In the smart grid analytics market space, the solution vendors such as Siemens AG, IBM Corporation, Opower, SAPAG, and Oracle Corporation as well as the service providers such as Accenture, Capgemini SA and Wipro offer high end data analytics solutions and professional services. The solutions include AMI analytics, demand response analytics/ advanced analytics for Demand Response Management System (DRMS), asset analytics, analytics for grid optimization, energy data forecasting/ load forecasting, and visualization tools. Also, the services include professional services such as consulting services, and system integration services as well as the support and maintenance services.
Smart grid analytics market is growing at a rapid rate and is stirred by various growth drivers such as the deployment of smart metering infrastructure giving rise to gigantic volume of data generation, limited nature of non-renewable energy sources, and the rising demand for consumer engagement. The smart grid analytics market can also thrive in the near future leveraging numerous opportunities in this market space such as the rising demand for system integrators, rise of the Software-as-a-Service/ cloud-based solutions and need of high end analytics solutions for optimization of grid operations. This market is however influenced by a few restraining factors such as lack of skilled workforce and upkeep of prevailing data regulations and standards.
Globally, smart grid analytics adoption rate is increasing in the APAC, LA and MEA region due to the increasing awareness of the benefits of big data analytics amongst the businesses running in the utility industry, particularly the smart grid. This increasing awareness level is significantly pushing the smart grid enterprises to deploy comprehensive big data analytics solutions for their grid assets, their operations and functions as well as for enhanced consumer engagement.
Also, the smart grid analytics solutions are deployed in two major models: on-premise deployment model and on-demand or cloud-based deployment model.
Smart Grid Analytics Market Size, by Region, 2014-2019 ($Billion)
Source: MarketsandMarkets Analysis
The table given above highlights the market size across five regions from 2014 to 2019. Smart grid analytics market is expected to grow from $1.8 billion in 2014 to $5.5 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 25.0% from 2014 to 2019.