The Business Research Company’s report on the Smart Grid Data Analytics Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the smart grid data analytics market’s growth in recent years?
The increasing demand for energy efficiency and sustainability is expected to propel the growth of the smart grid data analytics market going forward. Energy efficiency and sustainability are closely related concepts that aim to optimize resource use, minimize waste, and reduce the environmental impact of energy consumption. The increasing demand for energy efficiency and sustainability is a multifaceted response to the global challenges of climate change, economic instability, resource depletion, and public health. Smart grid data analytics plays a crucial role in enhancing energy efficiency and promoting sustainability by optimizing the use of energy, improving grid management, and reducing environmental impact. For instance, in December 2024, according to a report published by The House of Commons Library, a UK-based government library, the proportion of homes in England with an energy efficiency rating of band C or higher has significantly improved, rising from 12% over the past decade to 48% in 2022. Therefore, the increasing demand for energy efficiency and sustainability is driving the growth of the smart grid data analytics market.
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How does the future projection of the smart grid data analytics market size compare to its historical growth?
The smart grid data analytics market size has grown rapidly in recent years. It will grow from $4.85 billion in 2024 to $5.50 billion in 2025 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to increasing demand for energy efficiency, rising energy consumption, growth of electric vehicles, increasing energy consumption, government initiatives, and regulations.
The smart grid data analytics market size is expected to see rapid growth in the next few years. It will grow to $8.97 billion in 2029 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to growth in distributed energy resources, an increase in energy storage systems, regulatory and policy support for smart grids, an increase in decentralized energy production, and growing adoption of energy storage systems. Major trends in the forecast period include the integration of AI and machine learning for predictive analytics, advancements in real-time data monitoring and analysis, the development of 5G technology to enhance data transfer speeds, the integration of blockchain technology for secure data sharing, and enhanced collaboration between utilities and technology providers.
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Which key players are shaping the future of the smart grid data analytics market?
Major companies operating in the smart grid data analytics market are Siemens Aktiengesellschaft, General Electric Company, Accenture plc, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Fujitsu Limited, Tata Consultancy Services Limited, Capgemini SE, Eaton Corporation plc, Wipro Limited, SAS Institute Inc., Itron Inc., Landis+Gyr Group AG, Hansen Technologies Ltd., Sensus USA Inc.
What trends will propel the growth and evolution of the smart grid data analytics market?
Major companies operating in the smart grid data analytics market are focusing on integrating smart grid solutions, such as advanced analytics platforms, to enhance smart grid data security and management. Advanced analytics platforms refer to software solutions that use data analysis, machine learning, and AI to optimize grid performance, predict outcomes, and enhance decision-making for energy distribution and management. For instance, in August 2022, Dubai Electricity and Water Authority (DEWA), a UAE-based government owned electric and water utility company, launched its Big Data and Analytics platform and Smart Grid Data Governance platform to enhance operational efficiency and asset management. The platforms integrate smart grid applications, provide data-driven forecasting, and ensure compliance with data policies, improving decision-making, asset performance, and service reliability. They also enable better data management, security, and transparency while supporting the monitoring and maintenance of DEWA’s Green Charger stations for electric vehicles. These initiatives aim to optimize capital investment, prevent asset failures, and ensure data consistency and privacy.
Which regions are expected to become dominant players in the smart grid data analytics market?
North America was the largest region in the smart grid data analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart grid data analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the smart grid data analytics market, and how are they evolving?
The smart grid data analytics market covered in this report is segmented –
1) By Component: Software, Services, Hardware
2) By Solution: Descriptive Analytics, Predictive Analytics, Customer Analytics, Diagnostic Analytics, Prescriptive Analytics, Cognitive Analytics
3) By Deployment: Cloud-Based, On-Premise, Hybrid
4) By Application: Transmission And Distribution Management, Energy Efficiency And Conservation, Asset Management And Maintenance, Cybersecurity And Compliance, Smart Metering And Data Management
5) By Industry Vertical: Utilities, Industrial, Commercial, Residential
Subsegments:
1) By Software: Meter Data Management Software, Grid Optimization Software, Predictive Analytics Software, Energy Demand Forecasting Software, Real-Time Monitoring And Control Software
2) By Services: Consulting And Advisory Services, Implementation And Integration Services, Support And Maintenance Services, Data Analytics And Reporting Services, Cloud-Based Smart Grid Services
3) By Hardware: Smart Meters, Sensors And IoT Devices, Data Storage And Processing Units, Communication Infrastructure, Edge Computing Devices
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What defines the structure and scope of the smart grid data analytics market?
Smart grid data analytics refers to the use of advanced data analysis tools and techniques to process, analyze, and interpret large volumes of data generated by smart grid systems. These systems integrate modern technologies into traditional power grids, enabling real-time monitoring, control, and optimization of electricity generation, distribution, and consumption.
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