Sarasota, FL -- (SBWIRE) -- 05/18/2017 -- Zion Market Research, the market research group announced the analysis report titled "Smart Grid Analytics Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Global Smart Grid Analytics Market: Overview
Smart grid analytics are solutions used to examine the data generated from the smart grid networks. They are also known as Big Data analytics solutions utilized for utilities and energy. The main agenda behind the utilization of smart grid analytics solutions for utilities and energy sector is to allow the utility providers to enhance their efficiency and reduce the losses that occur while generation and distribution of electricity.
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Global Smart Grid Analytics Market: Growth Factors
The global smart grid analytics market is likely to have a huge elevation in coming period. Rising levels of investment on smart grid systems are the main reason that has driven the growth of the global market. Further, ever-escalating demand for electricity is also driving the global market growth. In addition to this, utility providers are seeking reliable solutions to enhance their grid performance which in turn is lowering the growth of the global market. Besides this, increasing adoption of smart grids is also fueling the growth of global smart grid analytics market. Moreover, rising advancements in Internet-of-Things and Big Data analytics plays a vital role in the elevation of the global market. Additionally, growing awareness among consumers about the advantages of smart grid analytics is one of the main reasons powering the growth of the global smart grid analytics market. Further, low cost for maintenance is also driving the global smart grid analytics market growth. In addition to this, rising usage of smart meters worldwide is also powering the growth of the global market.
On the contrary, high costs of smart grid systems are hampering the growth of global smart grid analytics market. Moreover, lack of awareness and interoperability plays a vital role in the decrement of the global market. Additionally, lack of enthusiasm in utility providers to modify the existing infrastructure is one of the main reasons hindering the growth of the global smart grid analytics market.
Global Smart Grid Analytics Market: Segmentation
On the basis solution type, the global smart grid analytics market is mainly classified as demand response analytics, AMI analytics, analytics for grid optimization, asset analytics, load forecasting, energy data forecasting, visualization tools, and others.
Based on service type, the global market is bifurcated into professional services and support and maintenance services.
On the basis of deployment model, the global market for smart grid analytics is divided into on premises and on demand (cloud based).
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Global Smart Grid Analytics Market: Regional Analysis
Regionally, the global market for smart grid analytics is bifurcated into Asia Pacific, North America, the Middle East and Africa, and Europe. Rising levels of investment on smart grid systems are boosting the global market in Canada and the U.S. Ever-escalating demand for electricity has elevated the global market in the China, India, and Japan.
Global Smart Grid Analytics Market: Competitive Players
Some of the key players in the global market for smart grid analytics are IBM Corporation, Accenture Plc., SAS Institute, Inc., Siemens AG, Oracle Corporation, SAP SE, EMC Corporation, Opower, Inc., Hewlett-Packard Development Company, L.P., and Capgemini SA.
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Global Smart Grid Analytics Market: Regional Segment Analysis
North America(U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa