What is Smart Grid Analytics Market?
Rapidly escalating demand for electricity will help to boost global smart grid analytics market in the forecasted period. Smart grid analytics are solutions used to observe the data generated from the smart grid networks. It is also known as Big Data analytics solutions utilized for utilities and energy. The main purpose behind the consumption of smart grid analytics solutions for utilities and energy sector is to allow the utility providers to enrich their efficiency and decrease the losses that occur while the generation and distribution of electricity.
The market study is being classified and major geographies with country level break-up.
Accenture Plc. (Ireland), SAS Institute, Inc. (United States), Siemens AG (Germany), Oracle Corporation (United States), SAP SE (Germany), EMC Corporation (United States), Opower, Inc. (United States), Hewlett-Packard Development Company, L.P. (United States), Capgemini SA. (France) and Itron (United States) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are AutoGrid Systems, Inc. (United States), Verizon (United States), Hitachi Consulting Corporation (United States), Dell EMC (United States) and Amdocs Corporation (United States).
The global smart grid analytics market is fragmented and highly competitive due to its projected high growth in the upcoming years, emerging players are expected to enter the market in the near future. The level of competition among the companies in the smart grid analytics market is intense and manufacturers focus on developing new technologies and offering customized products to the customers. The majority of the software vendors are turning towards partnerships and joint ventures with different players operating in the relative markets. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Smart Grid Analytics market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Smart Grid Analytics market by Type, Application and Region.
On the basis of geography, the market of Smart Grid Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Demand for Power Supplemented by Higher Transmission and Distribution Losses
- Developing Investment in the Smart Grid Systems
Market Trend
- Rapidly Growing Penetration of IOT and Big Data in Smart Grid Analytics
- Rising Usage of Smart Meters Worldwide
Restraints
- High Initial Cost Associated with Smart Grid Systems
- Lack of Enthusiasm in Utility Providers to Modify the Existing Infrastructure
Opportunities
- Huge Demand due to Integration of Smart City Concept
- Upsurging Demand for Smart Grid Analytics in Emerging Countries
Challenges
- Lack of Awareness and Interoperability
Market Leaders and some development strategies
On 3rd June 2019, Accenture has acquired BRIDGE Energy Group (BRIDGE), a Boston-based consulting and systems integration firm that provides grid modernization, analytics, and security services to utilities in North America. Terms of the transaction were not disclosed.
On 24th January 2019, AutoGrid has been recognized as an industry leader in an in-depth analysis of the DERMS market by Navigant Research, a respected market research firm that focuses on trends in global energy transformation. The report, titled “Navigant Research Leaderboard: DERMS Vendors,” examines the strategy and execution of 16 vendors offering DERMS for DER and grid management solutions. and On 21st May 2018 - Itron, Inc. has signed a contract with Jamaica Public Service Company (JPS) for a nationwide smart grid deployment, serving more than 600,000 customers that helped the utility to improve customer service, drive grid reliability and enable revenue realization.
Key Target Audience
Smart grid Analytics solution Providers, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others