The Global Smart Grid Analytics Market is projected to reach a value of over USD 13.7 billion by 2027 at a CAGR of around 17.6%.
The smart grid is refers to a new technology, which helps the system to function effectively as well as it provides an optimized solution to the systems. Also, it is an energy infrastructure of the future, transformers and substations which helps in direct the energy to households with technology such as computers, automated technology and other new equipment. However, it provides efficient energy transmission, enhance security, operations costs, and reduce management costs and better integration of renewable energy. The Smart grid is also known as the next-generation power supply network.
Hence, it also helps the electricity producers to improve its reliability, availability, and efficiency. These may lead to increase the demand for the market growth.
Market Driver:
With the increasing advancement in smart grid and Advanced Metering Infrastructure (AMI) is witness to boost the growth of the market in the forecast period. Whereas, the advanced metering infrastructure (AMI) help to provide several operational benefits such as reduce the utility cost and offers convenience to the user. According to the International Energy Agency, the world electricity demand is projected to grow more than 70% by 2040. Also, the expansion, improvement and decentralization of the electricity infrastructure for enhance the flexibility are being projected investments from the organizations.
Hence, many projects has been taken across the Indian subcontinent, for reducing issues faced by the population regarding electricity. Moreover, the growing installation of smart meter as well as the adoption of advanced metering platform is anticipate to boost the global smart grid data analytics market in the forecast period.
Market Restraints:
One of the major key concern of the smart grid analytics market is high costs of smart grid which may restraining factor for the growth of the market. Whereas, one of the most limitation factor in the smart metering is the fund availability. Also, it’s much more expensive as compare to the regular metering equipment. Moreover, the various smart meters is been made by different parameters, depend upon the requirements and demand of the consumers. Hence, for these kind of installation and functioning, the market required a high skilled professional to handle all the features and techniques.
Hence, it is anticipate that high costs of smart grid as well as the shortage of skilled professional may lead to restraint the growth of the smart grid analytics market in the forecast period.
The report on the smart grid analytics market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report Features |
Specifics |
---|---|
Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
Base Year for Market Calculation |
2020 |
Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
Measured Units |
Value (USD Million) |
Segments Included |
Deployment Mode, Solution, Services, Application, Enterprises size and Region |
Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Smart Grid Analytics Market, by Deployment Mode
Smart Grid Analytics Market, by Solution
Smart Grid Analytics Market, by Services
Smart Grid Analytics Market, by Application
Smart Grid Analytics Market, by Enterprises Size
Smart Grid Analytics Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE SMART GRID ANALYTICS MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY