Global Smart Grid Analytics Market Report and Forecast 2024-2032

Global Smart Grid Analytics Market Outlook

The global smart grid analytics market size reached a value of more than USD 1.95 billion in 2023. During the forecast period of between 2024 and 2032, the market is expected to grow at a CAGR of 3.75%.

Key Trends in the Market

Smart grid analytics is the use of advanced analytics approaches, such as forecasting, optimisation, and predictive and prescriptive analytics for data produced in grids. They gather useful data produced by the machinery and aid in estimating the load in the future. These techniques are used to improve decision-making processes, acquire predictive analysis, and enhance grid efficiency.

• The Internet of Things (IoT) is the foundation of smart grid analytics, connecting every part of the grid and enabling two-way communication between utilities and customers. With the expanding developments and improved IoT infrastructure, it is anticipated that smart grid analytics will become a more reliable and effective power distribution network in the upcoming years.

• Advanced metering infrastructure (AMI) provides utilities providers with the capabilities for remotely reading metres, enabling and disabling the service, connecting and disconnecting the service, identifying outages, and generating more accurate bills more quickly. As a result of increased smart metre installations and the use of better metering infrastructure, it is estimated that the global smart grid analytics market would expand over the projected period.

• Increasing investments in smart grid projects are accelerating market expansion. The infrastructure of electricity grids has gradually become more digitised and interconnected, supporting the stable and secure transmission of crucial digital communications.  Additionally, a number of initiatives have started in various countries with the goal of resolving the population's electricity-related problems and fostering market expansion.

Global Smart Grid Analytics Market Analysis

Based on component, the market is segmented into solution and services. Solution is further divided into transmission and distribution (T&D) network, metering, and customer analytics, among others whereas services are sub-divided into professional services and support and maintenance services. On the basis of deployment mode, the market is divided into on-premises and on-demand (cloud based). 

The market on the basis of application can be segmented into advanced metering infrastructure analysis, demand response analysis, and grid optimisation analysis. Based on end user, the market is bifurcated into private sector and public sector. The regional markets for smart grid analytics can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global smart grid analytics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• SAP SE

• Oracle Corporation

• Siemens AG

• Accenture Plc

• IBM Corporation

• Dell Technologies Inc.

• Capgemini SA

• Others

Market Share by Deployment Mode

During the forecast period, the global smart grid analytics market is expected to be dominated by the on-demand cloud-based deployment mode. In comparison to on-premises solutions, cloud-based solutions are less expensive, and offer greater scalability and flexibility. Due of this, cloud deployment is preferred over on-premises implementation. 

Additionally, during the past several years, there has been a significant increase in the usage of cloud-based services across a variety of applications. As a result, the majority of customers favour cloud-based solutions. With improvements in security of on-demand cloud-based deployment and faster implementation periods, it is anticipated that the segment will continue to have a leading position during the forecast period.

Market Share by Region

In the global smart grid analytics market, Asia Pacific is anticipated to be one of the leading regions. Population growth in nations like China and India, has boosted the demand for residential infrastructure and electricity use, driving the demand for electricity, potentially, opening up the market for smart grid analytics. It is also anticipated that the development of smart cities will increase the market demand. 

North America is anticipated to experience significant adoption of smart grid technology and analytics, due to significant investments in new grid developments and smart city efforts. The region has favourable government policies in place to support the production of sustainable energy. The outlook for North America is also anticipated to be influenced by the rising demand for energy-efficient power generation.

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Competitive Landscape

SAP SE, founded in 1972, is a German multinational software company which creates enterprise applications to handle client interactions and business processes. The company provides training services, develops business software, and e-business and enterprise management software, and consults on organisational usage of its applications and software.

Oracle Corporation, a leading computer technology company established in 1977 with its headquarters in the United States, is well recognised for its software solutions like Java. Oracle provides its cloud-engineering services, hardware, systems, licences, and services through its four primary business sectors: Cloud, Licencing, Hardware, and Services.

Siemens AG, a global innovator focussing on automation, digitalisation, and electrification for the process and manufacturing industries, was established in 1847 and has its headquarters in Germany. It is a leader in intelligent infrastructure, power generation and distribution, and distributed energy systems.

Other market players include Accenture Plc, IBM Corporation, Dell Technologies Inc., and Capgemini SA, among others.

Key Highlights of the Report