Smart Grid Analytics Market
Smart Grid Analytics Market Size, Share & Trends Analysis Report by Offering (Software and Services), and by Application (Advanced Metering Infrastructure (AMI) Analytics, Load Forecasting and Demand Response, Grid Optimization, Monitoring, and Management, Distributed Energy Resources Management Systems (DERMS), Predictive Maintenance, Energy Theft Detection and Cybersecurity, Voltage, Frequency, and Stability Management, Customer Engagement and Analytics, Outage Management, and Fault Detection and Other) Forecast Period (2024-2031)
Smart grid analytics market is anticipated to grow at a significant CAGR of 13.4% during the forecast period (2024-2031). The market growth is attributed to the growing demand for innovative analytics programs to improve smart grid systems' energy distribution. The increasing application of data analytics and machine learning to smart grid analytics aims to increase customer satisfaction with decreased downtime and optimize grid efficiency. Additionally, the increased demand for renewable energy sources, a growing acceptance of smart grid technologies, and government attempts to update the electrical infrastructure are other contributors to the global market growth.
Market Dynamics
Increasing Adoption of Real-Time Data Exchange in Smart Grids
A strong and effective communication infrastructure is essential to the effectiveness of smart grid technologies for real-time data interchange and control within the power grid. The communications infrastructure plays a vital role in smart grids by emphasizing its importance in enabling improved control mechanisms, improving grid dependability, and promoting smooth information flow. Utilities may more accurately forecast load requirements and pinpoint periods of peak demand by using real-time smart grid analytics to examine consumption trends in detail. Initiatives for energy efficiency like demand response programs, Volt/VAR optimization, and others can be made simpler with the help of such information.
Smart Grid Analytics Empowering Consumers for Future Power Systems
The relationship between energy customers and the electrical grid is changing paradigmatically as a result of the development of smart grid technology. By offering consumers in future power networks unparalleled insight, control, and engagement in their energy consumption, smart grids empower consumers. Real-time monitoring of energy use is made possible by AMI, which empowers users to make educated decisions regarding their usage patterns of electricity. Customers can manage their use, take part in demand-response programs, and improve overall energy efficiency if they have access to detailed analytics.
Market Segmentation
- Based on the offering, the market is segmented into software and services.
- Based on the application, the market is segmented into advanced metering infrastructure (AMI) analytics, load forecasting and demand response, grid optimization, monitoring, and management, distributed energy resources management systems (DERMS), predictive maintenance, energy theft detection and cybersecurity, voltage, frequency, and stability management, customer engagement and analytics, outage management and fault detection, and other (visual analytics).
Software is Projected to Hold the Largest Segment
The primary factors supporting the growth include increasing demand for smart grid analytics software for improving the efficiency and performance of the grid. Real-time grid monitoring, data analysis, and optimization are made possible by this software, which aids utilities in identifying and resolving problems promptly, minimizing outages, and enhancing energy distribution. As distributed energy resources and renewable energy sources are growing more integrated into modern grids, operational analytics are growing increasingly vital for utilities that require staying in compliance with regulations and providing high-quality service.
Advanced Metering Infrastructure (AMI) Analytics Segment to Hold a Considerable Market Share
Smart meters, communication networks, and data management systems are all part of the advanced metering infrastructure (AMI), an integrated system that offers a two-way digital connection between utilities and customers. In addition to saving utility costs, AMI gives customers convenience and several operational advantages. Through remote meter reading, service connection and disconnections, faster generation of more accurate bills to identify failures, and the ability for utilities to give customers digital access to data, AMI dramatically lowers operational costs. As a result, the growing use of advanced metering infrastructure and the installation of smart meters. For instance, in March 2022, Networked Energy Services entered the Indian market with its proven end-to-end AMI solution. This includes automated topology detection and management with true phase identification which in turn allows the realization of advanced use cases like network fault detection or building accurate power flow models - while at the same time offering the lowest operational costs.
Regional Outlook
The global smart grid analytics market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Demand for Smart Grid Analytics in Asia-Pacific
- The regional growth is attributed to pivotal factors such as the increasing demand to update aging infrastructure. The regional governments are making significant investments in smart grid technologies and are offering significant opportunities for regional market growth. Furthermore, enhanced grid analytics usage is being aided by initiatives and supporting legislative frameworks focused on lowering carbon emissions.
- For instance, in February 2022, IRENA and China State Grid paved the way towards smart electrification investing $350.0 billion between 2021 and 2025 to upgrade the power grid and build new power systems with improved voltage regulation capability and better compatibility with renewable energy. The joint report is a valuable tool for achieving this.
Global Smart Grid Analytics Market Growth by Region 2024-2031
North America Holds Major Market Share
The market growth is attributed to growing government restrictions and environmental concerns that are driving a rising demand for effective energy management. Technological developments in distribution automation, grid optimization, and smart metering improve operational reliability and efficiency and are driving regional market growth. In October 2023, the US government announced $3.5 billion for the largest-ever investment in America’s electric grid, deploying more clean energy, lowering costs, and creating union jobs. The Georgia Environmental Finance Authority and the Family of Companies that support the Georgia electric cooperatives collaborate on a transformative project to benefit communities across the state through increased reliability and lower costs with an estimated investment of more than $507.0 million. The project will make a comprehensive smart grid infrastructure update, through investments in battery storage, local microgrids, and grid reliability, as well as new transmission lines.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the smart grid analytics market include ABB Ltd., Hitachi, Ltd., IBM Corp., Schneider Electric SE, and Siemens AG among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the smart grid analytics market. Based on the availability of data, information related to new software launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. ABB Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Hitachi, Ltd.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. IBM Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Schneider Electric SE
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Siemens AG
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global Smart Grid Analytics Market by Offering
4.1.1. Software
4.1.2. Services
4.2. Global Smart Grid Analytics Market by Application
4.2.1. Advanced Metering Infrastructure (AMI) Analytics
4.2.2. Load Forecasting and Demand Response
4.2.3. Grid Optimization, Monitoring, and Management
4.2.4. Distributed Energy Resources Management Systems (DERMS)
4.2.5. Predictive Maintenance
4.2.6. Energy Theft Detection and Cybersecurity
4.2.7. Voltage, Frequency, and Stability Management
4.2.8. Customer Engagement and Analytics
4.2.9. Outage Management and Fault Detection
4.2.10. Other (Visual Analytics)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Amdocs Corp.
6.2. AutoGrid Systems, Inc
6.3. Eaton Corp plc
6.4. Energiot Devices SL
6.5. eSmart Systems AS
6.6. Fujitsu Ltd.
6.7. GE Vernova
6.8. Honeywell International Inc.
6.9. Itron Inc.
6.10. Landis+Gyr Group AG
6.11. Megger Group
6.12. Oracle Corp.
6.13. SAP SE
6.14. SAS Institute Inc.
6.15. Sentient Energy, Inc.
6.16. Tantalus Systems
6.17. Uplight, Inc.
6.18. Uptake Technologies Inc.
6.19. Wipro Ltd.
6.20. Xylem Inc.
1. Global Smart Grid Analytics Market Research And Analysis By Offering, 2023-2031 ($ Million)
2. Global Smart Grid Analytics Software Market Research And Analysis By Region, 2023-2031 ($ Million)
3. Global Smart Grid Analytics Services Market Research And Analysis By Region, 2023-2031 ($ Million)
4. Global Smart Grid Analytics Market Research And Analysis By Application, 2023-2031 ($ Million)
5. Global Smart Grid Analytics For Advanced Metering Infrastructure (Ami) Analytics Market Research And Analysis By Region, 2023-2031 ($ Million)
6. Global Smart Grid Analytics For Load Forecasting And Demand Response Market Research And Analysis By Region, 2023-2031 ($ Million)
7. Global Smart Grid Analytics For Grid Optimization, Monitoring, And Management Market Research And Analysis By Region, 2023-2031 ($ Million)
8. Global Smart Grid Analytics For Distributed Energy Resources Management Systems (Derms) Market Research And Analysis By Region, 2023-2031 ($ Million)
9. Global Smart Grid Analytics For Predictive Maintenance Market Research And Analysis By Region, 2023-2031 ($ Million)
10. Global Smart Grid Analytics For Energy Theft Detection And Cybersecurity Market Research And Analysis By Region, 2023-2031 ($ Million)
11. Global Smart Grid Analytics For Voltage, Frequency, And Stability Management Market Research And Analysis By Region, 2023-2031 ($ Million)
12. Global Smart Grid Analytics For Customer Engagement And Analytics Market Research And Analysis By Region, 2023-2031 ($ Million)
13. Global Smart Grid Analytics For Outage Management And Fault Detection Market Research And Analysis By Region, 2023-2031 ($ Million)
14. Global Smart Grid Analytics For Other Application Market Research And Analysis By Region, 2023-2031 ($ Million)
15. Global Smart Grid Analytics Market Research And Analysis By Region, 2023-2031 ($ Million)
16. North American Smart Grid Analytics Market Research And Analysis By Country, 2023-2031 ($ Million)
17. North American Smart Grid Analytics Market Research And Analysis By Offering, 2023-2031 ($ Million)
18. North American Smart Grid Analytics Market Research And Analysis By Application, 2023-2031 ($ Million)
19. European Smart Grid Analytics Market Research And Analysis By Country, 2023-2031 ($ Million)
20. European Smart Grid Analytics Market Research And Analysis By Offering, 2023-2031 ($ Million)
21. European Smart Grid Analytics Market Research And Analysis By Application, 2023-2031 ($ Million)
22. Asia-Pacific Smart Grid Analytics Market Research And Analysis By Country, 2023-2031 ($ Million)
23. Asia-Pacific Smart Grid Analytics Market Research And Analysis By Offering, 2023-2031 ($ Million)
24. Asia-Pacific Smart Grid Analytics Market Research And Analysis By Application, 2023-2031 ($ Million)
25. Rest Of The World Smart Grid Analytics Market Research And Analysis By Region, 2023-2031 ($ Million)
26. Rest Of The World Smart Grid Analytics Market Research And Analysis By Offering, 2023-2031 ($ Million)
27. Rest Of The World Smart Grid Analytics Market Research And Analysis By Application, 2023-2031 ($ Million)
1. Global Smart Grid Analytics Market Share By Offering, 2023 Vs 2031 (%)
2. Global Smart Grid Analytics Software Market Share By Region, 2023 Vs 2031 (%)
3. Global Smart Grid Analytics Services Market Share By Region, 2023 Vs 2031 (%)
4. Global Smart Grid Analytics Market Share By Application, 2023 Vs 2031 (%)
5. Global Smart Grid Analytics For Advanced Metering Infrastructure (Ami) Analytics Market Share By Region, 2023 Vs 2031 (%)
6. Global Smart Grid Analytics For Load Forecasting And Demand Response Market Share By Region, 2023 Vs 2031 (%)
7. Global Smart Grid Analytics For Grid Optimization, Monitoring, And Management Market Share By Region, 2023 Vs 2031 (%)
8. Global Smart Grid Analytics For Distributed Energy Resources Management Systems (Derms) Market Share By Region, 2023 Vs 2031 (%)
9. Global Smart Grid Analytics For Predictive Maintenance Market Share By Region, 2023 Vs 2031 (%)
10. Global Smart Grid Analytics For Energy Theft Detection And Cybersecurity Market Share By Region, 2023 Vs 2031 (%)
11. Global Smart Grid Analytics For Voltage, Frequency, And Stability Management Market Share By Region, 2023 Vs 2031 (%)
12. Global Smart Grid Analytics For Customer Engagement And Analytics Market Share By Region, 2023 Vs 2031 (%)
13. Global Smart Grid Analytics For Outage Management And Fault Detection Market Share By Region, 2023 Vs 2031 (%)
14. Global Smart Grid Analytics For Other Application Market Share By Region, 2023 Vs 2031 (%)
15. Global Smart Grid Analytics Market Share By Region, 2023 Vs 2031 (%)
16. US Smart Grid Analytics Market Size, 2023-2031 ($ Million)
17. Canada Smart Grid Analytics Market Size, 2023-2031 ($ Million)
18. UK Smart Grid Analytics Market Size, 2023-2031 ($ Million)
19. France Smart Grid Analytics Market Size, 2023-2031 ($ Million)
20. Germany Smart Grid Analytics Market Size, 2023-2031 ($ Million)
21. Italy Smart Grid Analytics Market Size, 2023-2031 ($ Million)
22. Spain Smart Grid Analytics Market Size, 2023-2031 ($ Million)
23. Rest Of Europe Smart Grid Analytics Market Size, 2023-2031 ($ Million)
24. India Smart Grid Analytics Market Size, 2023-2031 ($ Million)
25. China Smart Grid Analytics Market Size, 2023-2031 ($ Million)
26. Japan Smart Grid Analytics Market Size, 2023-2031 ($ Million)
27. South Korea Smart Grid Analytics Market Size, 2023-2031 ($ Million)
28. Rest Of Asia-Pacific Smart Grid Analytics Market Size, 2023-2031 ($ Million)
29. Rest Of The World Smart Grid Analytics Market Size, 2023-2031 ($ Million)
30. Latin America Smart Grid Analytics Market Size, 2023-2031 ($ Million)
31. Middle East And Africa Smart Grid Analytics Market Size, 2023-2031 ($ Million)
