New York, NY, Feb. 15, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Smart Grid Analytics Market By Solution Analysis (Grid Optimization, AMI Analytics, Asset Management, Demand Response Analytics, and Others), By Deployment Analysis (Cloud Based, On-Premises, and Hybrid), By Service Analysis (Professional Services, and Support and Maintenance Services), and BY End-User Analysis (Small & Medium Enterprises, Large Enterprises, Public Sector): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
“According to the research study, the global Smart Grid Analytics Market was estimated at USD 1,150 Million in 2019 and is expected to reach USD 2,300 Million by 2026. The global Smart Grid Analytics Market is expected to grow at a compound annual growth rate (CAGR) of 10.8% from 2019 to 2026”.
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).
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Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Smart Grid Analytics Market?
2) What is the market size, share of the Smart Grid Analytics Market?
3) Who are the top market players in Smart Grid Analytics Market?
4) What will be the future market of the Smart Grid Analytics Market?
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
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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 are 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.
Top Market Players
- Hewlett-Packard Company
- Opower Inc.
- SAP AG
- SAP AG
- Accenture Plc
- Capgemini S.A.
- SAP AG
- SAP AG
- IBM Corporation
- SAP AG
- Oracle Corporation
- SAS Institute Inc.
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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.
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On the basis of the end-user, the public sector segment dominated the global smart grid analytics market in 2019 and is predicted to grow in the future years due to the trust of the population in public sector companies and the huge budget provided by the government.
To examines the data produced from the smart grid network, smart grid analytics solutions are used. It is used for energy and utilities. Smart grid analytics are used in the utility and energy sector, to enhance the efficiency of utility providers and to prevent the loss that occurs at the time of electricity generation and distribution. The rising investment in the smart grid system may drive the global market. Increasing adoption of the smart grid, increasing innovations in the Internet Of Things (IoT), growing awareness about the advantages of smart analytics is driving the market growth. Moreover, the low maintenance cost is also propelling the market. However, the lack of awareness and low availability of trained workers may impede the market growth. On the other hand, growing installations of a smart meter are expected to create many opportunities for the global smart grid analytics market.
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The smart grid analytics market research report delivers an acute valuation and taxonomy of the smart grid analytics industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
By geography, The Asia Pacific is expected to be the fastest-growing market for smart grid data analytics during the years to come, due to the increasing awareness about the benefits of smart grid analytics and low maintenance cost.
Browse the full “Smart Grid Analytics Market By Solution Analysis (Grid Optimization, AMI Analytics, Asset Management, Demand Response Analytics, and Others), By Deployment Analysis (Cloud Based, On-Premises, and Hybrid), By Service Analysis (Professional Services, and Support and Maintenance Services), and BY End-User Analysis (Small & Medium Enterprises, Large Enterprises, Public Sector): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” report at https://www.fnfresearch.com/smart-grid-analytics-market-by-solution-analysis-grid-921
This report segments the smart grid analytics market as follows:
Global Smart Grid Analytics Market: By Solution Segmentation Analysis
- Grid Optimization
- AMI Analytics
- Asset Management
- Demand Response Analytics
- Others
Global Smart Grid Analytics Market: By Deployment Segmentation Analysis
- Cloud-Based
- On-Premises
- Hybrid
Global Smart Grid Analytics Market: By Services Segmentation Analysis
- Professional Services
- Support and Maintenance Services
Global Smart Grid Analytics Market: By End-User Segmentation Analysis
- Small & Medium Enterprises
- Large Enterprises
- Public Sector
Key Insights from Primary Research
- According to the CXOs 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.
- 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.
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