According to the CXO,s working in the smart grid analytics industry, the market is predicted to witness a substantial growth of above 10% during the years 2020-2026. Due to the increasing demand for smart grid analytics, the market is expected to develop over USD 2,300 million until 2026. In 2019, the market was accounted for USD 1,150 million.

An Overview: Smart Grid Analytics Market

The smart grid refers to information infrastructure and advanced communication that enables the enhancement of energy production, distribution, storage, and transmission. In Addition, the other benefits of the smart grid involve automation of system management, improvement in the electricity system reliability, educated planning, and lower costs and effort. Smart grid features comprise the entire power system spectrum, from generators, electricity suppliers to end-users. In addition to the distributed energy resources (DER) integration, the key drivers for the development of the smart grid are recent technology innovations in energy storage, electric vehicles (EV).

According to the research report published by the Facts and Factors website, the global smart grid analytics market in 2019 was above USD 1,150 million. The market is expected to grow above a CAGR of 10.8% and is anticipated to reach over USD 2,300 million by 2026.

Growth Factors and Market Opportunities: Smart Grid Analytics

Increasing demand for smart solutions in the energy sector may drive market growth. In the rise of technological advancement, utilities are increasingly adopting innovative solutions that are capable of optimization, self-tuning, fault-detection, and diagnosis for increasing the minuscule profit margins from revenues. Therefore, the demand for smart grid analytics informs smart solutions is anticipated to keep growing in the foreseeable future. Moreover, governments of major economies around the world are increasingly funding smart grid initiatives for the development of smart cities. This investment in the smart grid by governments across the world is expected to fuel the consumption of smart grid technologies which in turn is expected to drive the global smart grid analytics market. However, The inefficient and outdated grid infrastructure is posing a major challenge in the implementation of smart grid technologies. energy utilities are struggling with the implementation of advanced analytical solutions due to inadequately trained workers as well as a deficit of technical skills required for operating. Energy companies are not confident in reliability, integration, and security. Energy companies also face the problem of interoperability which acts as a restraint in faster adoption of smart grid technologies. Additionally, budgetary restraints are holding back the implementation of analytical solutions. In recent years, investment in smart city development has increased significantly. Moreover, growing installations of a smart meter are expected to create many opportunities for the global smart grid analytics market.

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Key Market Segments: Smart Grid Analytics

By the solution analysis segment, the AMI Analytics segment-headed the market with more than USD 280 million, in 2019 and it is expected to grow over the forecast period owing to Increased investment by energy utilities in the deployment of AMI analytics.

On the basis of deployment, on-premises dominated the global smart grid data analytics market in 2019. It accounted for more than 58% share of the total market in 2019.

On the basis of the service, the support and maintenance services segment dominated the global smart grid analytics market in 2019. It accounted for above USD 900 million and is expected to grow during the forthcoming years attributed to the cost and easy availability of their services.

Key Market Players: Smart Grid Analytics

Top key players operating in the market are SAP AG, Opower Inc., Siemens AG, Accenture Plc, Capgemini S.A., EMC Corporation, IBM Corporation, SAS Institute Inc., Oracle Corporation, Hewlett-Packard Company, and others.