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Global Smart Grid Data Analytics Market Size with Growth Opportunities, Top Countries Data, Future Trends and Share with Revenue Forecast 2022 to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on the Global Smart Grid Data Analytics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Global Smart Grid Data Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Smart Grid Data Analytics Market products.

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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.

Global Smart Grid Data Analytics Market is valued at approximately USD 1.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20 % over the forecast period 2020-2027. Smart grid is a new technology that helps the systems to run effectively and smart grid analytics offer the optimized solution to the complete system. Also, this smart grid data analytic helps to collect valuable information generated by all equipment and it helps to predict and analyze the data for future. Increasing demand for the cost-effective power supply from the consumer end and minimization of production of electricity cost by using the smart grid data analytics owing to its distinctive properties would drive the growth of the market. To optimize the system and by replacing the aged systems with smart sensors, meters and automation of complete systems help the utility owners to operate the complete network efficiently. With the advent of advanced technology, such as big data, IoT, players have been focusing on integrating smart grid solutions in a wider aspect. As data generation has been continuously experiencing an upward trend, power utility companies have been combining big data with billions of more rows of smart sensor data and additional IoT. The data gathered from smart meters can provide a better understanding of customer behaviour, and hence, facilitate customer segmentation. The growth of the market is attributed owing to the growing investment in smart grid projects. As per US Energy Information Administration in 2018 there were 86.8 million smart metering infrastructure installations in US electric utilities of which 88% belonged to the residential sector. And as of June 2018, operator Enexis Netbeheer installed 900 thousand smart meters in one region of the Netherlands and further plans to install 2.8 million electricity smart meters and the same number of smart gas meters by 2020. Also, increasing investments in digital electrical infrastructure and smart grid infrastructure further fuel the market growth. As per the United States Department of Energy report of 2018, the US utilities invested USD 144 billion in electricity generation, transmission and distribution in 2016. Also, the Annual smart grid investments rose by 41% from USD 3.4 billion in 2014 to USD 4.8 billion in 2016 and are further projected to rise to USD 13.8 billion by 2024. However, the high costs of smart grid systems and the lack of skilled professionals are hampering the growth of this market.

The regional analysis of the global Smart Grid Data Analytics market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region due to the growing adoption of smart grid technologies and effective use of power. Whereas Asia-Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027.

Major market players included in this report are:
Siemens AG
Itron Inc.
AutoGrid Systems Inc.
General Electric Company
IBM Corporation
SAP SE
Tantalus System Corporation
SAS Institute Inc.
Hitachi Ltd
Uplight Inc.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Deployment:
Cloud-based
On-premises

By Solution:
Transmission and Distribution (T&D) Network
Metering
Customer Analytics

By Application:
Advanced Metering Infrastructure Analysis
Demand Response Analysis
Grid Optimization Analysis

By End-User:
Private Sector (SMEs and Large Enterprises)
Public Sector

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027

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Target Audience of the Global Smart Grid Data Analytics Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

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