Smart Grid Data Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022
Albany, NY -- (SBWIRE) -- 02/28/2019 -- The global smart grid data analytics market is expected to rise at healthy growth rate due to growing popularity of these solutions. Leading companies in the market are expected to indulge in product innovation to offer better solutions and services to their customers. Mergers and acquisitions, technological advancements, and partnerships are some of the key strategies used by leading players expand their geographical reach and strengthen their position in the market. SAS Institute Inc., Accenture Plc, IBM Corporation, Siemens AG, Hewlett Packard (HP) Development Company L.P., and Oracle Corporation are some of the leading vendors in the market.
In a recent report published by Transparency Market Research, the global smart grid data analytics market is projected to exhibit a growth rate of 13.4% between 2015 and 2022. Rising at this growth rate, the market is likely to touch US$4.6 bn by the end of 2022. In 2014, market valuation was US$1.6 bn.
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On the basis of solution type, the asset management held larger share in 2014, in terms of revenue. However, the advanced metering infrastructure segment is likely to lead the market. This is due to increasing reliance of AMI that helps in managing multiple smart meters technologies and rising adoption of smart metering technologies. On regional front, North America is likely to lead the market as this region held significant share of revenue in 2014. The dominance of this region is dependent on massive adoption of smart grid systems and constant efforts made by public and private players to expand energy infrastructure in the region.
Affordable Rate of Power to Drive Smart Grid Data Analytics Market
Globally, large number of investors are investing in smart grid analytics which is key factor driving the demand in the global smart grid analytics market. Smart grid analytics helps in providing sustainable supply of power and at cheap rate to the customers in the utility sector. Utility owners or the suppliers make use of these huge volumes of data to keep a check of consumption and demand of power and manages power cut downs. They also reduce downtime, making a more systematics power supply channel. Smart grid data analytics assist in managing huge amount of data generated from sensors, smart meters, automatic distribution systems, and various other sensing equipment.
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Lack of Skilled Labor to Hamper Market Growth
On the contrary, shortage of skilled labor and limited awareness about the benefits of using smart grid data analytics are the key factors deterring the growth of the market. Maintenance of prevailing data regulations and standards and high initial costs might refrain services providers to use smart grid data analytics services. Adding to it further, in emerging economies various utility service providers are skeptical of changing to smart grid systems from conventional grid systems. This might also hamper the development of the market globally.
The information presented in this review is based on a TMR report, titled "Smart Grid Data Analytics Market (Solution Type - AMI Analytics, Demand Response, Grid Optimization, Asset Management, Energy Forecasting, and Data Visualization Tools; Service - Professional Services and Support & Maintenance Services; Deployment Model - On-premise, Cloud-based, and Hybrid; End-user - Small/Medium Enterprises, Large Enterprises, and Public Sector) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022."