CHICAGO , June 19,
2024 /PRNewswire/ -- The Smart Grid
Analytics Market is anticipated to experience substantial
expansion, ascending from a value of USD 7.9
billion in 2024 to a substantial worth of USD 14.3 billion by the year 2029. This growth
trajectory reflects a robust compound annual growth rate (CAGR) of
12.4% over the forecast period, according to a new report by
MarketsandMarkets™. The surge in the Smart Grid Analytics Market is
poised to be driven by a confluence of influential factors within
the business landscape. Notably, accelerated installation of smart
metering technology, coupled with the expanding presence of aging
transmission and distribution networks, stands out as significant
contributors to this trend. Additionally, the growing focus on
reducing energy consumption and carbon footprint are playing a
crucial role in propelling the upward trajectory of this
market.
Browse in-depth TOC on "Smart Grid Analytics
Market"
220 – Tables
55 - Figures
310 –
Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
USD
(Billion)
|
Segments
Covered
|
Offering, Organization
Size, Application, Analytics Type, and Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
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), Sentient Energy
(US).
|
By application, grid optimization, monitoring, and
management to register the largest market share during the
forecast period.
Grid optimization, monitoring, and management application will
have the largest market share in the Smart Grid Analytics Market
due to the increasing need for efficient energy distribution,
reducing operational costs, and improving grid reliability. These
applications enhance the ability to predict and respond to grid
disturbances, manage distributed energy resources, and optimize
asset performance. The push towards integrating renewable energy
sources and the growing complexity of power grids further drive the
demand for advanced analytics to ensure stability and efficiency in
electricity supply.
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By analytics type, prescriptive analytics type is
poised for the fastest growth rate during the forecast
period.
Prescriptive analytics will experience the fastest growth rate
in the Smart Grid Analytics Market due to its ability to provide
actionable insights and optimal decision-making recommendations. By
leveraging advanced algorithms and machine learning, prescriptive
analytics can suggest proactive measures for grid management,
helping utilities anticipate and mitigate issues before they occur.
This capability is crucial as grids become more complex with the
integration of renewable energy sources and the adoption of smart
technologies, driving utilities to adopt solutions that enhance
efficiency and reliability while reducing operational risks.
By region, North America
accounts for the largest market during forecast period.
North America is expected to
hold the largest market share in the Smart Grid Analytics Market
due to substantial investments in smart grid technologies,
supportive regulatory frameworks, and a high adoption rate of
advanced analytics solutions. The region's well-established
infrastructure, coupled with initiatives to modernize the grid and
integrate renewable energy sources, drives demand for sophisticated
analytics to enhance grid efficiency and reliability. Additionally,
the presence of leading technology companies and ongoing projects
focused on smart grid advancements further bolster North America's dominant position in this
market.
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Top Key Companies in Smart Grid Analytics Market:
The major players in the Smart Grid Analytics Market include
Siemens (Germany), Oracle (US),
Schneider Electric (France), GE
Vernova (US) and Landis+Gyr (Switzerland) along with startups such as
Autogrid Systems (US), eSmart Systems (Norway), Innwatts (US), Amperon (US), and
Kevala (US).
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