Dublin, July 04, 2024 (GLOBE NEWSWIRE) -- The "Global Smart Grid Analytics Market Size, Share, Growth Analysis, by Offering (Meter Analytics, Reliability Analytics, Services), Application (AMI, Load Forecasting, Demand Response, Grid Optimization), Analytics Type and Region - Industry Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global 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. The 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. 
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.
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), and Sentient Energy (US).
By application, distributed energy resources management systems (DERMS) 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 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.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 312 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $7.9 Billion |
| Forecasted Market Value (USD) by 2029 | $14.3 Billion |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
Premium Insights
- Rise in Demand for Energy Efficiency & Sustainability and Number of Aging Grid Infrastructures to Drive Market Growth
- Distributed Energy Resources Management Systems Segment to Account for Highest Growth Rate During the Forecast Period
- Operational Analytics and Grid Optimization, Monitoring, and Management to be Largest Segments in North American Market in 2024
- North America to Account for Largest Market Share in 2024
Market Dynamics
- Drivers
- Increase in Adoption of Smart Meters to Monitor Energy Consumption
- Rise in Number of Aging Grid Infrastructure
- Growth in Demand for Energy Efficiency and Sustainability
- Restraints
- Shortage of Skilled Professionals
- Interoperability Constraints
- High Initial Investment and Implementation Costs
- Opportunities
- Growth in Smart City Initiatives
- Improved Renewable Energy Integration
- Enhanced Demand Response Management (DRM)
- Challenges
- Data Management Complexity Associated with Smart Grids
- Cybersecurity Threats
- Lack of Standardization in Smart Grid Analytics Landscape
Smart Grid Communication Network Levels
- Wide Area Network (WAN)
- Field Area Network (FAN)
- Home Area Network (HAN)
Ecosystem Analysis
- Smart Grid Analytics Software Providers
- Smart Grid Analytics Service Providers
- Cybersecurity Service Providers
- System Integrators
- End-users
- Government & Regulatory Bodies
Case Study Analysis
- Tampa Electric Used Itron's Expertise to Explore Value of Distributed Intelligence
- GEXA Energy Partnered with AutoGrid to Offer New Demand Response Programs in ERCOT
- AEM Educated and Empowered Consumers by Making Them Actively Responsible for Their Own Energy Savings
- Data Analytics by Siemens Led to Better Grid Load Prediction for Konstant (NRGI)
- Oracle Utilities NMS Provided with More Holistic View of Network for Better Decision-Making
Technology Analysis
- Key Technologies
- Advanced Metering Infrastructure (AMI)
- Supervisory Control and Data Acquisition (Scada) Systems
- Distributed Energy Resource Management Systems (DERMS)
- Big Data Analytics
- Grid Cybersecurity
- Complementary Technologies
- Internet of Things (IoT)
- Blockchain
- Geographical Information Systems (GIS)
- Edge Computing
- Adjacent Technologies
- Advanced Demand Forecasting
- Non-Intrusive Load Monitoring (NILM)
- Vehicle-To-Grid (V2G)
- Energy Storage Systems
Patent Analysis
- Methodology
- Patents Filed, by Document Type
- Innovation and Patent Applications
- Top 10 Applicants in Smart Grid Analytics Market
Porter's Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Intensity of Competition Rivalry
Companies Featured
- Siemens
- IBM
- Oracle
- GE Vernova
- Schneider Electric
- Landis+Gyr
- Itron
- SAP
- SAS Institute
- Honeywell
- Capgemini
- Accenture
- Infosys
- AutoGrid Systems
- Hive Power
- eSmart Systems
- SteamaCo
- Grid4C
- Globema
- SparkMeter
- Innowatts
- Amperon
- Kevala
- GridPoint
- SafeGrid
- Sentient Energy
For more information about this report visit https://www.researchandmarkets.com/r/x5y99a
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