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Global Smart Grid Data Analytics Market: Overview
According to a new market report pertaining to the global smart grid data analytics market published by Transparency Market Research , the global smart grid data analytics market is anticipated to reach US$ 14,036.9 Mn by 2030. The smart grid data analytics market is projected to expand at a CAGR of 12.8% from 2020 to 2030 based on revenue. According to the report, North America was a significant contributor to the smart grid data analytics market in terms of revenue in 2019.
The prominent market share of the region is due to the significant adoption of smart grid data analytics, and increasing adoption of smart grid systems in the U.S. The smart grid data analytics market in Asia Pacific is expected to expand at a high CAGR during the forecast period. This is primarily due to the increasing digitalization of the utility sector in the region.
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Advancements in Smart Meter and Advanced Metering Infrastructure (AMI)Driving the Global Smart Grid Data Analytics Market
Advanced metering infrastructure (AMI) is an integrated system which includes smart meters, communication networks, and data management systems that provide a two-way digital link between the customer and utilities. AMI provides various operational benefits to minimize the utility cost and offers convenience to the customer.
AMI significantly reduces operating costs by remotely reading meters, connecting/disconnecting the service, identifying outages by generating more accurate bills faster, and enables utilities to provide customers digital access to their usage information. Thus, the increasing installation of smart meter and adoption of advanced metering infrastructure is expected to boost the global smart grid data analytics market during the forecast period globally.
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Smart Grid Data Analytics Market: Market Taxonomy
The global smart grid data analytics market has been segmented in terms of component, deployment model, end-user, BSS solutions for utilities, and region. Based on component, the smart grid data analytics market has been classified into solution, and services. The solution segment has been further sub-divided into AMI analytics, demand response analytics, grid optimization, asset management, and others (energy forecasting and data visualization tools).
The AMI analytics solution segment dominated the global smart grid data analytics market in 2019 and is expected to maintain its dominance during the forecast period. Based on deployment model, the smart grid data analytics market has been classified into on-premise, cloud, and hybrid. The cloud segment dominated the global smart grid data analytics market in 2019 and is expected to maintain its dominance during the forecast period.
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