PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1503253
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1503253
The smart grid analytics market is projected to grow from USD 7.9 billion in 2024 to USD 14.3 billion by 2029, at a compound annual growth rate (CAGR) of 12.4% during the forecast period. Market is anticipated to grow due to the surge in the deployment of intelligent metering systems, growing incidence of aging power grid infrastructure and increasing pursuit of energy efficiency and eco-friendly solutions.
Scope of the Report | |
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Years Considered for the Study | 2019-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | USD (Billion) |
Segments | Offering, Organization Size, Application, Analytics Type, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
"By application, distributed energy resources management systems (DERMS) segment is expected to register the fastest market growth rate during the forecast period."
Distributed Energy Resources Management Systems (DERMS) are set to experience the fastest growth in the smart grid analytics market due to the increasing integration of renewable energy sources like solar and wind. As utilities and grid operators seek to optimize the performance and reliability of decentralized energy resources, DERMS provide essential tools for real-time monitoring, control, and analytics. This demand is driven by regulatory pressures for cleaner energy and the need for grid stability, making DERMS a crucial component in modernizing and managing the evolving energy landscape.
"by analytics type, predictive maintenance segment is expected to account for the largest market share during the forecast period."
Predictive maintenance analytics type will hold the largest market share in the smart grid analytics market due to its critical role in enhancing grid reliability and reducing operational costs. By leveraging advanced data analytics and machine learning, predictive maintenance enables utilities to anticipate and address equipment failures before they occur, minimizing downtime and repair costs. This proactive approach not only improves the efficiency and lifespan of grid infrastructure but also supports regulatory compliance and customer satisfaction, making it an indispensable component for utilities worldwide.
"By Region, Asia Pacific is slated to grow at the fastest rate and North America to have the largest market share during the forecast period."
The Asia Pacific region is expected to exhibit the fastest growth rate in the smart grid analytics market due to rapid urbanization, increasing energy demand, and government initiatives promoting smart grid technologies. Countries like China, Japan, South Korea, and India are investing heavily in modernizing their energy infrastructures, driving the adoption of smart grid analytics to improve grid efficiency, reliability, and sustainability. Additionally, the region's expanding renewable energy sector and efforts to integrate distributed energy resources further boost demand for advanced analytics solutions. On the other hand, North America is poised to maintain the largest market share in the smart grid analytics market due to its early adoption of smart grid technologies, stringent regulatory standards, and significant investments in grid modernization. The region's mature energy infrastructure and focus on enhancing grid resilience against natural disasters and cybersecurity threats also contribute to its leadership position. Market players can capitalize on these dynamics by tailoring their offerings to address specific regional requirements, such as grid reliability in North America and scalability in Asia Pacific, to effectively capture market share and drive growth.
Breakdown of primaries
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the smart grid analytics market.
The report includes the study of key players offering smart grid analytics solutions and services. It profiles major vendors in the smart grid analytics market. The major players in the smart grid analytics market include Siemens (Germany), IBM (US), Oracle (US), Schneider Electric (France), GE Vernova (US), Landis+Gyr (Switzerland), Capgemini (France), Infosys (India), SAP (Germany), Honeywell (US), Accenture (Ireland), SAS Institute (US), Itron (US), Autogrid Systems (US), Hive Power (Switzerland), eSmart Systems (Norway), SteamaCo (UK), Grid4C (US), Globema (Poland), SparkMeter (US), Innwatts (US), Amperon (US), Kevala (US), GridPoint (US), Safegrid (Finland), Sentient Energy (US).
Research coverage
This research report categorizes the Smart grid analytics Market by Offering (Software and Services), Software By Type (Meter Analaytics, Operational Analytics, Reliability Analytics), Software By Deployment Mode (Cloud and On-premises), By Services (Professional Services [Training & Consulting, System Integration & Deployment, and Support & Maintenance] and Managed Services), By Organization Size (Small & Medium Businesses and Large Enterprises), By Application (AMI Analytics, Load Forecasting & Demand Response, Grid Optimization, Monitoring, & Management, Distributed Energy Resources Management System, Predictive Maintenance, Energy Theft Detection & Cybersecurity, Voltage, Frequency, & Stability Management, Customer Engagement & Analytics, Visual Analytics, Outage Management & Fault Detection, and Other Applications [Network Management, Capacity Planning, and Microgrid Management]) By Analytics Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the smart grid analytics market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent developments associated with the smart grid analytics market. Competitive analysis of upcoming startups in the smart grid analytics market ecosystem is covered in this report.
Key Benefits of Buying the Report
The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall smart grid analytics market and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.