Smart Grid Analytics Market is expected to reach a revenue of USD 24.2 Bn by 2033, at 12.9% CAGR: Dimension Market Research

New York, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Overview:

The Global Smart Grid Analytics Market size is expected to reach USD 8.2 billion by 2024 and is further anticipated to reach USD 24.2 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 12.9% from 2024 to 2033.

Smart grids integrate energy development with technological developments. Using sensors, IoT, and other computing devices, there is a provision for two-way communication between consumers & utility providers in a smart grid. As an AI system, a huge amount of data comes from many sources, e.g. smart meters. All the unstructured data gathered from these sources can only be valuable with smart grid analytics. Smart grid analytics are systematic computational analyses of the data produced in the grids. With these analytics, one can get a more accurate interpretation, communication, and identification of data trends or meaningful patterns from the data that comes in. Thus, it is important to enhance the grid operations and predict the next course of action.

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The US Overview

In the US Smart Grid Analytics Market, the market is expected to reach USD 2.4 billion in 2024 at a CAGR of 12.1% over the forecast period.

Further, in the US smart grid analytics market, development in AI, machine learning, and cybersecurity enhance predictive capabilities and grid efficiency. The integration of IoT devices enables real-time data insights, optimizing energy distribution and renewable energy integration. While high initial costs and integration complexity create challenges, government initiatives and growth in demand for reliable, sustainable energy solutions drive innovation and market growth.

Important Insights

• The Smart Grid Analytics Market is expected to grow by USD 24.2 billion by 2033 from 2023 with a CAGR of 12.9%.
• The software segment is projected to lead in 2024 with a major & is anticipated to dominate throughout the forecasted period.
• The large enterprises segment is set to lead the Smart Grid Analytics market in 2024.
• AMI or Advanced Metering Infrastructure analytics are anticipated to get the largest revenue share in 2024 in the Smart Grid Analytics market.
• North America is expected to have a 35.4% share of revenue in the Global Smart Grid Analytics Market in 2024.

Global Smart Grid Analytics Market: Trends

• Edge Computing: The adoption of edge computing for live data processing improves efficiency and minimizes the lead time in smart grid operations.
• Blockchain Integration: The usage of blockchain technology for secure data management and transactional transparency in smart grid analytics is gaining traction.
• Predictive Maintenance: Implementation of predictive maintenance algorithms powered by AI to preemptively identify and address grid equipment failures.
• Grid Resilience: Focus on improving grid resilience against natural disasters and cyber threats through advanced analytics and AI-driven solutions.

Smart Grid Analytics Market: Competitive Landscape

The global smart grid analytics market is highly competitive, with technology firms, analytics providers, and utility service providers competing to enhance grid reliability, reduce costs, and integrate renewable energy. Innovation in AI, machine learning, and IoT drives companies to develop scalable, secure analytics platforms for utilities' evolving needs.

Some of the major players in the market include IBM Corp, GE VERNOVA, ORACLE, SIEMENS, Schneider Electric, and more.

Some of the prominent market players:

• IBM Corp
• GE VERNOVA
• ORACLE
• SIEMENS
• Schneider Electric
• Itron
• SAS Institute
• Honeywell
• SAP
• Capgemini
• Other Key Players

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Smart Grid Analytics Market Scope

Regional Analysis

North America is anticipated to have a major impact on the global smart grid analytics market, as it is expected to account for 35.4% of total revenue in 2024. Developed infrastructure, high smart technology adoption, and a focus on renewable energy integration drive growth. Government initiatives and regulations support smart grid deployment, improving grid reliability, optimizing energy distribution, and minimizing operational costs. Leading tech companies and R&D investments also contribute to North America's influence. Meanwhile, Asia Pacific, with rapid urbanization and energy demand, mainly in China, Japan, and India, is expected to be the fastest-growing region, driven by smart grid investments and renewable energy adoption.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Segment Analysis:

Large enterprises are expected to drive the global smart grid analytics market growth in 2024, using their resources to invest in advanced technologies and specialized analytics. These organizations experience complex energy demands and regulatory requirements, making smart grid analytics vital for efficiency and cost reduction. By adopting these tools, they can improve energy management, predict equipment failures, and integrate renewable sources. Further, SMEs also play an important role, using scalable and affordable analytics to enhance energy efficiency and competitiveness, fueling innovation and expanding market demand for accessible, customized solutions.

Smart Grid Analytics Market Segmentation

By Offering

• Software
  • By Type
    • Meter Analytics
    • Operational Analytics
    • Reliability Analytics
  • By Deployment Mode
    • Cloud
    • On-Premises
  • Services
    • Professional Services
    • Managed Services

 By Organization Size

• Small & Medium Enterprises (SMEs)
• Large Enterprises

By Application

• AMI Analytics
• Load Forecasting & Demand Response
• Grid Optimization, Monitoring, and Management
• Distributed Energy Resources Management Systems
• Predictive Maintenance
• Energy Theft Detection & Cybersecurity
• Voltage, Frequency, and Stability Management
• Customer Engagement & Analytics
• Others (Visual Analytics, Outage Management & Fault Detection, and Others)

Global Smart Grid Analytics Market: Driver

• Technological Advancements: Innovations in AI, machine learning, and IoT improve predictive capabilities and grid efficiency, driving market growth.
• Government Initiatives: Supportive policies and regulatory mandates promote smart grid deployment and renewable energy integration.
• Energy Efficiency Demand: Higher demand for reliable and sustainable energy solutions boosts the adoption of smart grid analytics.
• Infrastructure Modernization: Funding in modernizing grid infrastructure to accommodate advanced analytics solutions drives the market expansion.

Global Smart Grid Analytics Market: Restraints

• High Initial Costs: The higher investment required for installing advanced smart grid technologies can impact the adoption.
• Integration Complexity: Challenges in combining new technologies with existing grid infrastructure pose a major restraint.
• Data Security Concerns: Ensuring the cybersecurity of large volumes of data collected and analyzed by smart grids is a critical issue.
• Regulatory Hurdles: Distinct regulations and compliance requirements across regions can complicate market growth.

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Global Smart Grid Analytics Market: Opportunities

• Renewable Integration: The rise in the adoption of renewable energy sources provides opportunities for better grid analytics to optimize energy distribution.
• Emerging Markets: Rapid urbanization and energy demand in regions like Asia Pacific create higher growth potential for smart grid analytics.
• Technological Innovations: Constant development in AI, machine learning, and IoT can drive the advancement of more efficient and scalable analytics solutions.
• Government Support: A rise in government initiatives and funding for smart grid projects provides opportunities for market expansion and innovation.

Recent Developments in the Smart Grid Analytics Market

• June 2024: Deloitte and Utilidata announced that the companies will collaborate to revolutionize the utility sector with AI and data solutions, using Deloitte's expertise and NVIDIA's AI platform, integrated with Utilidata's Karman platform.
• June 2024: Esyasoft introduced IntelliGrid, a joint venture at Baku Energy Week in Azerbaijan, focused on smart gas grids, advanced metering infrastructure, IIoT devices, and AI platforms for better efficiency.
• May 2024: Tata Power Delhi Distribution Limited and the India Smart Grid Forum (ISGF) announced a partnership on a Vehicle-to-Grid (V2G) Technology Demonstration Project to illustrate EVs' grid interaction, targeting less carbon emissions in transport and energy.
• February 2024: Siemens introduced Gridscale X, paving the way for autonomous grid management and creating digital transformation for operators, which addresses utilities' critical challenges in navigating the energy transition effectively and at scale.
• December 2023: ISGAN (International Smart Grid Action Network) introduced new initiatives to advance smart grids globally. A new ‘Lighthouse Project’ entitled ‘Electricity network planning & implementation under uncertainty for the clean energy transition: The roles of smart distribution grids in energy systems’ is focused on initiating closer collaboration between the Networks’ six working groups to address smart distribution grids.

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