capgemini SE, Siemens AG, and IBM Corporation., and others. |
Segments Covered | By Deployment Model, By Component, By Type, By End-User, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, The Middle East and Africa (MEA) |
Base Year | 2024 |
Historical Year | 2020 to 2023 |
Forecast Year | 2025 - 2034 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America to continue leading market growth for the projection period
The global smart grid analytics market is expected to be documented by North America following the trend in the previous years where the regional market was valued at over USD 1200 million. This growth can be attributed to the advanced economies of the US and Canada and growing investments in smarter management of energy consumption. The territories are moving toward renewable energy since the demand for cleaner sources has increased drastically. Currently, around 19% of Canada’s energy supply is renewable and the country's leaders have announced an investment of USD 300 million in green energy. As per a 2018 report, the US may invest up to USD 100 billion by the end of 2030 with major investments in AMI and clean energy. In 2019, the US overtook China for the first time in terms of investments in smart energy grids.
The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the smart grid analytics market on a global and regional basis.
The global smart grid analytics market is dominated by players like:
By Deployment Model
By Component
By Type
By End-User
FrequentlyAsked Questions
The current modern world is changing at a rapid rate and these changes may not necessarily be apparent to the end-consumers but the global technical units have come a long way since the inception of technology, especially with the rising consumption levels in the energy and utility sector which forms the core of energy supply.
The global smart grid analytics market is expected to grow due to increasing need for efficient energy management, the integration of renewable energy sources, and the modernization of aging grid infrastructure through the deployment of smart grid technologies.
According to a study, the global smart grid analytics market size was worth around USD 54.16 Billion in 2024 and is expected to reach USD 178.31 Billion by 2034.
The global smart grid analytics market is expected to grow at a CAGR of 12.8% during the forecast period.
North America is expected to dominate the smart grid analytics market over the forecast period.
Leading players in the global smart grid analytics market include EMC Corporation, SAP SE, Accenture PLC, Oracle Corporation, SAS Institute Inc., Capgemini SE, Siemens AG, and IBM Corporation., among others.
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